The bank will be targeting a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service and stress-free transactions, as Premium Times reports. The long wait which greeted the launch was to ensure that the platform is robust enough to meet prevailing global standards and support other existing entities in the digital banking ecosystem.
As part of its enterprise transformation initiatives, the bank has overhauled its IT infrastructure within the last two years and upgraded its digital capability.
Polaris’ Digital Bank, offers a suite of services including access to instant loans, accessing the platform service without being a prior customer of the bank, and end-to-end account opening without entering a physical bank.
One of the competitive benefits of the Bank is its creation of a collaborative ecosystem that enables Application Programming Interface (API) Banking. Through its API, Polaris Bank is reported to have so far onboarded new business startups, improved their market access, and ensured profit sharing with partners within the financial technology space, as the report says.
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