VTB (Armenia) launches paperless loan processing at retail outlets

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17.05.2022, 18:40

VTB (Armenia) bank said today that its customers can now sign loan contracts digitally when applying for loans in retail outlets. According to the bank, the technology will accelerate the issuance of pos-loans to borrowers by an average of 30%.

VTB (Armenia) launches paperless loan processing at retail outlets

YEREVAN, May 17, /ARKA/. VTB (Armenia) bank said today that its customers can now sign loan contracts digitally when applying for loans in retail outlets. According to the bank, the technology will accelerate the issuance of pos-loans to borrowers by an average of 30%.

When receiving a loan for the purchase of goods in installments in stores, customers of VTB (Armenia) can choose between signing the loan contract either traditionally (paper variant) or digitally. When choosing the digital format, the borrower reads the agreement and signs it on a tablet, and at the end of the transaction receives all the loan documentation by e-mail.

The digital signature is based on E-sign, a paperless technology developed by a partner of the bank in Armenia. The security of the transaction is ensured by a unique encrypted code which is automatically generated each time an electronic signature is entered.

"VTB (Armenia) supports ESG initiatives to preserve natural resources and actively develops the concept of "paperless bank". According to our experts, the digital signature of documents during loan processing at retail outlets will save more than 600,000 sheets of paper per year," said Tatevik Badalyan, VTB (Armenia) Director for Retail Business.

The activity of VTB Bank (Armenia) is regulated by the Central Bank of Armenia.-0-

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