Bank of Baroda (Bank) has launched a range of digital and technology-led initiatives aimed at further enhancing the payments and banking experience for customers. The launch took place on the117th Foundation Day of the bank. The theme for the bank’s 117th year is “Trusted Today, Transforming Tomorrow,” a statement from the bank notified.
Debadatta Chand, Managing Director (MD) and Chief Executive Officer (CEO), Bank of Baroda, said, “Today is an important landmark as we celebrate Bank of Baroda’s 117th Foundation Day. It is also an appropriate moment to look ahead and renew our commitment to build the bank of the future – responsibly, sustainably and with integrity. I would like to thank our customers and all other stakeholders for their continued patronage and trust bestowed upon us, and we look forward to an enduring partnership. I would also like to thank all Barodians – both past and present – who have all played a vital role in the growth and success of Bank of Baroda.”
The digital/ technology Initiatives taken by the bank are as follows:
- GenAI-Powered Virtual Relationship Manager (VRM): Bank of Baroda is introducing a Generative AI-powered Virtual Relationship Manager (VRM), which will significantly enhance the digital customer service experience. This initiative is a first-of-its-kind in the Indian banking sector. VRM assists customers by providing real-time information on the bank’s wide range of products and services while also capturing customer requirements for specific banking services. It also helps customers instantly with their everyday banking needs by providing basic banking services, including account statements, cheque book requests, debit card requests, interest certificates, etc. Recognising the preferences of customers, the VRM is equipped to communicate in multiple languages, and is accessible through video, audio and chat interfaces. The VRM will be released to customers in phases.
- Launch of (bobइPay) – UPI Payments PSP app: The bank is launching an enhanced version of UPI Payments PSP app – bobइPay. The app is loaded with complete suite of features for easy and seamless payments such as Scan to Pay, send/receive money, UPI LITE, RuPay Credit Card on UPI, international payments, etc. Further, bobइPay offers customers additional “Tap and Pay” contactless payment method using Near Field Communication (NFC) technology and the UPI global functionality that enables customers travelling internationally to easily make Person-to-Merchant (P2M) transactions in countries that accept UPI payments. Customers can easily enable/disable the UPI global functionality in the bobइPay app. The app will be available to customers on Android & iOS in August 2024.
- Simplified IMPS using only mobile number and bank name: bob World, the bank’s mobile banking platform, now offers an additional IMPS mode – Simplified IMPS payments based on only the beneficiary’s registered mobile number and bank name. This feature will provide an additional option to customers, simplifying the process immeasurably and doing away with the need for customers to recall beneficiaries’ bank account number, IFSC code and MMID code. Bank of Baroda has enabled Simplified IMPS at the branches as well.
- BOB Credit Line on UPI – Ease of access to credit through UPI: Bank of Baroda has enabled the Credit Line on UPI feature for customers. To begin with, the bank is enabling the credit line on UPI feature on Baroda Kisan Credit Card (BKCC) for customers. BKCC customers can now seamlessly access a pre-sanctioned credit line on UPI. They can link their KCC account to UPI and make specific merchant payments using the credit line provided. Credits made to the credit line on UPI will be counted as repayment towards the utilised limit.
- Launch of Digital BKCC through integration with the Reserve Bank Innovation Hub’s (RBIH) Public Tech Platform: Bank of Baroda has integrated the Baroda Kisan Credit Card (BKCC) product with the Reserve Bank Innovation Hub’s (RBIH) public tech platform for frictionless credit to fetch digital land records and farm-related information and implement Digital BKCC. This is a fully digital process from customer onboarding to loan account opening/disbursement. The project is initially being implemented in Madhya Pradesh. Digital BKCC offers operational ease and minimal turnaround time for customers and branches.
- MOU between Bank of Baroda and EaseMyTrip: Bank of Baroda has signed a Memorandum of Understanding with EaseMyTrip to introduce a co-branded Travel Debit Card that will offer a unique value proposition to customers, enhancing their travel and entertainment experience with unparalleled convenience and savings.
- Launch of the Baroda mDigiNext Mobile App for Corporate Banking customers: To enable ease of banking for corporate banking customers, the bank is launching Baroda mDigiNext Mobile App (on Android & iOS). A state-of-the-art corporate banking app, where customers can access critical payment functionalities such as authorise/reject bulk uploads, track end-to-end status of transactions and workflow, raise inquiries on transaction status and access account summaries/mini statements on the go. They will also get a consolidated view of all group entities on a single dashboard. The Baroda mDigiNext Mobile App brings in efficiencies and facilitates faster execution and ease of operations.
- bob World Wave Smart NFC Sticker for On-the-Go Contactless Payments: To enhance customers’ contactless payment experience and broaden the product range under the wearables segment, the bank has introduced bob World Wave Smart NFC Sticker – a versatile, small and adhesive device that can be easily attached to everyday items such as the back of a smartphone, wallet or any other personal item. Equipped with NFC technology, the sticker allows for quick and secure contactless payments through the RuPay Platinum Domestic NCMC contactless Debit Card platform. Customers need to simply tap the sticker on a compatible payment terminal to transact. They can make five transactions per day at any contactless POS device, with a daily purchase limit of Rs 1,00,000/- for POS/e-commerce transactions. Contactless payments up to Rs 5,000/- can be made without PIN authentication. The sticker is also NCMC-compliant and can be used at metro and other transit systems.
- Enhancing the customer contact centre: The bank has launched a Voicebot in 11 languages that can converse with customers and solve their queries. Additionally, the bank has implemented the IVR system in 15 languages.
- Baroda Sun Technologies: The bank is giving a renewed impetus to Baroda Sun Technologies, a fully-owned subsidiary of the bank. In its new avatar, Baroda Sun Technologies will accelerate the bank’s digital transformation, acting as an innovation catalyst and an incubation centre that delves into new-age technologies. The subsidiary will also lead collaboration with the industry, including start-ups and FinTechs, and is hiring for specialised roles in the fields of emerging technologies, digital payments, digital marketing and product designers.
