Mumbai: Bank of Baroda announced the launch of several digital initiatives on the bank’s Foundation Day, including a GenAI-powered virtual relationship manager and a new app for payments.
In all the bank has launched ten new initiatives. “On the Bank’s 117th Foundation Day, we are pleased to launch a wide range of initiatives and offerings that promise to delight our customers across the spectrum – retail, agri and corporate banking customers,” said Debadatta Chand, MD & CEO, Bank of Baroda.
The most significant among the new initiatives is the Virtual Relationship Manager (VRM), a first among public sector banks. This AI-powered VRM is designed to enhance digital customer service by providing real-time information on the bank’s wide range of products and services. It assists customers with everyday banking needs such as account statements, cheque book requests, and debit card requests, among others. The Virtual RM, which will be released in phases, supports multiple languages and is accessible via video, audio, and chat interfaces.
The bobइPay UPI Payments PSP app is equipped with features such as Scan to Pay, Send/Receive Money, UPI LITE, RuPay Credit Card on UPI, and international payments. Additionally, bobइPay offers a “Tap and Pay” contactless payment method using NFC technology and the UPI Global Functionality for seamless transactions while traveling internationally. The app will be available on Android and iOS in August 2024.
Bank of Baroda has also simplified the IMPS payment process on the bob World mobile platform. The feature eliminates the need for customers to remember beneficiaries’ bank account numbers, IFSC codes, and MMID codes, making transactions possible with bank name and registered mobile number.
The BOB Credit Line on UPI initiative enables customers to access pre-sanctioned credit lines through UPI, starting with the Baroda Kisan Credit Card (BKCC). BKCC customers can now link their KCC accounts to UPI and make specific merchant payments using the provided credit line, with repayments being counted towards the utilized limit.
In collaboration with the Reserve Bank Innovation Hub (RBIH), Bank of Baroda has launched the Digital BKCC. This initiative integrates the Baroda Kisan Credit Card with the RBIH’s Public Tech Platform, allowing for a fully digital process from customer onboarding to loan disbursement. Initially implemented in Madhya Pradesh, Digital BKCC ensures operational ease and minimal turnaround time.
A Memorandum of Understanding with EaseMyTrip has led to the introduction of a co-branded Travel Debit Card. This card has offers enhancing customers’ travel and entertainment experiences with added convenience and savings.
To cater to corporate banking customers, Bank of Baroda is launching the Baroda mDigiNext Mobile App. This app provides critical payment functionalities, including bulk upload authorization, transaction tracking, and account summaries, all accessible on the go. The app also offers a consolidated view of all group entities on a single dashboard.
Enhancing contactless payment experiences, the bank has introduced the bob World Wave Smart NFC Sticker. This small, adhesive device can be attached to personal items like smartphones and wallets. It uses NFC technology for quick and secure payments through the RuPay Platinum Domestic NCMC contactless Debit Card platform.
The bank’s Customer Contact Centre has been upgraded with a Voicebot in 11 languages and an IVR system in 15 languages, one of the highest in the industry. Additionally, a dedicated desk for senior citizens has been established to improve customer service.
Lastly, Bank of Baroda is piloting seven phygital branches. These branches integrate self-service and assisted service models, combining the familiarity of brick-and-mortar establishments with cutting-edge technology to meet diverse customer needs.
In addition the bank has launche a gren drive to plant 1.17 lakh trees and collabrated with a tribal community in Kerala to support them. Two CSR activities in Mumbai and Bhubhaneshwar were also unveiled.
