Synopsis: Bank of Baroda launched several digital initiatives on its 117th Foundation Day, including an AI-powered Virtual Relationship Manager (VRM) and a new payment app. These innovations aim to enhance customer service and simplify transactions, marking a significant step forward for the bank in the digital banking space.
On its 117th Foundation Day, Bank of Baroda unveiled a series of digital initiatives designed to revolutionize customer interactions and streamline banking processes. Among the ten new initiatives, the most noteworthy is the introduction of the AI-powered Virtual Relationship Manager (VRM). This tool represents a first for public sector banks, providing real-time information and support on a wide array of the bank’s products and services.
The VRM enhances digital customer service by assisting with everyday banking needs such as accessing account statements, requesting cheque books, and handling debit card issues. It is available via video, audio, and chat interfaces and supports multiple languages, ensuring broad accessibility for customers. This phased rollout underscores Bank of Baroda's commitment to leveraging advanced technology to improve user experience.
In addition to the VRM, the bank has simplified the IMPS payment process on its bob World mobile platform. This feature eliminates the need for customers to remember beneficiary bank account numbers, IFSC codes, and MMID codes, facilitating easier and quicker transactions using just the bank name and registered mobile number.
Another significant initiative is the BOB Credit Line on UPI, which allows customers to access pre-sanctioned credit lines through UPI, starting with the Baroda Kisan Credit Card (BKCC). BKCC customers can now link their accounts to UPI and make specific merchant payments using their credit lines, with repayments 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 RBIH’s Public Tech Platform, enabling a fully digital process from customer onboarding to loan disbursement. Initially implemented in Madhya Pradesh, Digital BKCC ensures operational ease and minimal turnaround time, marking a significant advancement in digital banking services for the agricultural sector.
Debadatta Chand, MD & CEO of Bank of Baroda, expressed enthusiasm about these developments, stating, "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".
