BoB Starts GenAI-Powered Virtual RM, UPI App, mDigiNext App, Smart NFC Sticker

Bank of Baroda Marks its 117th Foundation Day, with outlining the Bank’s vision to be a world-class financial services institution, built on the foundation of the trust of its customers for well over a century

On the 117th Foundation Day, Debadatta Chand, Managing Director & CEO, Bank of Baroda (4th from right), along with its EDs and CFO, launched a wide range of initiatives and offerings

FinTech BizNews Service

Mumbai, July 21, 2024: Bank of Baroda (Bank), one of India’s leading public sector banks, on Saturday celebrated its 117th Foundation Day. The theme for the Bank’s 117th year is “Trusted Today, Transforming Tomorrow”, outlining the Bank’s vision to be a world-class financial services institution, built on the foundation of the trust of its customers for well over a century. 

On the occasion, the Bank launched a range of digital and technology-led initiatives aimed at further enhancing the payments and banking experience for customers. 

Bank of Baroda is also extending its support to a number of social causes such as promoting the Karthumbi umbrellas of Thampu, a tribal community based in Kerala and joining hands with the Acworth Municipal Hospital for Leprosy. The Bank is also undertaking the “BOB Earth-Green Drive” a mega tree plantation drive across the country, with the aim to plant 117,000 fruit-bearing trees. Further, various other activities such as blood donation drives, cyclothons, walkathons etc are being organised across the country by the Bank’s various offices.

Shri Debadatta Chand, Managing Director & 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 building 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.”

“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. The Bank is also making significant social and environmental contributions to make this occasion even more special,” Shri Chand added. 

Digital/ Technology Initiatives:

1. GenAI-Powered Virtual Relationship Manager (VRM): Bank of Baroda is introducing a Generative AI-powered Virtual Relationship Manager, which will significantly enhance the digital customer service experience. This initiative is a first-of-its-kind in the Indian banking sector. The Virtual RM 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 diverse preferences of customers, the Virtual RM 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. 

1. Launch of (bobइPay) - UPI Payments PSP app: Bank of Baroda 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 NFC (Near Field Communication) technology and the UPI Global Functionality that enables customers travelling internationally to easily make P2M (person-to-merchant) 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. 
2. Simplified IMPS using only Mobile Number & 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. 
3. 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. BKCC customers 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.
4. 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. 
5. 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.
6. 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 & 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.
7. 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, 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 5 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 the Metro and other transit systems.
8. Enhancing the Customer Contact Centre: In addition to the IVR and customer service agents, Bank of Baroda 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, one of the highest in the industry. The Bank is also launching a dedicated desk at the Contact Centre for senior citizens.
9. Launch of Phygital Branches: The Bank is launching 7 phygital branches as a pilot project with the aim to redefine the customer experience by seamlessly integrating self-service and assisted service models to meet the diverse requirements of customers. The phygital branches merge the familiarity of brick and mortar establishments with the efficiency of cutting-edge technology. 
10. Baroda Sun Technologies: Bank of Baroda 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. 

Social & Green Initiatives:

1. BOB Earth-Green Drive: The Bank has launched “BOB Earth-Green Drive” - an ambitious nation-wide tree plantation drive that aims to plant 117,000 fruit-bearing trees with the active participation of all employees, customers, retired staff and other stakeholders. The saplings will be planted in housing societies, offices, schools, parks and other areas. The Bank strives to make a positive impact on the environment, promoting a greener and healthier future for all. 

1. Collaboration with Thampu, a tribal community based in Kerala: On its 117th Foundation Day, the Bank has collaborated with Thampu, a society of tribal women from Attappadi in Kerala, for their Karthumbi umbrellas. These handmade umbrellas are being distributed among Bank’s customers, supporting the entrepreneurship efforts of this tribal community. 

The umbrella-making initiative was launched in 2014, and around 50 tribal women have been given training in umbrella making. ‘Karthumbi’ was a cultural group of tribal children at Attappadi and the name was adopted as the brand name for the umbrellas. The umbrella manufacturing has been designed to ensure an additional source of income for the women.

1. Joining Hands with Acworth Municipal Hospital: The Bank has also extended support to the Acworth Municipal Hospital for Leprosy in Mumbai. 
2. CSR Initiatives at Jeevan Jyoti Ashram, Khandagiri in Bhubaneswar: On a visit to Bhubaneswar Zone, Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda distributed food and grocery items to Jeevan Jyoti Ashram, Khandagiri. Established in 2005, the Jeevan Jyoti Charitable Trust is a non-governmental, non-profit organisation which works for orphaned and abandoned children to help them grow into self-sufficient, mature adults who are valued members of society.