To mark this jubilant occasion, Bank announced several new initiatives to improve the customer experience and attract many more Business Opportunities. The bank is introducing new products like Baroda E-Business Pack for MSME customers for availing overdraft / demand loan / term loan and composite loan, Baroda Champs Saving A/Cs which is aimed at children below 17 years of age, paperless pre-approved digital personal loans which are transferred instantly through net banking and mobile banking apps. New wealth management branches will soon be introduced for automating the entire investment lifecycle of wealth creation for its customers.
Tie-ups with companies like Allfresh Supply Management and Lawrencedale Agro Processing will open new agro credit channels for farmers. The bank plans to deploy 1000 new business correspondents and Aadhar enabled POS machines each, across the country in order to build an inclusive rural banking ecosystem. To improve the convenience of booking train tickets, the bank plans to deploy 10,000 new POS machines for the Indian Railways.
Bank of Baroda, is creating digital infrastructure and revamping its corporate website with latest technology. Baroda Data Card would enable depositing cash directly into the accounts of the holders. Processes like Navoday and Central KYC Registry are enhancing operational efficiency by digitizing customer onboarding and servicing journey. The Bank has also initiated SMS services in 12 regional languages to make it easier for customers to adapt to this new way of banking. Remittance services are eased by allowance of fund transfers through ATMs, e-Banking and mobile channels. Baroda M-Connect+ facility is now available for customers in UAE, Fiji, UK, Uganda, New Zealand and Mauritius.
Using social media extensively to the maximum advantage, Bank of Baroda is reaching out to customers with informative videos and pictures to best explain their new products and services. Further to expand its social media presence, Bank has launched its Instagram page to cater to the Gen Y audience.
Photograph narration: Shri Ravi Venkatesan, Chairman and Shri P.S Jayakumar, MD & CEO along with Board of Directors at the Baroda Corporate Office, Mumbai on the eve of Bank’s 110th Foundation Day.
