Bank of Baroda has adopted a partner-driven digital transformation strategy to enhance customer experience, operational efficiency, and market penetration.
Bank of Baroda, in its annual report for fiscal 2023-24, said it has focused on increasing penetration of CASA enablers, including POS systems, QR codes with sound boxes, and cash management services. Efforts to activate dormant accounts, initiate DEAF activations, and fund zero-balance accounts have also yielded significant results.
Kadgatoor Sheetal Venkatesmurt is the head of digital channels and operations at Bank of Baroda.
Leveraging digital channels like Video Customer Identification Process (VCIP) and TAB mode, the Bank achieved remarkable client acquisition, opening 1,02,299 VCIP SB accounts, 33,799 B3-digital accounts, and 2,44,582 current accounts in FY 2024, with 82.11 percent of these accounts opened through TAB mode.
Additionally, 66.92 percent of the 55,93,991 Non-FI Savings Bank accounts were opened digitally. Integration with the Ministry of Corporate Affairs Portal facilitated the seamless opening of 5,186 current accounts for newly formed companies.
Bank of Baroda, which has around 165 million customers across 17 countries, established a dedicated Defence Banking Vertical led by a retired Lieutenant General as Chief Defence Banking Advisor, supported by Deputy Advisors at key locations to serve the defence segment effectively.
Its Cash Management Services (CMS) business provides omni-channel digital solutions for corporate and government customers, offering integrated, paperless payment systems and real-time tracking of receipts. The CMS segment has rapidly grown, adding over 2,600 new relationships and executing over 8 crore transactions for 9,000+ large customers in FY 2023-24.
Under the EASE 6.0 framework, Bank of Baroda introduced digital lending journeys for retail gold loans and Kisan Credit Card applications via the Jansamarth Portal. Enhancements in customer relationship management and the introduction of a deceased claim portal have streamlined complaint resolution and claim settlements. Other initiatives include introducing bundled products in savings and current segments, rolling out the HR Connect Mobile Application for employees, and improving call center services with enhanced IVR functionalities.
Digital banking remains central to the Bank’s strategy, with key offerings such as bob World, Baroda Connect, UPI, Bharat QR, and FASTag. During FY 2024, the bob World app achieved 28.48 lakh activations, bringing the total to 306 lakh activations, and facilitated 17.09 crore financial and 228.64 crore non-financial transactions. Partnerships with tech firms like Zopper and Optimum Solution enabled the launch of SmartInsure and SmartInvest, delivering tailored digital insurance and investment solutions.
To further improve connectivity and service quality, the Bank implemented SD-WAN technology across 7,100+ branches, optimized bandwidth usage, and transitioned VSAT branches to MPLS networks where feasible. These initiatives underscore Bank of Baroda’s commitment to digitization, streamlining operations, and delivering superior customer experiences while maintaining its leadership position in the financial sector.
Bank of Baroda has partnered with two tech companies, Zopper and Optimum Solution, to offer tailored made digital Insurance & Investment solutions viz., SmartInsure and SmartInvest.
India-based IT service provider Tata Consultancy Services (TCS) has expanded its partnership with Bank of Baroda to continue to implement a financial inclusion solution over the next five years. The application can process around 12 lakh transactions a day and will help the bank’s 55,000-plus agents better service over 6 crore customers in unbanked areas.
TCS will deploy its TCS Financial Inclusion Gateway Solution for Bank of Baroda, provide central infrastructure including hardware and software to be deployed in bank data centres, and help with application support and maintenance. TCS will also manage services in change management of application to implement regulatory requirement and bank business requirements for any new services, as and when required.
Rajani Baburajan
