IBM will be assisting Bank of Baroda for its digital transformation as part of the strategy to reduce cost, improve customer experience and improve efficiency.
IBM, as part of the five-year IT deal, will set up IT center to fuel the Bank of Baroda’s digital strategy by creating a technology blueprint and an innovation roadmap. IBM did not reveal financial details of the IT contract.
The CoE will manage, enhance and grow the digital and technology foundation in the Bank and thereby work closely with business to enable speed to market, improve efficiency and overall customer experience.
IBM has started work on digitizing the Bank of Baroda’s retail asset by building customer facing apps. Bank of Baroda will use IBM’s technology to launch four new apps for loans, that will enable the bank to achieve efficiency by reducing its Turn Around Time (TAT) to 1 / 3rd, go paperless and give their customers a seamless and a digital experience.
In addition, Bank of Baroda’s customer BOT called ADI (Assisted Digital Interaction), powered by IBM Watson APIs and is already live.
IBM’s digital reinvention framework and innovation roadmap will support the bank to make critical strides in achieving business transformation, improving service delivery and creating better customer experience, Karan Bajwa, managing director of IBM India, said.
Today, 9 out of top 10 banks in India bank on IBM solutions and every single inter-bank transaction are made with IBM.
IBM is the security partner for 3 top FSS companies and India’s top 2 banks have embarked on their AI journey with IBM. State Bank of India is one of the clients of IBM.
Leading Indian banks are using AI tools to get insights into customers to personalize their experience, no matter what platform they use to access the bank – online, mobile, etc.
