BoB Launched Generative AI-Powered VRM and New Payment App among 11 New Initiatives on its Foundation Day

On 20th July 2024, Indian Public Sector Bank (PSB), Bank of Baroda (BoB) launched various new digital initiatives including a Generative Artificial Intelligence (AI)-powered Virtual Relationship Manager (VRM) and a new payment app, among 11 new initiatives on occasion of its 117th foundation day.

• The theme for the Bank’s 117th year is “Trusted Today, Transforming Tomorrow”.
• These newly launched initiatives aimed to enhance payments and banking experiences for customers.

Digital/ Technology Initiatives:

GenAI-powered VRM:

i.It is a first-of-its-kind initiative among PSBs, designed specifically to enhance digital customer service by providing real-time information about various range of products and services of the bank to the customers.

ii.It will guide the customers with daily banking needs such as: account statements, cheque book requests, interest certificates and debit card requests, among others.

iii.The VRM will be released to customers in phases, communicates in different languages and is accessible through video, audio, and chat interfaces.

 bobइPay UPI Payments PSP App:

i.It is equipped with features like: scan to pay, send or receive money, UPI LITE, RuPay credit card on Unified Payments Interface (UPI) which also include, international payments.

ii.The app also offers a “Tap and Pay” which is a contactless payment method and by using Near Field Communication (NFC) technology and the UPI Global Functionality can make seamless transactions while traveling overseas.

iii.The app will be available on both Android and iOS in August 2024.

BoB Credit Line on UPI:

i.BoB has launched the BoB Credit line on UPI initiative and this feature will initially be available on Baroda Kisan Credit Card (BKCC) for customers.

ii.The initiative will enable the customers to access pre-sanctioned credit lines through UPI.

iii.Now, BKCC customers can link their Kisan Credit Card (KCC) accounts to UPI and make merchant payments using the provided credit line and repayments will be counted towards the utilized limit.

BoB launched Digital BKCC:

i.BoB has collaborated with the Reserve Bank Innovation Hub (RBIH), Bengaluru(Karnataka) to implement Digital BKCC.

ii.This initiative will integrate the BKCC with the Public Tech Platform  (PTP) of RBIH. It will provide digital land records and farm-related information and will help to implement Digital BKCC.

iii.It is a fully digital process, from customer onboarding to loan disbursement. It is being initially implemented only in Madhya Pradesh (MP).

Simplified IMPS:

Bob World 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

MoU between BoB and EaseMyTrip:

BoB has signed a Memorandum of Understanding (MoU) with EaseMy Trip which has led to the introduction of a co-branded Travel Debit Card.

• This card will offer unique services which will enhance customers travel and entertainment experiences.

Baroda mDigiNext Mobile App:

BoB plans to launch the Baroda mDigiNext mobile app. The app is designed specifically to cater the needs of corporate banking customers.

• The app will provide critical payment services such as: bulk upload authorization, transaction tracking, and account summaries and all these services will be easily accessible.

bob World Wave Smart NFC Sticker:

BoB has introduced the bob World Wave Smart NFC Sticker, to enhance contactless payment experiences for its customers. This small, adhesive device can be attached to smartphones and wallets.

• It uses NFC technology for fast and secure payments through the RuPay Platinum Domestic National Common Mobility Card (NCMC) contactless debit card platform.

Customer Contact Centre:

BoB has upgraded its Customer Contact Centre (CCC) with a Voicebot in 11 languages and an Interactive Voice Response (IVR) system in 15 different languages, one of the highest in the industry.

• Also, a dedicated desk for senior citizens has been set up to enhance customer service.

Phygital Branches:

BoB is also planning to launch 7 phygital branches. These branches will integrate self-service and assisted service models, with cutting-edge technology to meet diverse customer needs.

Baroda Sun Technologies:

BoB is giving a renewed impetus to Baroda Sun Technologies, a fully-owned subsidiary of the Bank.

• It will accelerate the Bank’s digital transformation, acting as an innovation catalyst and an incubation centre that delves into new-age technologies.

Other Key Initiatives:

i.The bank is also conducting the “BOB Earth-Green Drive” a mega tree plantation drive across the country, with the aim to plant 117,000 fruit-bearing trees.

ii.BoB in collaboration with Thampu, a tribal community in Kerala for their Karthumbi umbrellas.

• Additionally, BoB has unveiled 2 Corporate Social Responsibility (CSR) activities in Bhubhaneshwar (Odisha) and Mumbai (Maharashtra).

About Bank of Baroda (BOB):
Chairman– Hasmukh Adhia
Managing Director (MD)–Debadatta Chand
Headquarters– Vadodara, Gujarat
Tagline– India’s International Bank
Established- 1908