Tag: Application

Bank of Baroda through its BOB World application is offering a host of benefits and services such as Times Prime subscription to people who are stuck at home due to the pandemic.

“Our customers spending more time at home. So we don’t really want to be offering them mixers and grinders. So we thought about what it is that they would like to spend their time on and I would like the time on probably 42 platforms,” Akhil Handa, CDO, Bank of Baroda, said at the ETBFSI Summit.

“So we gave them a range of odd benefits. Without the food tech benefits, in fact, we are offering the Times Prime subscription to customers,” he said.

Under one platform
Bank of Baroda has brought 95% of services that the customer can do in a bank branch under its BOB world application. “This application really brings the world of banking and beyond to the customer. And of course, goes without saying Bank of Baroda satisfies us there is always a Bank of Baroda branch that is working at any given point in time across the board, Handa said.

He said platform banking is the one thing that the bank putting a lot of energy into. “This is what we’ve been working on for the last couple of years of work is one that you see now. And we are rolling out a lot of new propositions across the different product segments, he said.

Platform vertical
Handa said in the organisation, the bank now has three verticals, and one of them is dedicated to platforms. “So when they were talking about globally, some of the banks have designated a chief platform officer, I think we are on the same track as well as ahead of platforms. On the asset side, we also have platforms of deposits and payments, we are no different,” he added.

Stating that the emergence of platform banking is rooted in the whole shift of commerce from physical to electronic and the rise of e-commerce, he said the pandemic has really pushed the e-commerce shift in terms of channel metrics by about 10-15 years in some geographies.