Bank of Baroda’s new mobile app allows customers to get the best deals on dozens of e-commerce sites, including Amazon and Flipkart. In addition, the customer also receives attractive rewards and cashbacks. If you are a new banking customer, the app offers you instant digital account opening via remote video KYC. “We make every transaction rewarding for customers,” says Akhil Handa, Chief Digital Officer, Bank of Baroda (BoB). The digital transformation led the jury of the BT-KPMG Best Banks Survey 2020-21 to award it the two most coveted awards: Best in Innovation and Best in Fintech Initiative.
Its mobile banking app named “BoB World” offers more than 227 retail banking services, from purchases to loans to investments, and has attracted more than 33.6 million registrations since its launch in September 2021. has a daily trading volume of 6 million, with an average transaction value of ₹1.5 lakh crore. The bank has set big goals by the end of FY23, ranging from 25% new retail customers for mobile banking to a ₹5,000 crore increase in savings account balances. It also expects a ₹10,000 crore increase in loan balances and a 25% increase in retail deposit bookings through mobile banking.
BoB has partnered with nearly two dozen fintech players with over 100 integrations to develop credit models based on sales and revenue, cash flow, and alternative market data versus practice previous practice of only lending on the basis of the balance sheet. “We’re onboarding even more partners in areas like data, analytics, and underwriting,” Handa reveals. It has sanctioned loans worth ₹8,000 crore through its digital lending platform in the first half of the current financial year.