Bank of Baroda Sets Big Targets for Mobile Banking

Bank of Baroda’s new mobile app allows customers to get the best deal from dozens of e-commerce sites including Amazon and Flipkart. In addition, the customer also gets attractive rewards and cashbacks. If you are a new bank customer, the app provides you with an instant digital account opening via remote video KYC. “We are making every transaction rewarding for customers,” says Akhil Handa, Chief Digital Officer, Bank of Baroda (BoB). The digital transformation has led the jury of the BT-KPMG Best Banks Survey 2020-21 to confer on it the two most coveted awards—Best in Innovation and Best in Fintech Initiative.

Its mobile banking application named ‘BoB World’ offers 227-plus retail banking services, from shopping to loans to investments, and has attracted 33.6 million-plus registrations since its launch in September 2021. The app has a daily transaction volume of 6 million, with an average transaction value of ₹1.5 lakh crore. The bank has set big targets by the end of FY23—from having 25 per cent 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 per cent increase in retail deposit bookings through mobile banking.

BoB has tied up with nearly two dozen fintech players with 100-plus integrations for developing credit models based on sales and revenues, cash flow and alternate market data as compared to the earlier practice of only balance sheet-based lending. “We are onboarding even more partners in areas like data and analytics and underwriting,” reveals Handa. It has sanctioned loans worth ₹8,000 crore through its digital lending platform during the first half of the current financial year.