Bank of Baroda ramping up digital operations
MUMBAI: Bank of Baroda is looking to beef up its digital banking initiatives as it expands business in a competitive market.
BoB, known for its innovations in digital banking, is now hiring specialists for its mobile banking department on a contractual basis for 3 years. This is in line with the bank’s efforts at deploying technological solutions for business growth and increasing digital footprint.
BoB is currently in the process of building a digital interface for faster and more efficient disbursement of retail loans. According to the bank’s annual report for 2018-19, the bank has launched a strategy of “bank-in-a-box” that would enable digitally savvy customers to effectively transact from the comfort of their homes.
In June 2018, BoB had launched a data-analysis forum in partnership with global technology majors IBM and Accenture to further their quality of business growth, portfolio diversification and fee income using ‘digitization’.
The bank is currently in the midst of integrating its operations following the merger with Vijaya Bank and Dena Bank.
The bank had reported an unexpected loss of ₹991.37 crore against a net loss of ₹3,102.34 crore in the corresponding quarter of the previous year. Gross non-performing assets (NPAs) fell 33.53% from ₹23,482.65 crore in the year-ago period to ₹15,609.50 crore at the end of the March quarter.