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BoB: The importance of being IT Savvy - Views on News from Equitymaster
 
 
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  • May 29, 2000

    BoB: The importance of being IT Savvy

    The IT revolution seems to have hit Bank of Baroda (BoB). The bank is desperately trying to change its public image. It is going all out to establish itself as a customer friendly IT savvy bank.

    To cater to the retail customers at large, the bank recently launched three new products under the brand name - `Omni BOB’. The products included `Any BOB’ a Smart Card based any branch banking service, `Dial BoB’, a centralized tele-banking service and `Connect BoB’, a personal computer (PC) banking service, which can also be accessed by mobile PC's.

    All the bank branches located at Ahmedabad will offer these products. The bank plans to expand the reach of these products to other cities like Chennai, Pune and Bangalore shortly.

    According to P S Shenoy, CMD BoB, `OmniBoB’ is a concept of providing convenience banking through technology. `OmniBoB’ is an umbrella brand name covering several communications based products to be launched by Bank, providing the reach and convenience to Bank of Baroda's customers.

    `OmniBOB’ was carefully chosen by the top management to signify the Omni presence of banking, `from anywhere and at anytime’. The focused one liner message "bringing banking closer to you" at the bottom of the brand name signifies entry of the Bank into the era of high-tech convenience banking. According to him, `OmniBoB’ is a proactive response by the bank in line with RBI's guideline on smart/debit cards. `OmniBoB’ allow customers, an option to transact the business from any of the designated branches.

    All `OmniBoB’ products use state of the art technologies like smart card authentication, digital signatures, secure messaging and advanced encryption methods. The bank has earmarked Rs 2.5 bn for the current fiscal to make its branches tech-savvy. Although, it is a step in the right direction, in order to sustain its growth and be on par with private and foreign banks, the bank will have to expand its retail base further.

     

     

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