Bank of Baroda to position ‘bob World’ as main bank
Capabilities like paying, saving, borrowing and investing can be done on the app and are being scaled on a daily basis
Bank of Baroda (BoB) will be positioning ‘bob World’, the new digital platform of the lender as the main bank and all banking channels will be adjunct to this platform, the Times Of India reported Monday. This comes on the back of a surge in digital transactions, and the number of branch visits on the app doubling by two times, according to the report. The strategy of BoB is similar to that of SBI’s Yono which works on integrating all its services on a single platform.
According to the publication, the idea behind the new step was to enable everything that can be done in the branch within the app.
Bank planning to double correspondents to 50,000
Capabilities like paying, saving, borrowing and investing can be done on the app and are being scaled on a daily basis. Apart from regular transactions, airline ticket booking and comparison shopping across merchants to bring the cheapest proposition to the customers, it said. The bank is also planning to extend the usage of the app from retail to businesses.
In a move to reach out to people who do not have digital access and for financial inclusion the bank is looking to double its business correspondents to 50,000.
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