Bank of Baroda to anchor its app, Bob World, as the main bank

Bank of Baroda

 NSE 2.30 % is planning to position its digital platform bob World centrally as the main bank, added to which all the other banking channels will function.

The public sector lender is taking up a strategy similar to what SBI has been trying to do by integrating all its services on its YONO platform.

MD & CEO Sanjiv Chadha told TOI that post the pandemic the bank had seen a spike in digital transactions, and that almost twice the number of branch visits were happening on the app.

The thought was to allow everything that can be done in the bank branch to be possible via the app, he said.

Chadha said, “The way bob World has been positioned, one can save, borrow, pay and invest. All four capabilities are in the app and it’s being scaled up everyday.”

Apart from regular transactions, the app facilitates airline ticket booking and comparison shopping across merchants to let customers choose the cheapest. The bank plans to extend the use of the app from retail to businesses as well.

The bank is also doubling the number of business correspondents to 50,000 for financial inclusion and to reach out to people who do not have digital access.

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