Bank of Baroda Adopts Generative AI (GenAI) to Transform Customer Experience and Employee Efficiency

MUMBAI:
Bank of Baroda, one of India’s leading public sector banks, has made significant strides in its digital transformation journey by adopting advanced technologies in the field of data and artificial intelligence (AI). The Bank has introduced three different generative AI-powered solutions for its customers and employees.

‘Aditi’ is a GenAI powered Virtual Relationship Manager aims to enhance the digital customer service experience. These human-like interface(https://www.bankofbaroda.in/contact-us/vrm) presented in the form of digital avatars, offer conversational banking across a range of services. Available on the Bank’s web portal, the capability supports audio, video, and chat-based assistance, ensuring 24×7 banking services with multilingual support, thereby augmenting the overall customer experience. This service is being gradually rolled out to our existing customers through an enrollment process available on the Bank’s website.

In addition to customer-facing innovations, the Bank of Baroda has also launched a GenAI-enabled knowledge management platform, ‘GyanSahay.AI’ for its employees. Trained in the Bank’s product policies and processes, this platform provides employees with instant and accurate answers, enabling them to
seamlessly handle customer queries and access key operational details more efficiently. It aids employees to work smarter and faster, ultimately enhancing customer satisfaction and service delivery. Bank has also launched GenAI powered chatbot ‘ADI’ to improve digital customer experience and get the
required queries solved through chatbot.

By harnessing the combined power of GenAI, the Bank is dedicated to enhancing customer interactions, empowering its workforce and boosting operational agility and efficiency. Bank of Baroda has adopted a systematic approach to integrating gen AI technologies into its banking operations.

Speaking about this innovative leap, Debadatta Chand, Managing Director & Chief Executive Officer, Bank of Baroda, said, “We at Bank of Baroda have been closely following the rapid advancement of GenAI and are convinced that it has the power to transform banking operations as we know it today. Our digital GenAI based conversational interfaces will improve the Bank’s digital customer experience. The Bank will continue to enhance these GenAI use cases with incremental sales and service features driving customer self-service and immediate fulfillment. Additionally, our GenAI enabled knowledge management platform is an endeavor to empower the Bank’s large customer facing workforce with the right information on products, policies and processes so that there is improved service delivery. Bank also plans to recruit specialized and skilled resources for capacity building to drive large adoption of artificial intelligence technologies in banking operations and services.”

Bank of Baroda has established a strong governance framework to ensure security, ethical usage, and performance tracking of these new technologies. While the promise of GenAI holds the potential to reshape the way banking is conducted, the Bank acknowledges the need for careful considerations around security, ethical usage, customer adoption, and cost when scaling this technology. As part of its ongoing investment in digital transformation, the Bank is also focused on further transforming its sales and service operations and channels through the continued adoption of GenAI and other cognitive technologies.

Sanjay Mudaliar, Executive Director of Bank of Baroda said “The Bank has been investing on Data led transformation over the last few years and with the changing customer behaviour digital banking has been a large focus of the Bank. GenAI will support the Bank in its endeavour to provide more control to its
customers through anytime anywhere banking. While the first set of GenAI use cases are pioneering large scale implementations, the Bank has also setup the necessary technology architecture and guardrails to ensure security and ethical AI. This would be paramount for ensuring customer confidence
and trust”

Bank of Baroda’s adoption of GenAI underscores its commitment to staying at the forefront of banking innovation and delivering superior customer service in today’s digital-first world.