By implementing cutting-edge data and artificial intelligence (AI) technology, Bank of Baroda has advanced significantly in its digital transformation path. For its clients and staff, the bank has unveiled three distinct generative AI-powered products.
The goal of “Aditi,” a virtual relationship manager driven by artificial intelligence, is to improve the digital customer care experience. Presented as digital avatars, these human-like interfaces (https://www.bankofbaroda.in/contact-us/vrm) provide conversational banking for a variety of services. Accessible via the bank’s online portal, the feature provides chat, video, and audio help, guaranteeing round-the-clock banking services with multilingual assistance, thus enhancing the overall client experience. Our current clients are being progressively added to this service via an enrollment process that may be found on the bank’s website.
The Bank of Baroda has introduced ‘GyanSahay.AI,’ a GenAI-enabled knowledge management platform, for its workers in addition to customer-facing advancements. Employees using this platform, which is trained in the bank’s product regulations and procedures, may instantly and accurately respond to customer inquiries and retrieve crucial operational information more effectively. It helps workers do their jobs more quickly and intelligently, which improves service delivery and customer happiness in the end.
Bank has also launched GenAI-powered chatbot ‘ADI’ to improve the digital customer experience and get the required queries solved through chatbot.
The bank is committed to improving client interactions, empowering its personnel, and increasing operational agility and efficiency by utilizing the combined power of GenAI. In order to effectively incorporate new AI technology into its banking operations, Bank of Baroda has taken a methodical approach.
Mr. Debadatta Chand, Managing Director & Chief Executive Officer, Bank of Baroda, stated the following regarding this creative step: “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 them 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.”
A robust governance system has been put in place by the Bank of Baroda to guarantee the security, moral use, and performance monitoring of these novel technologies. Although the Bank recognizes that when expanding this technology, rigorous considerations about security, ethical usage, consumer adoption, and cost are necessary, the promise of GenAI holds the potential to completely transform the banking industry. The Bank is committed to advancing the digital transformation of its sales and service operations and channels by utilizing GenAI and other cognitive technologies as part of its continuous investment in this area.
Bank of Baroda Executive Director Mr. Sanjay Mudaliar stated, “The bank has been investing in data-led transformation over the last few years, and with the changing customer behavior, digital banking has been a large focus of the bank. GenAI will support the bank in its endeavor to provide more control to its customers through anytime, anywhere banking. While the first set of GenAI use cases is 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.”.\
By implementing GenAI, Bank of Baroda has demonstrated its dedication to remaining at the forefront of banking innovation and providing exceptional customer service in the modern, digitally-first world.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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