Bank of Baroda Embraces Generative AI to Revolutionize Banking Services
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On Tue, 17 Sept, 4:03 PM UTC
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Bank of Baroda Adopts Generative AI (GenAI) to Transform Customer Experience and Employee Efficiency
'Aditi' is the 24*7 virtual relationship manager set to answer all customer queries'GyanSahay.AI' is the GenAI powered conversational agent designed to revolutionize the way employees access and utilize information 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, Mr. 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. Mr. 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.
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Bank of Baroda unveils Gen AI-powered solutions
Bank of Baroda has announced the introduction of three different generative AI-powered solutions for its customers and employees. These include Aditi, a GenAI powered Virtual Relationship Manager aims to enhance the digital customer service experience, a GenAI-enabled knowledge management platform, 'Gyan Sahay.AI' for its employees and a GenAI powered chatbot 'ADI' to improve digital customer experience and get the required queries solved through chatbot Debadatta Chand, Managing Director & Chief Executive Officer, Bank of Baroda, said, "We 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," he said. "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," he added. The bank also plans to recruit specialised and skilled resources for capacity building to drive large adoption of artificial intelligence technologies in banking operations and services. Published - September 16, 2024 11:09 pm IST Read Comments
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Bank of Baroda introduces GenAI-powered virtual relationship manager for conversational banking
Bank of Baroda (BoB) has introduced 'Aditi', a GenAI-powered virtual relationship manager, to enhance the digital customer service experience. These human-like interface presented in the form of digital avatars, offer conversational banking across a range of services, the public sector bank said in a statement. "Available on the bank's web portal, the capability supports audio, video and chat-based assistance ensuring 24x7 banking services with multilingual support. This service is being gradually rolled out to our existing customers through an enrollment process available on the bank's website," the bank said. In addition, BoB 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," the bank said. Sales and Service Debadatta Chand, Managing Director & Chief Executive Officer,said, "We 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, the GenAI enabled knowledge management platform is an endeavour 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. The bank also plans to recruit specialised and skilled resources for capacity building to drive large adoption of artificial intelligence technologies in banking operations and services, Chand said. SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on September 17, 2024
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Bank of Baroda, India's third-largest public sector bank, has launched generative AI-powered solutions to enhance customer experience and boost employee efficiency. The bank introduces a virtual relationship manager and an internal AI assistant for employees.
Bank of Baroda Introduces Generative AI Solutions
Bank of Baroda, India's third-largest public sector bank, has taken a significant leap into the future of banking by introducing generative AI (GenAI) powered solutions. This move aims to transform customer experience and improve employee efficiency, positioning the bank at the forefront of technological innovation in the financial sector 1.
Virtual Relationship Manager for Enhanced Customer Interaction
One of the key innovations introduced by Bank of Baroda is the GenAI-powered Virtual Relationship Manager. This advanced chatbot is designed to provide conversational banking services to customers, offering a more intuitive and personalized experience 3. The virtual manager can assist customers with various banking queries and transactions, making banking more accessible and convenient.
AI Assistant for Improved Employee Productivity
In addition to customer-facing solutions, Bank of Baroda has also implemented an internal AI assistant for its employees. This tool is expected to significantly enhance employee efficiency by providing quick access to information and streamlining internal processes 2. The AI assistant can help employees with tasks such as drafting emails, preparing reports, and accessing relevant banking information promptly.
Expanding Digital Banking Services
The introduction of GenAI solutions is part of Bank of Baroda's broader strategy to expand its digital banking services. The bank has been actively investing in technology to improve its operational efficiency and customer service. With these new AI-powered tools, Bank of Baroda aims to provide a more seamless and personalized banking experience to its customers 1.
Commitment to Innovation and Customer-Centric Approach
Debadatta Chand, Managing Director & CEO of Bank of Baroda, emphasized the bank's commitment to innovation and customer-centricity. He stated that the adoption of GenAI technology is a significant step towards creating more intelligent and efficient banking solutions 2. This move is expected to not only enhance customer satisfaction but also give Bank of Baroda a competitive edge in the rapidly evolving banking landscape.
Future Prospects and Industry Impact
The implementation of GenAI solutions by Bank of Baroda is likely to set a new standard in the Indian banking sector. As one of the largest public sector banks in the country, Bank of Baroda's adoption of advanced AI technology could potentially influence other financial institutions to follow suit. This trend could lead to a wider transformation in the banking industry, with AI playing an increasingly crucial role in shaping the future of financial services 3.
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