There are a host of enterprise wide IT systems under implementation at The Bank of India, as stated in the Q1, FY21 results. The Bank also launched multiple digital initiatives in the June quarter. It goes in line with the Bank’s future strategy and vision of focusing on improving asset quality and containing NPA levels; leverage technology to increase cross selling opportunities, reduce cost and enhance customer experience; Improving risk management systems to ensure long-term sustainability of the business.
A number of digital initiatives are under process. The tech-driven credit monitoring system for tracking of ‘Early Warning Signals’ is under implementation. The migration of the technical platform from FINACLE 7 to FINACLE 10, is in an advance stage. An enterprise wide fraud risk management framework for real-time fraud monitoring is also under process.
The Bank of India also launched several fresh initiatives coupled with enhancements on the current platform. The cardless cash withdrawal using UPI QR (QRCash) was launched. It enables customers to withdraw cash from ATMs readily without the use of cards. The mobile and Internet Banking system was upgraded with enhanced features for better customer experience.
The Document management system (DMS) has been introduced for retrieval of documents. DMS also helps to store, track, manage and access data in a more flexible and hassle free way.
COVID-19 related specific loans/working capital/scheme promotion was done using SMS and custom URL, using the BOI website.
Other digital intiatives
• BOI SEVA – Chatbot was launched on the website in Hindi and English language.
• As an FI initiative, seamless ICT Technology based basic banking services enabled in rural &
• Web-based – Retail Online Module was launched to improve productivity and customer service by reducing turnaround time.
• Debit Card Control App & Credit Card Control App have been launched to enable customers
to have a full control over the card activity.
• Door Step Banking(DSB) through Universal Touch points (Call Centre, Website and an App)
has been introduced for providing banking services to customers from the Agents engaged
by the Bank.
• In line with the GOI initiative for cashless and digital nation, Payment gateway solutions were provided for various government, PSU and autonomous organization (such as NHAI,
National Seeds Corporation, RITES India Ltd, BHEL etc).