Bank of Baroda (BOB) is preparing to offer its staff immense flexibility with the ‘work from anywhere’ and ‘hybrid’ work models being implemented. The objective is to provide better work-life balance and also improve productivity in the longer term.
The Bank is considering implementing an operating model which will involve remote working options for specific roles and hybrid working for others. The Bank has come to realise the need to digitally deliver banking services, which has led to its digitising a significant portion of its operations and services to better serve its customers.
It is rapidly moving towards paperless functioning. With relevant applications in place, mobile banking has become the norm for most customers. The Bank is confident that except for a couple of services which can be delivered well via the physical branches, the customers are increasingly taking to dealing and transacting via their phones. In its attempt to ready the Bank for the future, BoB will ensure an ideal mix of both physical and digital presence. In line with this goal, BoB has launched the ‘BOB NOWW’ (New Operating model and Ways of Working) initiative under which the branch network will be rightsized and customer touch points will be increased through digital formats.
The Bank is working to serve customers better with tailored offerings that are customer centric. The initiatives being considered to achieve this goal will also result in cost optimisation and facilitate growth by creating more value for all stakeholders. In addition, its ‘mobile first’ initiative focusses on making the mobile app the main interface with the customers.
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With majority of the Bank’s workforce catering to customers in physical branches, the relevance of WFH is questionable. The Digital Banking Landscape in India is only in the budding stage. The WFH initiative by the Bank is directly proportional to the customer nature,