BoM celebrates 88th Business Commencement Day, Launches slew of Digital products & services
Pune (Maharashtra) [India], February 11: Bank of Maharashtra (BoM), a premier public sector bank in the country, celebrated its 88th Business Commencement Day on 8th February 2023. Shri A S Rajeev, Managing Director & CEO, Shri A B Vijayakumar, Shri Asheesh Pandey, Executive Directors, Shri M K Verma, RBI Nominee Director, Shri Rakesh Kumar, Share Holder Director, along with General Managers were present in the program. All branches/ offices across the country were connected in hybrid mode to this program.
While addressing the 88th Business Commencement Day program, Shri A S Rajeev, MD & CEO, Bank of Maharashtra, congratulated all staff members and said, “The journey bank has traversed so far is incredible, and the Bank’s advancement in business growth in past few years is truly noteworthy. There has been a voyage of transformation which the Bank has gone through adopting digitisation and committed to bringing in further technological advancement.
During the event, Shri A B Vijayakumar, Executive Director, Bank of Maharashtra, said, “It’s a moment of great pride for the Bank that we are celebrating 88th Business Commencement Day. We are thankful to all our stakeholders and staff members for making Bank reach this great height.” Shri Vijayakumar asserted that Bank would further progress in its business endeavor while leveraging financial inclusion and digital footprints”.
While addressing the event, Shri Asheesh Pandey, Executive Director, Bank of Maharashtra, said that Bank is on a progressive path and digitisation is considered a key driver of the growth. Bank is implementing new-age technology like Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA), among others, to augur “Ease of Doing Business” for the customer as well as staff”.
Bank has launched several utilities which will define Bank’s services spurred through digitisation. The Digital Services include hassle-free customer onboarding through Video-KYC, allowing customers to open an account digitally by providing KYC details online.
Bank launched an upgraded version of the Bank’s existing Mobile Banking Application with enhanced UI/UX features for seamless customer experience & customer delight with ample utilities under one umbrella. Bank’s WhatsApp banking also got a new dimension through an array of new additions, viz. Credit Card in WhatsApp with detailed account summary and transactions, Pension Slip for pensioners, account statement, health insurance STP journey etc.
Bank has embarked on its footprint in the adoption of Private Cloud Infrastructure by launching “MAHABANK NAKSHATRA” – Bank’s own Private Cloud Platform. It facilitates High-Performance Cloud Capabilities for Digital Infrastructure and hosting applications of the Bank.
Bank also launched a portal called Suvidha, an automated DCSS (Decease Claim Settlement System) to simplify the deceased claim settlement process and keep customer ease into consideration. Employers who are customers of Bank of Maharashtra will now be able to pay Employee’s PF Money through Bank of Maharashtra Internet Banking. In the agriculture segment, online MKCC review/renewal was introduced to facilitate enhancement in the existing MKCC Loan application platform at Bank’s corporate website.
Bank also collaborates with its subsidiary Gramin Mahila via Balak Vikas Mandal (GMBVM), with Shri Kshethra Dharmasthala Rural Development Project BC trust (SKDRDP) for credit linkage of Self Help Group in the state of Maharashtra and adds fillip to financial inclusion & its promotion driven through technology to the unserved and underserved.
Bank has also introduced Robotic Process Automation (RPA) which involves the automation of critical and highly repetitive Banking processes and also enables the reallocation of resources to higher-value work efforts to drive better efficiency in the organisation. It will facilitate Task Completion without manual intervention or minimal manual supervision.
To enhance the business model efficacy, Bank collaborated with CIC under an Integrated Model through M/s Experian, which evaluates the customer’s current needs and pitches the product as per the customer’s requirement. It also gives Market insight reports that can be used to analyse business scope on the pin code level and monitor effectively. Bank’s Risk Management is notably strengthened as Bank collaborates with CRISIL to empower high-quality, efficient decision-making for Credit Underwriting Process and Credit Monitoring Process.
Bank launched the Centre of Excellence (4 CoEs) for Database, Cyber Security, CBS and Analytics in view of current and upcoming security initiatives. Bank introduced Kavach to strengthen the security architecture. While keeping a vigilant eye on Cyber Security, Bank also established various security tools set up by the industry.
With all the above, Shri Asheesh Pandey, Executive Director concluded that Bank is evolving its operation with a 360-degree approach, and efforts are made on People, Process & Technology, to smooth sail towards this transformation journey.
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