Today BoB stands as the 2nd most aggressively growing bank in the public sector after SBI. After the announcement of Vijaya Bank & Dena Bank’s merger, BoB is set to become the 3rd biggest institution of money lending with advances share at 6.9% and deposits market share of 7.4%.
Talking about the innovations in technology, Handa stakes at blockchain to be the most reliable technology in the future and consider it safe to bet high on it.
During an interview, Handa in a profound detail lists the various initiatives he has taken to keep Bank of Baroda on the right way to digital progress and speaks about the nitty-gritty of his digital journey.
When I joined Bank of Baroda, I did a gap analysis on where the bank was and where it needed to be. When I came in, I realized that bank we did not also have an online or digital proposition for our customers. We sold through our branches. Our penetration into the millennial and digital-savvy customer base was really low. So we invested in a robo advisory platform that we launched to provide a good user experience for wealth management solutions. This was launched in 2016.
When asked about the role of blockchain in economic growth, he says,
Yes, indeed. Blockchain technology is worth investing in the banking sector, the same way it has been disrupting in other domains such as healthcare, energy and retail. Various features of blockchain such as decentralization, immutability, and transparency make it appealing for business sectors and domains across the world. Banking and finance industry are leading the way in exploring the potential of blockchain in different use cases across industry.
Bank of Baroda is already a founding member of 2 major unexplored blockchain communities and aims to build and execute blockchain solutions within a collaborative ecosystem. The blockchain community right now has 37 bank members worldwide. This group was created to address various use cases. There is one more community that is concerned about Trade finance, a specific use case.
Akhil Handa, the leader of the digital operations of India’s most trusted public sector bank, Bank of Baroda. Handa’s has had a mixed career path that sorts him to be a dab hand at handling & implementing change in the executive processes of a financial public sector unit that is 110 years old. He is a fintech professional, an investment banker at JP Morgan and an industry analyst. He is also CAG’s founding member – the support group of PM Modi’s Campaign in 2014.
His current role is in Advisory, reporting to MD & CEO, Head of fintech & business deals and executions at BoB. Akhil Handa has been working passionately to bring about a transformative change in Bank of Baroda’s national initiatives.