Hi All, found a new feature from Bank of Baroda called ‘Baroda Tabit’. It’s not technically new, as it was launched in 2019. Basically it's a tablet based instant account opening and banking solution. After the launch in 2019, it has seen some success. Infact Bank of Baroda foresees 75% of their Online Banking Solution shifting to Tabit in the next 5-7 years.
Before looking at the features of this solution, let’s see why it was launched in the first place?
In addition to giving a seamless tech solution to customers, Bank of Baroda wanted to automate the user onboarding journey especially for the Current and Savings Account. Having worked in banking for multiple years, I can confirm that opening a new Current/ Savings Account is one of the most difficult steps.
It’s difficult because of 2 reasons
Baroda’s Tabit serves as a perfect solution to both of these issues. Now let’s see the features of Tabit
Amongst Savings Accounts, you can now open 22 schemes through TAB Banking.
Amongst Current Accounts, there are schemes available for both Sol-Proprietor/ Individual and Partnerships.
But that’s not all. Through Tabit, Bank of Baroda is actively trying to tap into the SHG (Self Help Groups) segment as well by simplifying their Account Creation/ Operation Journey.
Apart from bank opening there are a host of other activities which can be done using the Tab. Some of these activities are - Statement Account Generation + Download, Personalized Debit Card, Personalized Credit Card, Whatsapp Banking Generation, Demat Account, etc.
In addition to these, going forward we can expect a few more services to be added under the Tabit Feature - Wealth Management, NRE/NRO Account opening, Sukanya Samriddhi Account opening, Digital Education Loan, etc.
Before looking at the features of this solution, let’s see why it was launched in the first place?
In addition to giving a seamless tech solution to customers, Bank of Baroda wanted to automate the user onboarding journey especially for the Current and Savings Account. Having worked in banking for multiple years, I can confirm that opening a new Current/ Savings Account is one of the most difficult steps.
It’s difficult because of 2 reasons
- Banks ask for a lot of documents, and have a multi step process (Form Filling, Form Submission, Video KYC, Customer Onboarding, etc)
- There’s a lot of friction from users because of how tough it is.
Baroda’s Tabit serves as a perfect solution to both of these issues. Now let’s see the features of Tabit
Amongst Savings Accounts, you can now open 22 schemes through TAB Banking.
- Few of these are Baroda Advantage Pension Account, Baroda Super Saving, Baroda Centenary Saving, Baroda Bachat Mitra, Baroda Jeevan Suraksha, Bank of Baroda Salary Super, Bank of Baroda Salary Privilege, etc.
Amongst Current Accounts, there are schemes available for both Sol-Proprietor/ Individual and Partnerships.
- For Sole Proprietor, the schemes available are - Baroda Advantage Account, Baroda Premium Current Account Privilege (BPCA), Baroda Dist Co-Op Milk Account, etc.
- For Partnerships, the schemes available are - Baroda Small Business Current Account (BSBCA), Baroda Startup Account, Baroda Premium Current Account.
But that’s not all. Through Tabit, Bank of Baroda is actively trying to tap into the SHG (Self Help Groups) segment as well by simplifying their Account Creation/ Operation Journey.
- Amongst SHGs, there are 2 schemes available under Tabit - SB Self Help Grp-Gen and SHG-Woman Empower Program.
Apart from bank opening there are a host of other activities which can be done using the Tab. Some of these activities are - Statement Account Generation + Download, Personalized Debit Card, Personalized Credit Card, Whatsapp Banking Generation, Demat Account, etc.
In addition to these, going forward we can expect a few more services to be added under the Tabit Feature - Wealth Management, NRE/NRO Account opening, Sukanya Samriddhi Account opening, Digital Education Loan, etc.
