
Bank of Baroda (BoB), a leading public sector lender, has introduced a new kind of banking experience with the opening of a ‘phygital’ branch at Chanda Nagar in Hyderabad. This innovative branch blends the traditional benefits of a physical bank with the latest technological advancements, offering customers a unique and modern banking option.
What is a Phygital Branch?
A ‘phygital’ branch combines the best of both worlds: the convenience and efficiency of digital technology with the personal touch and familiarity of a physical bank location. This concept aims to enhance customer experience by providing round-the-clock banking services through digital tools, while also ensuring that help is available when needed.
The Inauguration
On Friday, Bank of Baroda’s Executive Director, Sanjay Vinayak Mudaliar, officially inaugurated the new phygital branch. This is only the second phygital branch launched by the bank, following their first one at Horniman Circle in Mumbai on July 20, which coincided with the bank’s 117th foundation day. BoB plans to open a total of seven such branches as part of a pilot project to explore this new banking model.
Benefits of the Phygital Branch
According to Mr. Mudaliar, the phygital branch provides customers with the freedom to handle their banking transactions at any time of day without feeling intrusive. The branch is equipped to support customers who prefer the convenience of digital banking while still offering the personal assistance that a physical branch provides.
The Opening Ceremony
The inauguration was attended by General Manager and Zonal Head of Hyderabad Zone, Ritesh Kumar, along with senior bank executives, staff members from the zone and region, and many customers. The event highlighted the bank’s commitment to integrating innovative banking solutions with traditional services to meet the evolving needs of its customers.
The new phygital branch represents a significant step forward in modern banking, aiming to make financial services more accessible and user-friendly while maintaining a high level of personal support.