Bank of Maharashtra launches digital solutions

Bank of Maharashtra, a prominent public sector bank in India, is enhancing its digital avenues by introducing a range of novel products and utilities. These additions are geared towards elevating the banking encounter for both customers and staff members.

The overarching objective of these endeavours is to optimise various banking procedures, simplifying financial management for customers while enabling staff to deliver efficient assistance.

A. S. Rajeev, the Managing Director & CEO of Bank of Maharashtra, emphasised the institution’s commitment to establishing distinctive digital features that align with evolving technology, economic trends, and customer needs. The bank’s aspiration is to rank among the most efficient banks in the nation, a goal that hinges on maximising the potential of digital channels.

One notable advancement is the launch of an upgraded iteration of the bank’s existing mobile banking application. This enhanced application serves as a unified platform, catering to all mobile banking and UPI customers. Within this unified interface, customers can effortlessly handle their accounts, conduct transactions, and execute prompt payments.

Asheesh Pandey, the Executive Director of Bank of Maharashtra, underlined the bank’s unwavering dedication to customer-centricity as the driving force behind its digital transformation. By prioritising user convenience and harnessing digital solutions, the bank aims to deliver a seamless and user-friendly service experience across all interaction points. These efforts contribute to solidifying the bank’s status as a rapidly growing public sector bank within the country.

Among the new features integrated into the mobile banking application are convenient shortcuts for WhatsApp Banking, access to account statements, digital confirmation of loan balances, streamlined processes for obtaining health and general insurance policies through the STP Journey, RE-KYC, digital nomination facility, online bill payments, and a dedicated news section.

Furthermore, the bank has introduced a grievance redressal system within its WhatsApp banking function, showcasing its commitment to promptly resolving customer issues and ensuring their satisfaction.

To drive its digital transformation initiatives, Bank of Maharashtra has partnered with the Boston Consulting Group (BCG). This collaboration aims to position the bank at the forefront of digital innovation within the banking sector. The strategic approach includes comprehensive modules that encompass customer journeys across various categories, including asset, liability, wealth, and fee-based income products. Additionally, the bank is focusing on aspects such as FinTech onboarding, compliance enhancement, and automation, all of which contribute to boosting operational efficiency, enhancing the customer experience, and embracing a digitally empowered future.