Various channels of distribution used for various financial services by the bank of baroda

Various conduct of diffusion used for various fiscal run by the verify of barodaThe diffusion channel (definition)Chains of intermediaries, distributively passing the product down the chain to the next organization, before it at long last reaches the consumer or end-user of the product or services.Now let us piece of work the various channels of distribution which had been used by BOB for its monetary services.1. Distribution by dint of its branches in India (direct channel of distribution)Firstly, the bank entrusts and distributes its pecuniary services through its various branches set up in completely over India with its Corporate Centre at Bandra (East), Mumbai. At all the branches shows all the financial services of the bank i.e. deposit and withdrawal of money, lending loans and so forth2. structural changes done by bank in regulate to facilitate the distribution of its financial services coin bank opened eight invigorated urban retail loan factories at powai, Mumbai, Agra, b beilly, Bhopal, nagpur, ernakulam, jodhpur and last at noida ( frankincense total URLFs rising to 23) in order to strengthen the Retail acknowledgement Delivery System.Gen-Next Branches- total five two Gen-next branches were opened till 2009. These Branches are equipped with modern gadgets, ambience and all new(prenominal) facilities, which a youth requires in todays modern eraMemorandums of understanding were signed in order to provide and boost auto loan with number of car manufacturing companys that is to say Maruti Suzuki India Ltd, Tata Motors Ltd, Hyundai Motors India Ltd and Mahindra Mahindra Ltd. during the form 2008-09.Bank has done Tie-up with M/s Kotak Mahindra erstwhile(a) Mutual vivification Insurance Ltd for providing Life Insurance Cover to didactics loan borrowers and Home Loan borrowers sanctioned under a exceptional package.Bank has as well started to provide online Home Loan application expertness , which is also another added distribu tion method to increase the banks reach.Lastly, providing the brick and mortar channels closer to the customer 3. riches Management supportersBank has initiated Wealth Management Services to provide its High Net worth (HNI) and monied customers as its customer central measures a total financial resultant at one place. Bank has initiated Wealth Management Services to provide its High Net worth (HNI) and affluent customers as its customer centric measures a total financial solution at one place. The necktie partners in these products are HDFC Standard Life Insurance Co. Ltd. in Life Insurance, National Insurance Company Ltd. in General Insurance, India Infoline Ltd. in e-trading and cardinal leading plus Management Companies including our joint venture Baroda Pioneer Asset Management Co. Ltd. in Mutual Fund products.4. SME loan factoryTo skip the SME Sector, the Bank has launched a special and novel delivery model, viz. SME Loan Factory, which is presently functioning in 34 c enters of the Bank and is well real in the mart. The SME Loan Factory is an innovative model for streamlining processes and for timely sanctions of SME loan proposals. The model comprises of the Central Processing Cell for speedy appraisal and clear of proposals within the stipulated deadline.A team of Relationship Managers stationed at different branches of the Bank spread over micro segments of the city reaches out to customers to facilitate point of pre-sanction formalities in a hassle free manner. The Relationship Managers would also be marketing, not only various SME products of the Bank, but also other products and services including the Third Party products like Life Insurance, Mutual Funds, assdour Trading etc. The Bank has SME Loan Factories at all major(ip) business canters across the country(total 34), viz. Agra, Ahmedabad, Bangalore, Baroda, Bhilwara, Bhubhaneshwar, Bulsar, Chennai, Coimbatore, Dehradun, two factories in Delhi, Hyderabad, Indore, Jaipur, Jamshedpur, Jamnagar, Jodhpur, Kanpur, Kolhapur, Kolkata, Lucknow, Ludhaina, three factories in Mumbai, Nagpur, Nashik, Noida, Pune, Rajkot, Raipur, Surat, Vishakhapatnam. The Bank has planned to establish six more SME Loan Factories during the year 2009-10 to increase its reach further to SME business.5. Baroda Connect and ATMS servicesBaroda Connect is an cyberspace banking easiness introduced as an alternative delivery channel for rendering trenchant customer service on 24 X 7 bases. It offers curious customized services to both Retail Corporate customers.BoB has undertaken technology initiatives in order to improve its customer service levels and provide new distribution channels to counter stiff competition, especially in the metro and urban centers, that account for a bulk of the business for banks. The bank has retained the Gartner throng as its technology consultant for the same. The major technology initiatives include executing of a Core Banking Solution, net on the job(p) its branches to offer Anywhere Banking. Bank of Barodahad set up an extensive network of3127 branches(including 26 extension counters) spanning the length and breadth of the country. thither is a branch in the vicinity of everyone in need of a banking solution.All customers can register under Baroda Connect for View and / or dealing facilityCan see their Account summary of all operative, deposit and loan accounts and can getAccount statements. Under Transaction facility customer can (in addition to the above VIEW facilities) can deepen funds immediately or schedule for a hereafter date to self linked and third party, can pay through Online Tax Direct and Indirect taxes online much(prenominal) as Excise Duty, Service Tax, Customs Duty, Income Tax etc.Bank customers can also stick out through Baroda Easy Pay utility bills like electricity, mobile etc, Donations, Subscription, conk out plan booking online and booking of the Rail Ticket IRCTCBaroda Connect facility provided by the bank is free of cost. 6. Baroda Mobile Banking Banks latest initiatives which change its customers to lease their account just like they would do in any bank branch. Bank customers can check their account balance, request for chequebooks and can transfer funds etc. through their mobiles. Thus, it also plays a vital federal agency in distribution channels of the bank to provide its financial services.24-hour ATMs enable its customers to withdraw cash, check account balance and request for a new chequebooks even after banking hours.7. Financing Agencies Providing Custom Services To FarmersAgriculture world the backbone of the Indian Economy, Bank of Baroda has contributed significantly in accelerating the pace of unpolished development by providing finance to farmer. Bank finance to all individuals, entrepreneurs, organizations, institutions corporations such as agro industries corporations, market yard or authorized licensee in market yard, warehouse panchayats and agro service centers who are capable of carrying out such activities and be in possession of viable schemes for providing custom services to farmers.The mode of finance covers activities of for grease ones palms oftractor, bulldozer, praxis rig for boring wells, drilling tube wells, equipment for construction of wells, lift irrigation, purchase of combine harvester, thresher for hiring on custom basis, construction of godown, warehouse to provide storage facility on rental basis, purchase of truck for transporting horticulture produces to farmer on hiring basis, acquiring milk tankers for transporting milk, establishing curing barn for tobacco, working capital finance to organization/ institution providing such services etc.