Bank of India (BOI) is celebrating its 120th Foundation day on 7th September. BOI has moved in tune with the efforts in nation building. Bank of India was initially a private owned bank, when in it was established in the year 1906 on 7th September. On 7th September, 1906. India was witness to a unique happening – the opening of a bank promoted by Parsis, Hindus, Muslims and Jew, all Indian national – a truly secular bank. The Bank is fiercely proud of it status as keepers of trust, its culture of being ethical at all times and its value system which puts customers above all else. This bank has grown rapidly over these years. Presently, it has got a strong national as well as sizable international presence and is considered to be one of the premier nationalized banks in India.
BOI’s philosophy has been conservatism, coupled with prudent management. In the banking sector, the bank has a good image, as it has already been judged the best bank in terms of customer service, among the nationalised banks. Surveys by various organizations also show that BoI’s service is perceived to be better than other public-sector banks and even some foreign banks. The BOI has also shown that public relations and marketing functions are part of the banking services, and that it is essential to understand the customer who is at the root of a bank’s success. In its 119-year long journey, the Bank has seen through many challenges to have a Pan-India network today and also having significant overseas presence.
The banking sector has essayed a crucial role in scripting India’s growth story and Bank of India has been a key contributor to this. Reflecting the progressive changes that have been witnessed in the sector since its inception with pioneering initiatives and multiple accomplishments, Bank of India now stands poised to achieve even more milestones.
The Bank has over 5300+ branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 69 Zonal Offices and 13 FGMO Offices. There are 47 branches/ offices abroad which includes 22 own branches including IBU Gift City at Gandhinagar Gujarat, 1 representative office and 4 Subsidiaries (23 branches) and 1 joint venture. The Indian banking sector is growing at a faster rate and among all the Indian banks, Bank Of India is one of the predominant public sector banks that is known for passing on the smartest banking solutions to their customers. Marketing Mix is a model that outlines a company’s business on the parameters of Product, Price, Place, Promotion, People, Process, and Physical Evidence.
Bank of India uses a mix of various mediums to communicate with its customers. The bank promotes its services through the internet, newspapers, magazines, and on television through advertisements.
BOI is a bank that believes in nation building, ethics & integrity, value for customers, pride for its employees, profitable growth and contributing to society. BOI has been built on very sound principles with a unique culture, enriched by successive generations. The Bank is blessed with the dynamic leadership of MD & CEO Rajneesh Karnatak and with 3 dynamic Executive Directors P. R. Rajgopal, Subrat Kumar and Rajiv Mishra. All have rich banking experience and there is no doubt that the coming quarters will be a Game changer for BOI in terms of inclusive growth and business excellence.
While firmly adhering to a policy of prudence and caution, the bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank was the first in India promoted by Indian interests to serve all the communities of India. Bank of India is a state-owned commercial bank with headquarters in Mumbai. The Bank provides a wide range of banking products and financial services to corporate and retail customers. The bank provides specialized services for businesses (dealing in foreign exchange) NRIs merchant banking etc. They also have specialized branches that deal in asset recovery hi-tech agricultural finance lease finance and treasury and small-scale industries. The Bank operates in three business segments namely Treasury Operations Wholesale Banking Operations and Retail Banking Operations
The Bank’s strategy is to serve most of its customers through digital or digital assist mode. A successful execution of a digital enabled Bank will go a long way in ensuring that BOI remains competitive in the market place.