State-owned Bank of Baroda 20 May 2018 said it has consolidated all its operational activities at a shared service center (SSC), which employs over 2,000 people, at Gujarats GIFT City. Operational services such as retail loan processing, deposit account opening, forex transactions, call center, among others have been migrated to the SSC.
The bank said it has taken 20,000 sq, ft of office space in GIFT City, making it the first India bank to actually move a lots operations to the smart city. Some other banks have already opened branches and representative offices there. The bank has been on a journey of rapid transformation in its services and processes over the last two years.
Part of the transformation in processes was the idea to move the operations at the branch level to a centralised facility. This frees space at the branches for the bank to conduct sales and after sales services to customers, the bank noted. GIFT (Gujarat International Finance Tec-City) is an integrated development on 886 acres of land with 62 million square feet of built-up area which includes office space, residential, schools and hospitals. It also has a dedicated multi-services special economic zone (SEZ) for international operations for the services sector.