Bank of Baroda has joined with fintech start-up, Fisdom, to provide wealth management services.
Despite recent difficulties and negative return on shares, Bank of Baroda have secured another fintech partnership with the hope of turning profits around.
Bengaluru-based fintech Fisdom is the latest start-up to enter into a partnership deal with Bank of Baroda, following its recent collaborative ventures with FundsTiger, Probe42, IndiaLends, KredX, Power2SME and CreditMantri.
The Fisdom app uses a robo-advice system to increase ease and efficiency for customers making financial investments and personal finance decisions.
The Bank of Baroda, which is India’s second largest state-run lender by assets, is currently fighting a lagging first-quarter, with the stock losing 6 per cent since the beginning of the year. Bank of Baroda chief executive, Shri P S Jayakumar said that while digitisation changes the industry, the role of technology will continue to grow, meaning that fintech partnerships could be key to resurrecting profits.
“Our industry is going through a transformational phase…we are committed to driving industry change by investing in internal resources, but also by partnering with determined, young fintech companies,” he said.
“These partnerships will open windows for value additions. Embracing new technology will create a solid foundation that will help us charter into new territories and offer innovative products.”