Mumbai: There was a time when a bank’s role ended after it credited your salary, sanctioned your loan and reminded you about your EMI (equated monthly instalment). It now wants to engage deeper with your everyday life—helping you book holidays, order food, buy gift cards, and perhaps even find a matrimonial match or check your horoscope. For one, Bank of Baroda, India’s second-largest state-owned lender, plans to do all of these and more by integrating a range of lifestyle services into its digital banking platforms.
The bank plans to integrate shopping and payments onto its platforms, according to a call for bids document seen by Mint. Bank of Baroda wants bidders to develop a solution that can be used across its platforms.
The synergy between banking and lifestyle services not only enhances convenience but also fosters a seamless user experience, as per the document cited above.
According to two people aware of the discussions, the lender plans to use this solution on its internet banking, mobile banking, digital currency and UPI (unified payments interface) platforms. Rather than remaining a destination solely for deposits, loans and payments, it wants customers to access a range of everyday services from within its digital channels.
“The bank already offers services such as train, flight, bus and hotel booking, health and wellness, bill payments, and tours and attractions. The idea now is to expand the services to other categories. It can be included across digital platforms like bob World, bob World Business, internet banking, bob ePay and the other digital channels,” a person familiar with the development said.
The other person said this will be a modular solution, but the details of where exactly it will be integrated are still being fleshed out. “It could be one of the four digital banking platforms or multiple,” this person added.
Banks have increasingly started offering marketplaces on their apps and other digital banking platforms. India’s largest lender State Bank of India (SBI) offers services including travel ticket booking and tax filings on its Yono app. The app had 100 million users as on 31 March 2026. Private sector lender ICICI Bank offers shopping on its app but data on the number of users is not publicly available.
Bank of Baroda’s digital banking ecosystem currently comprises four key digital platforms, including its flagship bob World mobile banking app, bob ePay (UPI app), bob World Digital Rupee (CBDC) and bob World Internet (internet banking). The app bob World has 35 million users, the internet banking has 13 million, the UPI app has 3.5 million users, while there are 1.6 million digital rupee wallets.
The marketplace proposed under Bank of Baroda's latest request for proposal (RFP) is expected to be integrated across these digital channels. “Essentially, it’s an addition of services,” said the first person cited above.
According to the technical requirements listed in the bid documents, the platform is expected to support a wide range of partner-led services spanning travel, entertainment, utility payments, education, healthcare and commerce.
Among the categories listed are flight, train and bus bookings, hotel reservations, bill payments, FASTag recharge, DTH recharge, mobile recharge, gift cards, e-commerce and food delivery. The tender also proposes less conventional offerings for a banking app, including visa assistance, matrimony services, faith and astrology, donations, event ticketing and home services.
An email sent to Bank of Baroda on the matter did not yield any response until press time.
Why it makes business sense
Beyond bringing in convenience, the broader marketplace could also become a way for the bank to identify customer needs earlier and cross-sell its core financial products, digital banking experts said.
“Suppose Bank of Baroda offers marriage loans. It can either partner with a matrimony platform or originate that customer journey through its own portal," said Parijat Garg, an independent digital banking consultant. "If a thousand people access matrimony services through the Bank of Baroda app in a month, some of them could eventually require a marriage loan. That’s where the value comes from.”
“Likewise, If I’m applying for visa services through the Bank of Baroda platform, the bank knows I’m planning to travel. At that point, it can offer me a prepaid travel card, travel insurance, a travel loan or even a credit card. Once the customer’s intent is known, the bank can offer relevant financial products,” Garg added.
“There are two approaches. One is to analyze transaction data and understand a customer’s life stage. The other is to become part of the customer’s journey itself," he explained. "If the bank is present when a customer is planning a wedding or an overseas trip, it can subsequently offer the financial products that go with that need.”
Hunt for a tech partner
As for building the desired platform, the bank is inviting bids only from companies previously empanelled as digital marketplace solution providers under its 2022 fintech empanelment programme. The bids are open till 27 July 2026.
It said prospective bidders must demonstrate prior experience of implementing similar marketplace solutions for at least one scheduled commercial bank or non-banking financial company and will be evaluated on the breadth of service categories they can offer, technical capabilities and product demonstrations.
The commercial model of the plan is also notable. The bank proposes a revenue-sharing arrangement, under which partners will share earnings generated through transactions on the platform. According to the document, the bank’s revenue share must be at least 60% for each applicable category, while also requiring vendors to pass a part of the bank’s share back to customers in the form of offers or discounts during checkout.
Bank of Baroda's latest digital push comes after it faced regulatory ire in 2023 on concerns around its flagship bob World app.
In October 2023, the Reserve Bank of India directed the lender to suspend fresh customer onboarding on the app after flagging “material supervisory concerns” in the way customers were being onboarded. The bank then undertook corrective measures and strengthened its onboarding framework before the restrictions were lifted in May 2024.