UBI embarks on IT transformation initiatives
Indian banks are constantly harnessing technology to gain competitive edge and serve their customers more efficiently. Recently, public sector bank United Bank of India (UBI), announced a transformation program to boost its productivity by bring about operational efficiency. The bank has signed an agreement with Accenture that will provide management consulting advisory services for supporting the bank’s strategic transformation initiatives.
“IT has always been the key differentiator for us in all areas from strengthening customer relations, diversifying delivery channels, and enhancing revenue streams from diversified sources,” said Rathin De, General Manager – IT, ADC and CMS at United bank of India to CXOtoday. He added that the bank was identifying ways to increase adoption of digital channels such as online banking and social media. The partnership with Accenture will help the bank achieve this objective.
Under the contract, Accenture will act as a consultant to the bank, helping them in developing and optimizing its various operating models. It will also assist in strengthening UBI’s branch network as well as other customer channels. De said that this includes assisting the bank with ways to improve its branch footprints and optimize its number of branches that stands at 1,700 at present.
“The customer experience determines the success of all financial institutions,” said Piyush Singh, MD of Accenture’s financial services operating group in India. he added that by helping them leverage online banking and social media the IT services company will also help the bank increase sales-effectiveness of its branch workforce.
According to Bhaskar Sen, Chairman and MD, UBI, IT transformation initiatives will help us in embracing new approaches to banking and in turn catering to both our existing and prospective customers better. He believes UBI’s IT transformation through partnership with leading technology vendors will also help in strengthening the bank’s profitability.
Singh said that Accenture also will assist UBI in other strategies such as talent and human resource by helping the bank boost its manpower planning. It will also set up performance management systems by formulating a 5-year strategy on employee skills through training.
Speaking about the banks IT roadmap, De said that customers will also see a lot of development in the area of mobile commerce in the coming year. “We will set to become the pioneer in areas of providing hi-tech products, technologies and services to customers among other PSBs in the next one year,” he concluded.
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