Karnataka Bank project for total transformation

Reported by: |Updated: December 1, 2017

Karnataka Bank has announced ‘KBL Vikas’, a project aimed at total transformation of the bank. It has tied up with the Boston Consulting Group (India) for the project, which is aimed at repositioning the bank as ‘relevant and significant bank” by focusing on technology while keeping intact its core values and identity. A statement by the bank said it has identified 7 major interventions for the transformation – growth aspiration and strategies; rationalization of service outlets including digital channels; HR management structure and strategy; stake holders’ value enhancement initiatives; efficiency enhancement strategy; corporate branding and repositioning and partnering and collaborating with fintech companies, startups, etc. The focus would be on turbo-charge the growth with improved sales productivity and designing new products; cost optimization with process automation and digitization, including NPA optimization; profitability boosters with pricing optimization including focus on fee income and shareholder value enhancement through investor engagement, communication and corporate branding. Human resources, digital and IT transformation are identified as the main enablers for the transformation by focusing on the entire ecosystem of the bank.