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Bank of India’s digital strategy aims at simplicity & trust

Bank of India has identified the core building blocks in its efforts to digitize operations and the focus is now firmly on closing the saying-doing gap, says S.R. Meena, GM-IT & CIO of the bank. He tells Banking Frontiers that now more than ever, the bank relies on the digital strategy to provide services and to maximize the value. The digital strategy is based on the bank’s past experiences and involves active consultation with the business, says Meena.

He is of the view that technology is no more an ‘enabler’ in this digital scenario; it is an ‘inevitable’ tool and technique at the disposal of banks, which gives them an opportunity to achieve their vision to become the bank of choice. The bank also understands that the customer values simplicity and security as the important parameters in their acceptance of the bank’s solutions, he says adding: “Digitization helps us in curbing frauds, minimizing transaction failure, more online presence and, most importantly, build trust in our customers. We are working on more and more online product delivery with an objective of achieving open banking.”

The bank leverages Business Objects for its MIS reporting. It already has a large volume of transactional data with it and it realizes the benefit of analytics for better customer service, operations and reporting. “We are keen on leveraging advanced analytics, big data and social analytical tools using the latest technology and we have just begun the journey,” says Meena.

– Manoj Agrawal, Group Editor, [email protected]

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