The Bank of Baroda, India's second-largest bank public sector bank today announced its collaboration with global technology majors, namely, IBM and Accenture to power a 'state-of-the-art' IT Center of Excellence (ITCoE) and Analytics Center of Excellence (ACoE), respectively.
The five-year association forms part of the bank's comprehensive digital roadmap aimed at enhancing the quality of business growth, portfolio diversification and fee income using 'digitization' to deliver a world-class customer experience.
Importantly, the alliance is indicative of the Bank's support for the government's steadfast focus on growing technology opportunities through initiatives such as "Digital India" and meet "Ease of Banking" directive.
IBM's ITCoE will help the Bank of Baroda to build a comprehensive Digital Transformation strategy to conceptualize, build and embed new technologies like AI, Cloud, and Blockchain. The ITCoE will bring together a wide variety of leading skills sets for digitization to blend business strategy and technology to transform the Bank into a full-scale digital bank.
Under ACoE, the Bank will establish a data and analytics technology platform with an enterprise-wide petabyte scale Big Data Lake powered by leading data technologies and techniques such as predictive analytics, machine learning and artificial intelligence.
ACoE will work with the Bank's business units and functions to identify and realize new value-creation opportunities and build the bank's capability in leveraging analytics to increase revenue, reduce costs and improve risk profile. Immediate opportunity areas are increasing average product holding, improving collections efficiency, preventing frauds and enabling more robust monitoring and tracking of business operations across the management hierarchy.
"Delighted to be the partner of choice to join BankofBaroda in their digital transformation journey. With our deep industry and domain expertise, we will blend business strategy and technology to transform them into a full-scale digital bank," said Karan Bajwa, MD, IBM India.
These Centres of Excellence will help in accelerating digital transformation journey, and turn the Bank into a data-driven digital enterprise while building a large pool of talented technologists and data analysts.
(With inputs from Bank of Baroda)