Karnataka Bank has on Wednesday began its transformation journey by partnering with The Boston Consulting Group (India) under project “KBL Vikas”. The project is aimed at total transformation of the bank by repositioning ir as “Relevant and Significant Bank” by focusing on technology while keeping intact its core values and identity, stated a release here.
The bank has identified seven major intervention for the transformation, which include, growth aspiration and strategies; rationalisation 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. Focus would be on turbo-charge the growth with improved sales productivity and designing new products; cost optimisation with process automation and digitisation, including NPA optimisation; profitability boosters with pricing optimisation 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.
Bank MD and CEO M.S. Mahabaleshwara said the exercise is a bold and timely initiative towards total transformation of the bank. He said, “With Bank First Attitude aided by BCG’s proven expertise, we are determined to make it a Model Transformation in the Banking sector.”
BCG’s Senior Partner and Director Saurabh Tripathi said the group is committed to make the exercise a successful and rewarding transformation.
Bank’s Non-executive chairman P. Jayarama Bhat and senior officials of the bank were present.
