Central Bank of India plans to establish a “Digital Bank” within the bank as part of its business transformation strategy.

The Mumbai-headquartered public sector bank seeks to leverage digital technology for business growth, retain existing customers and attract new customers through digital modes, provide customer convenience and enhance productivity of staff.

The bank plans to digitise its whole business, converting traditional business models into a seamless digital platform via an universal app, and omni-channel (mobile banking, internet banking, tab banking, and business correspondent points etc.) experience.

In the process, the bank expects a transformation in the mindset of its employees too. Each business vertical will launch digital products and manage digital journeys for customers.

Digital business transformation

The digital business transformation should be a powerful catalyst for business growth in terms of revenues, income streams, market share, business segments, opportunities and volumes to propel the bank to a higher growth trajectory over the next three years, per the bank’s request for proposal for appointment of a consultant.

With the help of a consultant, the bank will come up with a business vision and strategy document, which will encompass specific targets for business growth, business segments (retail, agri, MSME, corporate, etc), liabilities, wealth management, market segments (demographics) and overall market share, among others.

The consultant will draw up a road-map to align the bank’s business model specifically targeting rural, semi-urban, urban and metro population/customers and a strategy to reduce operations cost.

As part of its plans for “Outcome-Based Digital Business Strategy and Transformation”, the bank will consider introducing new lending models with greater precision in decision-making for lending and other products.

Further, the plan will incorporate strategy and implementation methodology for business growth enablers such as collections management, integrated customer care centre and change management across the bank.