Karnataka Bank has partnered with Boston Consulting Group (India) for its transformation initiatives. The transformation project — KBL Vikaas — was launched in Mangaluru on Wednesday.

The project, according to a press release, is aimed at total transformation of the bank by repositioning it as a ‘relevant and significant bank’ by focusing on technology and keeping intact its core values and identity.

The bank has identified seven major intervention areas for this project. These are: aspiration and strategies to achieve growth; rationalisation of service outlets, including digital channels; human resource management structure and strategy; stakeholders’ value enhancement initiatives; efficiency enhancement strategy; corporate branding and repositioning; and partnering and collaborating with financial technology companies and start-ups.

The bank said that the transformation exercise will mainly focus on turbocharged growth, cost optimisation with process automation and digitisation, and NPA management.

It will also focus on fee income, shareholder value enhancement through investor engagement, and corporate branding.

Human resources, and information technology have been identified as the main enablers for the transformation by focussing on the entire ecosystem of the bank, the release said.

Quoting Mahabaleshwara MS, Managing Director and CEO of the bank, the release said the exercise is a bold and timely initiative. The transformation journey, according to him, will add value to all the stakeholders.

Saurabh Tripathi, Senior Partner and Director of BCG, said Karnataka Bank is a time-tested bank. In its endeavour to reposition itself as a ‘New KBL’, BCG is committed to making it a successful and rewarding transformation, he said.

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