Tie-ups for digitization to drive business growth

Karnataka Bank has set up ‘Digital Centre of Excellence’ in its quest for focus on improvement in technology, digitization and building values:

Mahabaleshwara M S claims that Karnataka Bank is ambitiously poised to become the Digital Bank of Future

Karnataka Bank has deployed the most modern IT tools to deliver products and services for customers’ benefit with an aim to develop effective long-term relationship with them. Mahabaleshwara M S, MD & CEO, lists the several digital initiatives in this regard:

Mehul Dani: What are the various tie-ups Karnataka Bank has entered into and the perspectives of such partnering? What are the steps taken towards digitization through such tie-ups?

Mahabaleshwara M S: We had embarked on a strategic transformation journey, namely ‘KBL Vikaas’ in 2017, complete with a vision, milestones, roadmap revolving around digitization and customer-centricity. In the last 2 years, we have tied up with fintech companies for digital banking products, like Fin Wizard Technologies (FISDOM) for mutual funds platform, with IIFL Securities for Demat and trading facilities for our bank customers, and Corpository for sourcing corporate leads and business.

We have also tied up with companies like Karza Service, Perfios, Jocato, NSDL, Experian, Hunter, etc. to strengthen, automate and digitize the journeys, which include processes like onboarding of customers, recovery automation, data analytics and risk assessment, lending automation, etc.

In all tie-ups, the customer is in the center as we all are moving towards a ‘paperless, cashless, faceless’ Digital India economy. I am of the view that tie-ups with service platforms facilitates delivery, ease of access of the bank’s products to customers, whereas sales platforms are for customer onboarding, engagements, sales and retentions.