Central Bank of India (CBoI) has embarked on a digital transformation project to enhance customer experience, push revenue growth, accelerate cost reduction, and improve productivity.
The project, which will be implemented in a phased manner with the help of a consulting firm, is being undertaken by the Bank to evolve from its traditional banking business model into a seamless digital banking business model, as per a CBoI statement.
The digital banking model will be enabled by multiple channels such as a comprehensive App, mobile banking, internet banking, tab banking, and Business Correspondent Points, amongst others.
The public sector bank wants to make customer journeys and business processes more agile, customer-centric and simplified for retaining the existing customers and attracting millennials through digital modes.
As a part of the digital transformation, CBoI is also planning to align its human resources for the digital environment, establishing an Integrated Call Centre, CRM, payments ecosystem, Fintech/Online marketplace integration, wealth management, collections management, and creating a highly secure and data-driven digital bank, it added.