Aiming to enhance business growth and portfolio diversification using "digitisation", Bank of Baroda on Wednesday announced its partnership with technology majors IBM and Accenture to power its state-of-the-art IT Centre of Excellence (ITCoE) and Analytics Centre of Excellence (ACoE). "With IBM's digital reinvention framework and innovation roadmap, we will enable the bank to make critical strides in achieving business transformation, improving overall service delivery and creating compelling customer experiences," said Karan Bajwa, Managing Director, IBM India.
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Under ACoE, the bank will establish a data and analytics technology platform with an enterprise-wide petabyte scale Big Data Lake powered by data technologies such as predictive analytics, machine learning (ML) and artificial intelligence (AI). "Becoming a digital bank requires a transformation of the entire organisation and is not restricted to one function. ITCoE that will work with various business functions inside the bank aims to create a market leading technology differentiation driving business," said the bank.
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IBM is currently working on digitising the bank's retail asset portfolio by building multiple customer-facing apps. Built on its technology, the bank will soon launch four new apps for loans that will enable the bank to achieve greater efficiency by reducing its Turn Around Time (TAT).
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