The Central Bank of India is looking for a consultant to help develop a plan for a digital “bank inside the bank,” the Hindu Business Line announced.
Parameters of the digital bank plan are laid out in a request for proposal (RFP) that was issued two weeks earlier, looking for bids from potential consultants.
The RFP states that the bank’s leaders envision “end to end digitization” and that the consultant hired will “conduct gap analysis, identify and redefine the business model,” and “redefine customer experience journeys across retail, agricultural, medium-and small-sized businesses, corporate, collection management, wealth management, and payment systems.”
The wealth management work is supposed to focus on insurance products, mutual funds, and online share trading.
The RFP said that one of the objectives of the digitization will be to build a “universal application” that will allow “hyper-personalization” for customers and “digitize the current payment services of the Bank on the new Digital Platform thinking about quicker, secure and convenience of the client in completing the transaction. Reduced number of clicks and navigations.”
Digitization should also boost “digital marketing of products and services”. The bank further stated that it expects the digital transformation to produce growth in revenue, income streams, and market share.