Karnataka Bank partners with BCG for major technology overhaul

BENGALURU: Private sector Karnataka Bank on Wednesday roped in the Boston Consulting Group to help with an elaborate makeover that includes scaling up its technology adoption and tying up with fintech firms and startups.

The bank has called this a major transformational journey.

“All our activities are going to be centered around technology, which will be both an enabler and differentiator. Whoever is taking the lead position in technology adoption will have natural advantage over the others,” Bank MD & CEO M.S.Mahabaleshwara told ET. “We will reposition our bank as tech driven, people-centric bank.”

The Mangaluru-headquartered bank will tap the startup ecosystem to source innovative digital solutions. “Startups often come up with transformational digital solutions. We will source those solutions that can be easily deployed,” the CEO said, adding that they are trying to take a big tech leap in the banking industry.

Payment related activities, Mahabaleshwara said, used to be in the exclusive domain of banks, but it is no longer so. “If we partner with fintech firms, it is going to be a win-win. We are seeing this as a growth option, not as a competition,” he said.

The BCG will help the bank in seven major areas that also include profitability and shareholder value enhancement, apart from a range of tech initiatives.