Syndicate Bank is all set to embark on a mega digital transformation journey that will cost the bank at least ₹100 crore, according to Mrutyunjay Mahapatra, who took over the reins of the bank less than a year ago.
Digital architecture
In an exclusive interaction, Mr. Mahapatra, the managing director and chief executive officer of the bank, said: “We are engaging a transformation management partner who can set up a solid digital architecture for us. We have already floated RFPs [request for proposals] and a bunch of consulting firms including Accenture, Capgemini, McKinsey, KPMG and Boston Consulting Group have shown interest.”
Mr. Mahapatra said the bank was currently evaluating the proposals it received and a final decision would be taken by September end, adding that the exercise would cost it not less than ₹100 crore. “It is not tough to buy technology. But putting it to effective use and eventually changing the culture of the bank is what we are exploring,” he added.
Listing out the prerequisites that the bank expects from a technology consultant, he said, “It’s going to be a techno-commercial engagement. We will consider a firm that comes with prior experience in a similar transformation exercise in a comparable bank. Part of the payment will be variable or based on the delivery of the promised deliverables. Eventually, the firm should be able to transfer knowledge and technology to the bank in addition to giving it seamless and continued support.”
Commenting on the expected RoI (return on investment) from the digital transformation exercise, Mr. Mahapatra, who earlier served as Chief Information Officer and DMD at SBI, said the bank was expecting a clear RoI starting from the first three months of the Operation Digital.
“Quick wins are expected, some results will come within three months... some in 6 months and also in 12 months,” he added.