The FINANCIAL — United Bank of India is embarking on a transformation program to enhance its productivity by harnessing technology and operational changes.
UBI has signed an agreement with Accenture (NYSE: ACN), which will provide management consulting advisory services to support the bank’s strategic transformation program.
“The needs of our customers are constantly changing,” said Mr. Bhaskar Sen, chairman and managing director, United Bank of India. “Through our transformation we will embrace new approaches to banking that put our customers — both existing and prospective – at the center, while strengthening profitability. Accenture is a global leader in providing consulting services to the banking industry and we are pleased to have their assistance to develop a world-class strategy.”
Accenture will advise the bank on ways to develop and optimize its operating model, with a significant focus on strengthening the bank’s branch network and other customer channels. As Accenture announced, this will include assisting UBI with ways to renew and optimize its more than 1,700 branches, enhance the sales-effectiveness of its branch workforce, and improve and refine its branch footprint. Accenture also will help the bank identify ways to increase adoption of digital channels such as online banking and social media.
“The customer experience determines the success of all financial institutions,” said Piyush Singh, managing director of Accenture’s financial services operating group in India. “By envisioning a more effective customer-led — rather than product led — channel strategy, UBI shows strong foresight. It is one of the few public sector banks in India to seek to transform itself in this way, and we are proud to collaborate with the bank in its journey.”
Under the contract, Accenture also will assist UBI in its talent and human resource strategies by helping to enhance its manpower planning, establish performance management systems that foster meritocracy and by developing a five-year roadmap for developing critical employee skills through training.