Karnataka Bank to cast digital net wide

livemint.com:

Karnataka Bank, is undergoing a comprehensive transformation led by its new chief executive officer Srikrishnan H, who assumed office in May. The former CEO of Jio Payments Bank, is spearheading the evolution to transforming it into a new-age bank, with a strong emphasis on digital services, and a guiding principle of “running the bank, grow ing the bank, and then, changing the bank". Srikrishnan has initiated the process of instilling a new cultural approach for its employees, with emphasis on branch-level sales.

Additionally, he is trying to centralize the operational processes and increase its sales team at branches. “The bank needs to undergo a cultural shift to be more sales oriented. Our staff at all branches are good and the customers swear by Karnataka Bank’s service.

Neither customers nor employees leave the organization, and hence, the high levels of stickiness," he said. While customers are loyal to the bank’s services, if they are not getting access to a particular product they seek,invariably they will look at alternatives, he said. To address this, the bank seeks to attract and retain customers by enhancing its technological capacity and boosting computing capabilities, he added.

The bank’s strategic focus also includes a comprehensive digitization initiative aimed at acquiring customer digitally. It is also in the process of shifting its digital and analytical operations to a dedicated 40,000 sq ft tech hub in Bengaluru. Additionally, the bank is exploring collaboration with fintechs for potential co-lending opportunities, catering to its customer base of 130,000.