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Indian Bank looking digital forward with large outlay

May 23, 2023

Indian Bank looking digital forward with large outlay
Public sector lender Indian Bank said it would continue to make huge investments in IT infrastructure, building digital banking capabilities in FY24, as the Chennai-headquartered bank believes that a successful digital transformation would lead to increased profitability and provide strategic growth advantages.

The bank spent about ₹1,600 crore in IT infrastructure and associated areas during the last three years and plans to spend ₹500-600 crore in IT and digital banking segments this fiscal.
 
After the successful completion of the amalgamation of Allahabad Bank with itself, Indian Bank launched Project WAVE (World of Advanced Virtual Experience) in January 2022 by defining a digital transformation roadmap for the bank. It undertook its digital journey with a three-pillar strategy strengthening its digital foundational capabilities, rolling out digital products, and accelerating digital adoption by clients.
 
Mahesh Kumar Bajaj, Executive Director of Indian Bank, told businessline that the bank created a dedicated digital organisation set-up with 100 members, while opting for lateral engagement of specific skill-sets. went for lateral engagement. It also identified 900-plus dedicated “digital banking champions” and on-boarded them to drive the digital agenda at the branch level.
 
The first digital offering in the form of a pre-approved personal loan was launched in April 2022 and the WAVE project has resulted in 25 unique digital offerings in the first year, encompassing Retail, Agri, MSME, liability, and third-party products, besides partnership-driven journeys.
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