United Bank of India (UBI), a leading public sector bank from the East, 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. 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.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 259,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.
About United Bank of India
United Bank of India (UBI) is one of the country’s 14 major banks that were nationalized on July 19, 1969. Its predecessor the United Bank of India Ltd., was formed in 1950 with the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932) (which were established in the years indicated in brackets after the names). The origin of the Bank thus goes as far back as to 1914. Today the Bank is 100 percent core banking system enabled with more than 1,700 branches and offices and has a total business of more than Rs 1.5 lac crore. Presently the Bank has a three-tier organizational set-up consisting of the Head Office, 33 Regional Offices and the Branches.