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The digitalisation of PSU’s post-privatisation

Several large PSBs are actively digitising various functions and are focussing more on sales with the use of digital platforms. Like Punjab National Bank (PNB) is looking to develop an end-to-end system for ATM reconciliation and redressal of customer complaints. Union Bank of India (UBI) wants to smoothen out the entire recovery function with a software-based solution that will automate the workflow for recovery proceedings, including those which involve tribunals. Bank of Baroda (BoB) has appointed consulting firm McKinsey to develop the model, which even includes a permanent work-from-home (WFH) adjustment.
According to Sameer Narang who is chief economist at BoB, The analytical model-driven approach typically offers the customer a better deal than would be available otherwise. He agrees that banks have a huge customer base and can build sophisticated models based on demographic and transactional data of customers.

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