The Central Bank of India is looking for a consultant to help develop a plan for a digital “bank within the bank,” the Hindu Business Line reported Wednesday (April 20).
Parameters of the digital bank plan are laid out in a request for proposal (RFP) that was issued two weeks ago, seeking bids from potential consultants.
The RFP states that the bank’s leaders envision “end-to-end digitization” and that the consultant hired will “conduct gap analysis, identify and redefine the business model,” and “redefine … customer experience journeys across retail, agricultural, medium- and small-sized industries, corporate, collection management … wealth management (and) payment systems.”
The wealth management work is expected to focus on insurance products, mutual funds and online share trading.
The RFP said that one of the objectives of the digitization will be to build a “universal app” that will allow “hyper personalization” for customers and “digitize the existing payment services of the Bank on the new Digital Platform considering faster, secure and convenience of the customer in completing the transaction. Reduced number of clicks and navigations.”
The digitization also should boost “digital marketing of products and services.” The bank further stated that it expects the digital transformation to produce growth in revenue, income streams and market share.
The bank indicated it wants its digital systems to provide for “efficient handling of payments and receipts, fund transfers (NEFT, RTGS, IMPS), UPI, Cent BHIM, Bank’s Credit card and Debit Card etc.”
The consulting contract is expected to last two years, according to the bank.
See also: India Boots Coinbase From Payments Interface Days After It Enters Market
In other Indian banking news, the National Payments Corporation of India recently booted cryptocurrency exchange Coinbase off the popular Unified Payments Interface (UPI), which is regulated by the Reserve Bank of India (RBI).
Coinbase had launched in the country just three days before it was booted off the UPI service. According to a Coinbase help page for UPI users, the company doesn’t “support another payment method to buy crypto at this time.”
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