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Bank of Baroda upgrades its own class

Ravi Venkatesan – Bank of Baroda upgrades-Ravi Venkatesan Web

Technology will play a critical role in revitalising our Bank.

Information is the lifeblood of a bank and banks are increasingly very sophisticated information processing units.

Our Bank has a solid technology foundation with good infrastructure, core banking system and good software for communication and collaboration.

Importantly, the Bank has also devoted significant attention to ensuring cybersecurity and privacy.

Significant upgrades

Over the next few quarters, there will be a significant upgradation of capabilities in four areas.

First, in reengineering and automating core business processes to enable speed, efficiency and control.

Second, in closing the gap in internet and mobile banking.

Third, in improving our capability in the vital area of big data and analytics.

And finally, in transforming into a more digitally savvy Bank where increasingly we are digital by default rather than digital by after-thought.

Transforming people

Unquestionably, the most important transformation that we will need to make is the transformation of our people and organizational capability.

This is central to the success of everything else.

This year (April 1, 2015 to March 31, 2016), the Bank undertook an Employee- Engagement Survey for the first time.

The response has been overwhelming and highlighted a number of critical areas for improvement. The next three years will see a massive investment in employee learning, in identifying and accelerating the development of future leaders and in building organisational capability in key areas.

We began the process of systematically strengthening our Board and board governance this year.

We are fortunate to have a number of new Directors who bring much needed skills in areas such as HR, IT, audit and compliance. We are also augmenting expertise through the appointment of globally respected experts as advisors to the Board in areas such as IT, HR, Risk, and financial inclusion.

Shifting focus

We have radically shifted our focus from transactional matters towards strategy, risk and policy issues.

I am optimistic that these changes will gradually bring about a sustainable improvement in the performance of the Bank.

The past year has been a year of dramatic change at our Bank.

It is a year which has witnessed the induction of private sector executives into the roles of Managing Director and Chairman.

Our stakeholders expect not just an improvement in results but a metamorphosis of this proud 108-year-old institution into a contemporary Bank that uniquely combines the trust of public sector banks with the innovation and performance of the leading private sector banks. This is the mission that we have undertaken and are focusing on the key areas.

Ravi Venkatesan is Chairman of Bank of Baroda based in Mumbai. The above is an extract of his Statement to the Stakeholders of the Bank with the Annual Report for the financial year for ending March 2016. For full text, please visit www.bankofbaroda.com

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