A recent press report said that Karur Vysya Bank (KVB), the oldest private sector bank is undergoing business re – engineering process as a preparation for the age ahead.
According to Mr. M.Venkataraman, Managing Director and Chief Executive Officer of the Bank the bank wants the public to see the difference with the bank in terms of the environment and the experience in the coming years. The bank has undertaken business re – engineering process and develops a reliable customer relationship model. Boston Consultant Group has undertaken the job of revamping KVB and has recommended the processes such as strengthening the organization’s internal structure, building systems and controls and to make fine alterations to the existing products in order to make them reach the customers on market driven terms.
He said that Housing – loans which were not attractive earlier has been now modified and made customer – friendly. The conventional banking approach has been merged with contemporary technology to deliver the products and services.
He also said that the bank adopted the Core Banking Solution by 2005 and entered into Strategic Alliances to build the business. The bank is collaborated with State Bank of India is working to bring in a co – branded credit card. The plan of the bank is to grow at a stronger rate rather than fast growth and the transformation would be smooth and value – added.