In a move to upgrade its technological capabilities, Canara Bank, has partnered with IBM's managed infrastructure services spin-off Kyndryl. The collaboration aims to modernise the bank's IT infrastructure and enhance its business services and operations, said a statement.
The details of the deal, including its size and duration, were not disclosed by the bank or Kyndryl. However, prior reports by Hindu Businessline indicated that the deal was expected to be in the range of Rs 3,000 crore.
Under the agreement, Kyndryl will overhaul Canara Bank's end-to-end IT operations including streamlining service delivery across core banking sectors, IT infrastructure, applications, and network operations.
The partnership will also focus on providing bank with a comprehensive view of its business services, implementing risk mitigation strategies using advanced tools, and ensuring high service availability. These efforts are aimed at significantly enhancing customer service experiences, said IT service provider.
“Our goal is to enhance operational excellence, profitability, and scalability. Investing in our technology core, service processes, and delivery capabilities is crucial for providing top-notch banking services” said K Satyanarayana Raju, MD & CEO of Canara Bank.
Kyndryl to create unified digital IT services dashboard for Canara Bank
The company said that one of the key features of this collaboration will be the introduction of a unified digital IT services dashboard which will offer bank's employees a consolidated view of various key performance indicators, tools, and knowledge repositories, facilitating efficient management and decision-making.
Additionally, Kyndryl said that it plans to deploy sophisticated preventive and predictive intelligence tools. These are designed to reduce incidents through automatic remediation, shorten maintenance durations, and improve application availability.
The system will be optimised to detect and rectify IT failures and anomalies within the bank's infrastructure, providing valuable data-driven insights, such as outage predictions, to strengthen the bank's control over its critical operations, said the company.
“Kyndryl brings decades of expertise in managing mission-critical IT systems for global banking and financial services customers. Our strategic approach to transformation and focus on delivery and innovation make us an ideal partner for Canara Bank as it embarks on its digital transformation journey,” said Lingraju Sawkar, President of Kyndryl India.
Over the last three years, Canara Bank has made considerable investments in technological advancements, with the current year's investment totalling Rs 1,200 crore. The bank is focused on digitalising 90% of its transactions in Retail, Agriculture, and MSME (RAM) by March 2024, demonstrating its early embrace and ongoing commitment to enhancing its technological infrastructure.
