United Bank of India Awards Accenture Two-Year Management Consulting Agreement to Support its Strategic Transformation Program
United Bank of India (UBI), a leading public sector bank from the East,
is embarking on a transformation program to enhance its productivity by
harnessing technology and operational changes. UBI has signed an
agreement with Accenture (NYSE: ACN), which will provide management
consulting advisory services to support the bank’s strategic
transformation program.
“The needs of our customers are constantly changing,” said Mr. Bhaskar
Sen, chairman and managing director, United Bank of India. “Through our
transformation we will embrace new approaches to banking that put our
customers -- both existing and prospective – at the center, while
strengthening profitability. Accenture is a global leader in providing
consulting services to the banking industry and we are pleased to have
their assistance to develop a world-class strategy.”
Accenture will advise the bank on ways to develop and optimize its
operating model, with a significant focus on strengthening the bank’s
branch network and other customer channels. This will include assisting
UBI with ways to renew and optimize its more than 1,700 branches,
enhance the sales-effectiveness of its branch workforce, and improve and
refine its branch footprint. Accenture also will help the bank identify
ways to increase adoption of digital channels such as online banking and
social media.
“The customer experience determines the success of all financial
institutions,” said Piyush Singh, managing director of Accenture’s
financial services operating group in India. “By envisioning a more
effective customer-led -- rather than product led -- channel strategy,
UBI shows strong foresight. It is one of the few public sector banks in
India to seek to transform itself in this way, and we are proud to
collaborate with the bank in its journey.”
Under the contract, Accenture also will assist UBI in its talent and
human resource strategies by helping to enhance its manpower planning,
establish performance management systems that foster meritocracy and by
developing a five-year roadmap for developing critical employee skills
through training.
About Accenture
Accenture is a global management consulting, technology services and
outsourcing company, with approximately 259,000 people serving clients
in more than 120 countries. Combining unparalleled experience,
comprehensive capabilities across all industries and business functions,
and extensive research on the world’s most successful companies,
Accenture collaborates with clients to help them become high-performance
businesses and governments. The company generated net revenues of
US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page
is www.accenture.com.
About United Bank of India
United Bank of India (UBI) is one of the country’s 14 major banks that
were nationalized on July 19, 1969. Its predecessor the United Bank of
India Ltd., was formed in 1950 with the amalgamation of four banks viz.
Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd.
(1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932)
(which were established in the years indicated in brackets after the
names). The origin of the Bank thus goes as far back as to 1914. Today
the Bank is 100 percent core banking system enabled with more than 1,700
branches and offices and has a total business of more than Rs 1.5 lac
crore. Presently the Bank has a three-tier organizational set-up
consisting of the Head Office, 33 Regional Offices and the Branches.
