Indian state-owned lender Bank of Baroda has collaborated with global IT companies IBM and Accenture to develop an IT Center of Excellence (ITCoE) and Analytics Center of Excellence (ACoE) in a bid to drive digital growth.

The creation of these two centres forms a part of the bank’s digital strategy which aims to leverage technology to improve business growth and strengthen its portfolio.

The ITCoE centre will be working with multiple business functions of the bank to create market leading technologies aiming to better business outcomes and make Bank of Baroda a full scale digital lender.

It intends to introduce various skill sets including design thinking, agile IT delivery, mobility as well as new technologies such as blockchain, robotics process automation and open API banking.

A data and analytics technology platform will be created under ACoE with an enterprise wide petabyte scale Big Data Lake utilising latest data technologies and techniques.

ACoE will be responsible to use the bank’s data set to facilitate sustainable growth for the bank.

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It will work with various business units and functionaries of Bank of Baroda to identify and explore value-creation opportunities.

The centre will also develop the bank’s capacity to leverage analytics to reduce costs and enhance revenues.

Initially, it will work to improve collections efficiency, deploy strong monitoring services and prevent potential fraudulent activities.