Union Bank of India is planning to make Rs 1,000 crore of investment in technology in FY23 and next year. A large part of this investment will take place during the current financial year. The bank is moving from the monolithic technology structure to a very open, modular, microservices architecture in the IT system.
Large part of the Rs 1,000 crore investment will take place in building IT architecture. On top of this, bank will build a digital lending platform. Simultaneously, the mobile banking platform will also get updated and because of the microservices architecture, all these channels will get updated at the same point of time and there will be an omnichannel experience for customers.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
