Banks need to augment skills in-house and not rely on vendors for everything
Much of the talk about transformation in public sector banks (PSBs) will come to naught if reforms in technology procurement are not dealt with squarely. The existing procurement methods based on reverse auction and ‘lowest bidder wins’ have served well so far. But these methods are severely constraining when it comes to procurement of the best digital technology and innovation, the deployment of which is now a must for survival, even more so for PSBs.
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