A 100-year-old bank comes of age

Plagued by boardroom squabbles and financial trouble, Tamilnad Mercantile Bank was seen by some as an ossified, community-based relic of the past. Now its modern technology centre offers a glimpse of its future

- SHINE JACOB

Ambattur near Chennai, home to around 1,800 automobile part makers, is considered South Asia’s largest industrial estate. In the last few years, this industrial cluster has undergone a makeover and is now a humming data centre hub.

At the heart of this ecosystem is the Kosmo One Business Park, one of the largest IT parks in the region, owned by the Blackstone Group. In April, this modern tech park saw a surprise new entrant — the 104-year-old Tamilnad Mercantile Bank (TMB), one of the oldest private sector banks in India.

The bank, often criticised for persistent legacy issues, moved to the park in order to modernise its technology system. A 30,000 sq ft technology centre on the 12th floor of one of the towers in Kosmo now integrates more than 20 previously fragmented departments of its IT wing.

The office has the look and feel of a modern tech company, with posters of tech icons Bill Gates and Steve Jobs adorning the walls, alongside quotes. It’s more than just IT.

“We are using advanced artificial intelligence, machine learning and analytics to improve our business and operations. For example, the bank now has the capability to make as many as 14,000 calls managed by Al-powered voice agents every second,” said one of the officials at the tech centre, adding this evolution has happened since January this year.

The bank has roped in technology partners, including EdgeVerve, an Infosys subsidiary that accelerates enterprise-wide transformations with Applied AI, intelligent automation, and digital capabilities. Technology aspects of HR, customer relations, and vendor and expense management are all centralised now.