What are the changes made in the digital strategy for customers of your company for the current FY?
Sony A: Digital strategy of South Indian Bank is instituted on 4 pillars viz. INPF ie, Indulge (customer self-service), Nudge (assistance to be nudged to go digital), Purge (remove redundant processes using automation) and Forge (impactful fintech partnerships). Enhancing self-service capability across channels, empowering branches with technology solutions to nudge the customers to go digital, automating manual processes at branches & back offices to improve customer TAT using AI & RPA and tie up with fintechs is the integral part of bank's overall digital strategy.
The bank's increased focus on digital banking led to the formation of the digital division, which focuses solely on innovating, improving and implementing digital products that align with the bank's business strategy, across our channels - ATM/cards, internet banking, mobile banking, with a special focus on emerging technologies.
Leveraging digital technologies to enhance the customer's banking experience is the key objective. Consistently ranked in top 10 Digital Transaction Achievement lists by MeitY (Ministry of Electronics & Information Technology), the bank's digital banking initiatives are all aimed at offering a better customer and staff experience, by increasing customer base, improving other income, reducing operation cost and preparing the business for the future.
How has SIB benefited from implementing digital strategy in the last 2 years?
The share of digital transaction of the bank has grown up to 94% in FY2021-22. This increase in digital transactions resulted in increase in income through digital endeavours which is visible in first half of the year. We also expect a considerable increase in digital transactions as a result of ecosystem factors, combined with our own efforts.
This story is from the January 2023 edition of Banking Frontiers.
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This story is from the January 2023 edition of Banking Frontiers.
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