Babu: How has the transformation been from the legacy system to the new age digital platform?
Murali: Our journey has been from a legacy system to a cloud-based system. In my opinion, moving to the cloud should yield definite business benefits. Reduction of cost of the data centre should not be the only reason to move to the cloud as cloud space is not cheap either. Hence, good planning is required.
Babu: How has been your experience in the transformation because your bank was the first to implement a core banking system?
Sony: Not just core banking, we were the first bank to go live in UPI also which was challenging. Today it is easier to get the appropriate funds for innovation and taking banks forward. Our customer focus innovations are now appreciated by one and all. One such example is E-lock which is a single on-off switch for all digital debits. We talk to customers to get to the root of the problem. Which we are trying to solve using the 'new and renew' process.
KNC Nair: For the growth of the bank, customer should be offered unique products and services. We wanted to make disbursing gold loans as easy as drawing money from ATM. After exploring and experimenting we came up with a core banking solution which was developed internally and disburse the gold loan in 15 minutes.
During demonetization, we had another challenge as we deal with cash. Our in-house team came to the rescue and we could scale up the online banking. For effective seamless working, the existing infrastructure has to be re-engineered.
George: Digital transformation cannot be done overnight. Even though we are only 6 years old, certain applications are old. Instead of throwing away the whole legacy system, one can build an ecosystem around it. Or fintech partnerships can be sought.
This story is from the January 2023 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 2023 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Kamdhenu & Sammrudhi loans top rural customers
Unnayan Bharat Finance Corporation (UBFC) Director & Co-Founder Avneesh Trivedi shares the company's attempts to enhance the rural lending environment & deliver better services to its consumers:
It's going to be a 'world' of CBDCs
Practically, every central bank in the world is testing and readying a CBDC system:
Training for behavioral & social skills is key
3 CHROs from the top BFSI companies in India open up about their training and motivation programs aimed at enhancing employee effectiveness. The story is divided into 4 parts: (i) functional and behavioral training, (ii) manager to leadership training, (iii) learning-based training, (iv) motivational programs:
THE AI COMPASS
Artificial Intelligence has risen to be the hottest topic of discussion today. It is expected to impact everyone, and the impact could exceed that of war, global warming, supply chain disruptions, geopolitics, and much more.
To mentor & coach emerging leaders
Manish Shah, MD & CEO of Godrej Capital, outlines his focus areas today and in the future:
Innovation will unlock India's Mission 'Atmanirbhar’
Sunita Handa is Chairman, Toyota FSIN and Principal Advisor & TLAB Chairman, Protectt.ai Labs. She shares her current activities and her deep insights on innovaiton in an interaction with Manoj Agrawal:
Algorithm is the Boss
Irem Sayeed, Chief Credit Officer at U GRO Capital, dwells into business focus and modernization at the lender:
Fintech and Neobank under the same Umbrella
It was started in 1902 to build what came to be called Israel:
Bajaj Allianz Revolutionizes Employee's HR and IT Experience with WhatsApp, MS Teams, Al and Automation
A productivity booster shot at BALIC:
Small Beginning for a Big Opportunity
AMU Leasing's focus on serving the underserved market of individuals and fleets looking for financing for electric 3-wheelers and 2-wheelers: