Madhivanan Balakrishnan: IDFC FIRST is digitally savvy, knows customers well to build services around their needs

IDFC FIRST Bank has posted stellar results in the recent past. Riding on its digital capabilities, the bank is looking at constant innovation to serve its customers better. In a freewheeling interview with Suchetana Ray, editor, Outlook Business, and Nidhi Sinha, editor, Outlook Money, the bank's executive director and chief operating officer Madhivanan Balakrishnan talks about the bank's strategies, including the use of its digital capabilities, to enhance customer experience. Edited excerpts:

- Nidhi Sinha

Customer deposits were up 44% in the first quarter at IDFC FIRST Bank, and retail deposits formed about 77% of this growth. There is talk about the new post-pandemic bank customer wanting more. How is the bank reinforcing its commitment towards its customers? 

For us, customers are a priority, which gets reflected in our catch line "Always You First". The fantastic growth that we are seeing in deposits is a result of two primary factors. One is trust that the brand has been building over a period of time. In the last three years, especially after Covid-19, I think some of the actions that were taken and the products that we launched on the liability side have continuously reinforced this philosophy of putting the customer first, be it the kind of rate of interest on offer or the fact that we are offering almost 28 different services free.

Two, the bank is digital savvy and can understand its core customers well enough to build services around their needs. That is the secret of how we are being relevant. In fact, it is not just quarter-on-quarter performance, you will see consistent growth.

IDFC FIRST Bank has transformed itself into a digital-oriented retail bank. How has the bank helped reshape digital friendly customers and how are they reshaping it?