6 BFSI CEOs discuss the current scenario, technology adoption & digital transformation strategies at Finnoviti Conference 2021:
Rajeev Yadav, CEO, Fincare Small Finance Bank
Covid has significantly changed the directions of the digital transformation. Digital has become the way of doing business, not just for the institution, but for the customers and the ecosystem around us. Fincare Small Finance Bank is a technology-driven bank and our focus is on rural banking. Our employees were using digital tools to do all the activities in the field with the customers using business solutions, but they were employee-laid models, which was a challenge for us. But nowadays, due to the rise in the smartphone adoption in the urban areas, customers are comfortable in using mobile application and they are able to do active transactions using mobile banking software, loan origination software, account opening software. So, fundamentally there is a huge journey to cover in digital for the future.
One of the best outcomes for our businesses is digital because we do not deal with physical assets. If we digitize the way we work, then fundamentally whole models can be changed. Smartphones are the oxygen for the business; it has helped in knowledge transfer and understanding of the technology.
This story is from the April 2021 edition of Banking Frontiers.
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This story is from the April 2021 edition of Banking Frontiers.
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