Indian Bank eyes sevenfold growth in digital journey in FY24
The Hindu
Indian Bank has started leveraging its newly-created digital platform to achieve sevenfold growth in digital business during the current fiscal, said its MD & CEO S.L. Jain.
Indian Bank has started leveraging its newly-created digital platform to achieve sevenfold growth in digital business during the current fiscal, said its MD & CEO S.L. Jain.
“We are a 117-year-old public sector bank and have to be future ready,” Mr. Jain said. “By leveraging the digital platform, we aim to achieve a horizontal and vertical spread across Liability, Retail, Agriculture and MSME (RAM) sector and third-party products,” he said in an interview.
So far, the bank has rolled out more than 30 digital journeys across Liabilities, RAM and third party products with improved turnaround time.
The bank’s first digital offering was pre-approved personal loan (PAPL) in April 2022. Within a year, it achieved a total business of ₹5,600 crore touching about 4 lakh customers.
PAPL was followed by various other digital offering to the customer. The bank also plans to introduce pre-approved business loan, top up in housing loan and auto loan during the current fiscal.
The public sector lender is also developing its digital banking omni-channel platform to provide seamless and similar user experience across all channels such as mobile banking, tab banking, kiosks and internet banking.
“This new platform will considerably enhance the user experience with its modern and intuitive interface; the first version of the super app will be rolled out for customer use by second quarter,” he said.
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