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.
Asserting that the use of mobile banking app was on the rise, he said that they currently have a mobile users base of 1.22 crore and their target is to double it during FY24.
In the case of internet banking, it increased to 1.50 crore from 78 lakh active users. The bank is also targeting to double its internet banking users during the same period.
“Our Mobile App, IndOASIS, is having a very good user rating of 4.3. Our platform witnesses 1.25 crore UPI financial transactions per day and 22 crore mobile transactions per month. During Q4 of FY23, about 85% of the total transactions were through digital channels,” he said.
Going forward, the digital journeys, which are launched for existing to bank customers, will gradually be extended to new to bank customers and pensioners among others.
Besides, the bank has created an Analytics Centre of Excellence for data warehouse, data garner and data cleaning which will again enrich the overall customer experience.
During FY23, the global business of the bank touched ₹10.95 lakh crore on the back of 14% credit growth. Operating profit stood at ₹15,271 crore and net profit at ₹5,282 crore. It has also reduced its Gross NPA by 252 bps and the net NPA was 0.90%.
