Alternate Channel Usage Rises 68% at Indian Bank

The Bank Sees 4-fold Increase in Mobile Banking Transactions

Indian Bank has taken numerous initiatives to make digital banking popular among its customers. Its digital strategy is three-pronged, viz (i) enhancement of ease of transaction to customers with required security, (ii) alignment with the digitalization program of the government and (iii) scaling up efficiency of operations for the bank for reducing costs.

Padmaja Chunduru, MD & CEO of the bank, says the bank has revamped its internet banking module to make it more user-friendly. It is offering POS terminals to its premium current account customers free of cost and the POS terminals can accept NFC cards for low ticket contactless transactions. For the convenience of merchants, it offers free biometric devices for accepting payments through BHIM Aadhaar Pay. Its ‘IB Collect’ digital product enables institutional customers hassle-free collection of fee, subscription, payment, donations, etc, from their constituents. By offering ‘V-Collect Plus’ product, the bank facilitates corporates to collect funds through online and offline remitted through any Bank, provide online response and seamless reconciliation.

The bank also provides for online opening of savings bank accounts – IB DIGI which is has received encouraging response. It has onboarded the ‘psbloansin59minutes’ platform of the central government to ease the process of funding and also the TReDS platform for enabling timely funds flow through bill discounting for receivables to facilitate for MSME entrepreneurs.