CIOs should focus to align innovative tech services with Business Strategy

Arti Dhole, CIO at Cosmos Bank, explains the emerging IT needs and scenario for cooperative banks and suggests ways and means for CIOs to navigate the organizations successfully in the future:

- Arti Dhole

In the years 2018-2019, Cosmos Bank continued to transform its business by deploying technology-intensive solutions to increase revenue, enhance customer experience, optimize the cost structure and manage the enterprise risk. The bank is most information-intensive and highly dependent on information technology with differentiating strategy as its core strength. The bank has focused on many business-oriented technology agenda.

Arti Dhole, CIO and IT Head at the bank, lists the measures: “Cosmos Bank is a pioneer in implementing Infosys’s Finacle Core Banking Solution, recognized as the world’s best CBS solution. Being CIO, my focus has been more on automation, state-through-processing, integration, reduction in revenue/income leakage and speed-up of the customer services as well as use of localization to reduce clumsy customizations. So, we have upgraded the core banking platform with the latest version which has given us a strong launch pad to offer various services across alternate channels such as web, mobile, call centers, ATMs, kiosks and other systems as well as social media. We have also built a robust repository of data - both static and transactional which could potentially be leveraged to analyze and offer business solutions targeted at specific customer segments with the help of data analytics.”

BUSINESS ALIGNMENT

The bank today offers innovative technology services such as UPI, Aadhar-enabled payment system, TAB banking, mobile banking, eKYC, NACH and APBS services, customer communication portal, eLocker, internet banking, self-service customer kiosk, CRM and lead management solutions, RuPay and Visa debit cards, ATMs and POS facility, alert facility, cheque truncation system and state through SWIFT, NEFT and RTGS services as part of its efforts to align with the business strategy. This is in addition to the branch-level services.