Aiming To Build A Bank For Tomorrow's Customers

Face recognition on mobile app is an indicator

From the very beginning, Equitas Small Finance Bank has been working on technology as a key driver of growth and has a roadmap to progress towards this. Digital technology has played a pivotal role in Equitas transitioning from being an NBFC to a scheduled bank and in achieving its current steady state of operations.

As a small finance bank, Equitas brings banking to the unbanked and underbanked segments in the country. It has enabled its business correspondents with digital capabilities so that they can execute various transactions like bill payments and AEPS for the customers. According to Sharad Sharad Goklani, CTO of the bank, currently more than 90% of customer-related transactions are done outside the physical branches and more than 50% are done online.

The bank has been processing over 2 million transactions per month through digital channels and over 1 million transactions per month through its 322 ATMs. Some 300 ATMs are capable on cash deposits and cash recycling. “Our plan is to deepen the business with our current setup, while we work on digital expansion” says Sharad Goklani.

Sharad Goklani estimates that more than 90% of the Equitas Small Finance Bank’s transactions happen outside its branches

BUILDING OWN CRM

Customer experience is the prime focus at Equitas Small Finance Bank. To meet its customer needs with high service level expectations, the bank had decided to build its own CRM, as against deploying a COTS, or commercial, off the shelf, product. Says Sharad Goklani: “This decision and approach have helped us service our customers across all products and services from a single point of reference. Now, we can add more functionalities based on our aspirations and not limited to the product capabilities. The implementation turnaround time is significantly faster.”

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