The INPF Way
Banking Frontiers|January 2023
Sony A, General Manager & CIO, South Indian Bank, explains the 4 pillars of the bank's digital strategy, describes several recent digital initiatives and reveals future digital plans for overall growth of the bank.
The INPF Way

What are the changes made in the digital strategy for customers of your company for the current FY?

Sony A: Digital strategy of South Indian Bank is instituted on 4 pillars viz. INPF ie, Indulge (customer self-service), Nudge (assistance to be nudged to go digital), Purge (remove redundant processes using automation) and Forge (impactful fintech partnerships). Enhancing self-service capability across channels, empowering branches with technology solutions to nudge the customers to go digital, automating manual processes at branches & back offices to improve customer TAT using AI & RPA and tie up with fintechs is the integral part of bank's overall digital strategy.

The bank's increased focus on digital banking led to the formation of the digital division, which focuses solely on innovating, improving and implementing digital products that align with the bank's business strategy, across our channels - ATM/cards, internet banking, mobile banking, with a special focus on emerging technologies.

Leveraging digital technologies to enhance the customer's banking experience is the key objective. Consistently ranked in top 10 Digital Transaction Achievement lists by MeitY (Ministry of Electronics & Information Technology), the bank's digital banking initiatives are all aimed at offering a better customer and staff experience, by increasing customer base, improving other income, reducing operation cost and preparing the business for the future.

How has SIB benefited from implementing digital strategy in the last 2 years?

The share of digital transaction of the bank has grown up to 94% in FY2021-22. This increase in digital transactions resulted in increase in income through digital endeavours which is visible in first half of the year. We also expect a considerable increase in digital transactions as a result of ecosystem factors, combined with our own efforts.

Bu hikaye Banking Frontiers dergisinin January 2023 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Banking Frontiers dergisinin January 2023 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

BANKING FRONTIERS DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 dak  |
October 2024
Non-cash transactions can touch a phenomenal level by 2028
Banking Frontiers

Non-cash transactions can touch a phenomenal level by 2028

Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:

time-read
3 dak  |
October 2024
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
Banking Frontiers

The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer

In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).

time-read
3 dak  |
October 2024
A new trinity in digital lending space
Banking Frontiers

A new trinity in digital lending space

Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:

time-read
4 dak  |
October 2024
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 dak  |
October 2024
Small MFI, International Engagements
Banking Frontiers

Small MFI, International Engagements

Mitrata Inclusive Financial Services in the midst of transformation growth

time-read
3 dak  |
October 2024
MFIs: Big Impact Big Changes,
Banking Frontiers

MFIs: Big Impact Big Changes,

Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:

time-read
3 dak  |
October 2024
Climate Risk Forum for CROS
Banking Frontiers

Climate Risk Forum for CROS

Excerpts from a discussion on shaping the future of climate change resilience in India:

time-read
3 dak  |
October 2024
Seamless Supply Chain Finance
Banking Frontiers

Seamless Supply Chain Finance

Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.

time-read
6 dak  |
October 2024
Star Health sees strong demand from the IT sector
Banking Frontiers

Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

time-read
4 dak  |
October 2024