Indian Bank looking digital forward with large outlay

The Indian public sector lender has said it will continue to make massive investments in IT infrastructure and build digital banking capabilities in FY24 as the Chennai-based bank believes successful digital transformation will drive profitability and provide strategic growth benefits.

The bank has spent about INR 1,600 crore in IT infrastructure and allied areas over the past three years and plans to spend Rs 500 to 600 crore in IT and digital banking sectors this financial year.

After the successful completion of the merger of Allahabad Bank with itself, the Indian bank launched the WAVE (World of Advanced Virtual Experience) project in January 2022 by defining a roadmap for the bank’s digital transformation. It embarked on its digital journey with a three-pillar strategy – strengthening its digital foundation capabilities, digital product rollout, and accelerating digital customer adoption.

said Mahesh Kumar Bajaj, Executive Director of the Indian Bank Business line The bank has created a dedicated digital organization with 100 members, with a choice of side participation for specific skill groups. Went for the side share. It has also identified more than 900 dedicated “Digital Banking Champions” and included them to drive the digital agenda at the branch level.

First digital offering in the form of a pre-approved personal loan launched in April 2022 Project WAVE has led to 25 unique digital offerings in the first year, including retail, agricultural, SME, liability and third party products, along with excursions partnership based.

“We have seen huge momentum for the digital business so far. We have so far launched more than 25 digital journeys and that has helped us achieve total digital transactions of Rs 5,600 crore, touching around four lakh customers in FY23. This was achieved in less than general.

Respond to the application

The Indian Bank’s mobile app, IndOASIS, has a very good user rating (4.3). “Our platform is seeing ₹1.25 crore UPI financial transactions per day and 22 crore mobile transactions per month. During the March quarter 2023, 85% of the total transactions took place through digital channels,” he added.

With strong momentum in its digital banking services, the Indian bank has set an ambitious target of seven-fold growth in digital business in FY24. During the current financial year, at least 20-25 additional digital journeys will be added across segments to create an enhanced customer experience.

“We have a mobile user base of Rs 1.22 crore currently; we plan to increase it to Rs 2 crore. Similarly, in internet banking too, the bank will double its active users.

Going forward, the digital journeys launched for ETB (existing to bank) customers will be progressively extended to NTB (new to bank) customers.

Multi-channel digital platform

Bajaj said that the Indian bank is developing a digital banking multi-channel platform to provide seamless and similar user experience across all channels (mobile banking/internet banking/kiosks/internet banking, etc.).

The comprehensive digital channel platform, along with supply chain finance and cash management services, will provide a one-of-a-kind solution for all financial needs including wealth management, market, logistics, forecasting, etc.

The first version of the Super App will be launched for customers during the second quarter of this fiscal year. “It will be a game-changing application in our digital banking offering,” he added.