City Union Bank’s customers have access to almost all technological services, like any other new generation bank. CUB was a pioneer in using robotics and usage of wearables like key chain debit cards. CUB is almost at par with any new generation bank in terms of the technology implementation. Dr. N. Kamakodi, MD & CEO, City Union Bank, during the recent earnings conference call, gave an idea about the select tie-up, which the bank has done with the Fintech companies. He informed: “We are working with Zuci Systems in the area of artificial intelligence, machine learning to do predictive analysis for our businesses in multiple areas like cross-selling, campaign management, reduction of probability of default in various loan products and things like that.”
Using API technology, CUB is working with a fintech called Vanghee, which provides a connected banking solution and integrated net banking solution and accounting software. Kamakodi explains: “Through this integration, the reconciliation of the transactions are getting simplified without manual feed. After integration directly from the accounting software of the customers, the customers can do fund transfers and they can also generate MIS report, without any hassle.”
As a part of its digital automation, CUB has tied up with companies like Digio, eMudra, Odyssey etc, for stamping of digital documents and to get digital duplicate certificates. CUB has tie-ups with various fintechs to provide the technology for payment systems like Easy swipe, Pinelabs, ATOS, which provide end-to-end solution for POS machines, QR-code deployment, particularly where, the authorization has to happen at business entities like shops. NuGen is another company with which CUB is trying to upgrade the digital lending solution.
CUB is one of the first banks to introduce video KYC in a sense, starting from the customer onboarding to end-to-end of credit disbursement. CUB uses the ‘Namaste Credit’ platform for artificial intelligence, machine learning based digital lending solutions. Kamakodi elaborates: “When the brand is focusing on the SME based lending, we use these fintech relationships to improve the efficiency of the credit decision-making process, but the disbursement being a secured credit has to happen and some amount of manual intervention will be there. But wherever it is possible, we are using the best use of technological solutions that are available.
CUB thinks these things are becoming hygiene factors, banks have in one form or the other, hence, it doesn’t make any big noise about it. Kamakodi underlines: “The incorporation of the blockchain are taking things to the cloud. So all these things, both in terms of the broader infrastructure solutions and also for making the customers to get access to all sort of easy solutions for doing their digital transactions, we are almost at par with any new generation bank.