EASE (enhanced access and service excellence) has evolved over four annual editions from FY19 to FY22 and has catalysed reforms in diverse areas in public sector banks (PSBs). Nirmala Sitharaman, Minister of Finance and Corporate Affairs, launched the EASE 5.0 common reforms agenda of the EASENext programme via videoconferencing in New Delhi. Managing directors and CEOs, as well as other senior executives from public sector banks, virtually attended the event.
Sanjay Malhotra, Secretary, department of financial services, stated that all PSBs are now profitable and have stronger balance sheets. PSBs must leverage their position of strength to significantly increase their competitiveness. He stated that EASENext will consist of two major initiatives: EASE 5.0 (common PSB reforms agenda) and bank specific strategic three-year roadmap (based on individual banks’ business priorities). PSBs will continue to invest in next-generation capabilities and deepen ongoing reforms in order to respond to changing customer needs, competition, and the technological environment. EASE 5.0 will focus on digital customer experience and integrated and inclusive banking, with a focus on small businesses and agriculture.
Unveiling the agenda, the FM emphasised on customer-first strategy and focus on employee development. She further mentioned that in order to develop customer-centric approach banks should engage with their customers to understand their needs and expectations.
