Connect with us

Hi, what are you looking for?

Articles

Digital embraces Archaeological Tourism

Vishal Bhatia, CDO, Canara Bank, highlights the bank’s digital objectives and initiatives:

Smriti Pandey: Since when are you a Chief Digital Officer?

Vishal Bhatia: I joined Canara Bank in Sep 2023 as a Chief Digital Officer.

Briefly describe your first major project as CDO.

The first major project as a CDO was launching digital lending products across Retail, Agri, MSME and Corporate Loans. It is a DIY journey available across the ai1 app, NetBanking, QR based, and branch assisted. Products have been deployed via the agile approach and built on API based with scalable microservices container-based architecture and extensively integrated with the ULI (Unified Lending Interface) framework.

The first product launched was for women self-help groups (SHGs) across the country, which have about 100 million women as members, have had a tough time opening bank accounts as it required a few weeks and humongous paperwork. Canara Bank collaborated with the Reserve Bank Innovation Hub (RBIH) to come out with an innovative solution which will help in opening bank accounts of SHGs in 15 minutes and reduce the turnaround time for loans for SHG members to just 24 hours from 3-4 weeks earlier.

Another flagship product launched for our farmers is the Kisan Credit Card. It is an STP journey, and disbursement happens within a few minutes. We have launched many more value-added digital lending products for our customers, and many are on the roadmap.

Briefly describe one experimental/innovative project that you have recently completed or are in the process of completing, that is associated with a new technology or new financial products. What is its expected impact?

Implementing the UPI123 solution for archaeological sites is an innovative approach to drive digital adoption among feature phone users and areas with limited network connectivity. This solution allows visitors to book tickets simply by dialling a standard phone number, selecting monument codes, and entering a UPI pin, creating a seamless digital experience even on feature phones.

This approach reduces reliance on cash transactions and provides customers with greater convenience, helping to cut down queues and expand digital inclusivity. It’s also a valuable step towards increasing the penetration of UPI123 in locations that face infrastructure constraints. Already 50+ monuments are live across India – Qutub Minar, Shanirwar Wada, Jantar Mantar, etc. We have implemented this in collaboration with NDML and NPCI.

We are exploring similar implementations for bill payments in remote areas. This use case could serve as a model for other sectors needing accessible, offline-friendly digital solutions, especially in rural and semi-urban areas.

The strategy at many financial organizations is shifting towards platform adoption. Briefly describe 2 upsides and 2 downsides associated with platforms that you have experienced in the recent past.

In the financial services sector, adopting digital platforms is becoming a key strategic shift, driven by the need for operational efficiency, improved customer engagement, and rapid product deployment. Having worked extensively in this space, I have observed both significant benefits and notable challenges associated with platform strategies.

The 2 upsides are enhanced customer experience and operational efficiency and stability.

Enhanced Customer Experience: One of the most tangible benefits of platform adoption is enhancing the customer experience. Platforms allow organizations to consolidate various services, enabling customers to access a comprehensive suite of products through a single, intuitive interface. In today’s competitive landscape, seamless user experiences are crucial to retention, as customers expect quick access to personalized products and services. From my experience, platforms enable financial organizations to meet these expectations by providing real-time insights, personalized offers, and a consistent brand experience. This ultimately leads to increased engagement, higher customer satisfaction, and stronger loyalty.

Operational Efficiency and Scalability: Platforms simplify and standardize operations, significantly reducing operational costs and improving scalability. Instead of managing multiple disparate systems, a platform consolidates workflows, often with automated processes, which minimizes redundancies and enhances efficiency. Additionally, scaling up operations across geographies or product lines becomes more manageable with platforms, as standardized modules can be deployed faster. I’ve seen these efficiencies translate into cost savings, quicker time-to-market for new services, and improved compliance through centralized control.

The 3 downsides are integration challenges with legacy systems, inflexibility in customization and security requirements.

Integration Challenges with Legacy Systems: Many financial institutions have complex, outdated infrastructures that aren’t easily compatible with modern platforms. Integrating these systems often involves extensive time, effort, and cost, as organizations must work to harmonize data formats, restructure processes, and ensure minimal disruption.

Inflexibility in Customization: Platforms, while standardized, can be rigid in terms of customization, limiting an organization’s ability to tailor specific features to unique business needs. Standardized platforms are often designed to cater to a broad market, which can be advantageous for smaller organizations but may lack the flexibility large financial institutions require to differentiate themselves.

The advantages of platform must also be carefully weighed against security requirements to make fully informed decisions.

Customer loyalty is diminishing in the digital ecosystem. There were many non-product drivers of loyalty in the physical world, such as branch location, friendly and helpful staff, personal rapport with customers, branch decoration during festivals, home visits, etc. What do you see as the key non-product drivers of customer loyalty in the digital ecosystem? Give 1-2 examples of what you are driving at your organization.

We are committed to digital democratization for all our customers, serving both urban (India) and rural (Bharat) communities. Our customer-centric approach has produced tailored solutions, such as our passbook app, designed for quick statement downloads and inquiries, the ai1 Retail app for individual customers, the ai1 Corporate app for corporate clients, and a dedicated app for merchant customers.

We provide personalized assistance through our Digi Mitra representatives in our 9600+ branches to support our customers in adopting these digital solutions. We also regularly hold digital melas to showcase our digital offerings, engage with our customers, and provide hands-on experience with our products. This personalized approach builds trust and enhances customer loyalty.

Our focus is on creating custom-built solutions that add real value. For example, our EasyFee solution simplifies fee collection and reconciliation for educational institutions. EasyFee has streamlined fee payment, eliminating customers needing to visit a branch for deposits or reconciliation and enhancing their experience with a seamless, value-added service.

We have launched customer segmented products like Canara Heal for medical emergency loans, Canara Angel for women, Canara Aspire for young customers aged 18-28 and Canara Payroll for corporate employees. Continuous endeavour with our customers through innovation, offering products and solutions as per their needs, and a customer-centric approach are key drivers for customer loyalty and increasing engagement and activation with our digital products.


[email protected]

[email protected]

Don't miss our updates on your email

Subscribe to our Newsletter

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.