Equitas Small Finance Bank completed an envious task of transitioning from an NBFC into a bank in a short span of 10 months and launch its operations as one of the first small finance banks in the country. This was possible thanks to its vision to create a best in breed technology landscape, says the bank’s CTO, V.R. Sridharan, in an interaction with Banking Frontiers. He says the goal was to set up a system, which leverages an open architecture enabling easy integration with other application platforms. “Equally important for us was to ensure information security and compliance to the regulatory environment. We wanted a technology setup, which would not only be comparable to the best banks, but also give us the competitive edge in our chosen customer segments,” says he.
He adds: “We have set up around 375 new bank branches in a record time of around 12 months as part of this journey. We have also made a significant capital investment in technology as part of this transition.”
Sridharan maintains that customer centricity and employee empowerment formed the core drivers of the IT team’s endeavor to create a state of the art technology setup. Scalability to meet the business growth, need to deliver change quickly to meet business demand and being future proof were the other key considerations in this technology journey and one of the significant features was setting up of an Enterprise Integration Layer as part of this transformation program, which enabled the core system to integrate easily with other external applications, he elaborates.