For Equitas Small Finance Bank working on technology has been a key driver of growth and the bank has a roadmap to progress towards this. Digital technology has played a pivotal role in the bank transitioning from being an NBFC to a scheduled bank and in achieving its current steady state of operations. A report in Banking Frontiers quotes Sharad Goklani, CTO of the bank, as saying currently more than 90% of customer-related transactions are done outside the physical branches and more than 50% are done online.
The bank has been processing over 2 million transactions per month through digital channels and over 1 million transactions per month through its 322 ATMs. As many as 300 ATMs are capable on cash deposits and cash recycling. The bank has no plans for ATM or branch expansion. Goklani says the plan is to do deepen the business with the current setup. In order to meet its customer needs with high service level expectations, the bank had decided to build its own CRM, as against deploying a COTS, or commercial, off the shelf, product. The bank has an analytics engine, which has helped it in creating a deep customer segmentation. It also enabled the bank to enhance monitoring of its branch business.
