Sanchay Sinha, CGM – Retail Banking Department at South Indian Bank, delves into product innovation, customer experience, and partnerships:
Ravi Lalwani: Please provide an overview of the latest retail banking initiatives at South Indian Bank? Do highlight products or services that have been launched.
Sanchay Sinha: At SIB, our primary objective is to drive retail business with rigorous daily efforts and agility. We vigilantly monitor market developments and swiftly implement necessary organizational adjustments. In recent times, retail banking has increasingly prioritized digital transformation, sustainability, and regulatory adherence. To uphold these imperatives, we are steadfastly enhancing digital platforms, personalized banking services, customer experience, technological integration, and fostering strategic partnerships and collaborations.
SIB TF online has streamlined customer remittances by eliminating the need for branch intervention. The SWIFT e-Platform facilitates seamless customer on boarding for savings account customers, enhancing the customer experience. Additionally, our Custom Duty Collection Platform, a collaborative initiative with the Central Board of Indirect Taxes and Customs (CBIC), has simplified the custom duty collection process. We have also introduced new retail products, such as the Merchant Plus current account packaged with POS and Sound Box, to cater to the evolving needs of our customers.
For MSMEs, we offer SIB GST loans, which are tailor-made and can be sanctioned at branches within an hour. Moreover, the Ashirvad Tailor-made Home Loan scheme is designed to meet specific borrower requirements, providing customized solutions to our customers. These innovative offerings demonstrate our commitment to driving growth and meeting the diverse needs of our retail, MSME, and agricultural market segments.
In what ways does South Indian Bank differentiate its retail banking offerings from competitors in the industry?
With 95 years of experience, we have honed our understanding of customer needs, allowing us to customize our offerings effectively. Our approach is built on foundational principles and focuses on the 4Cs: Channel Availability, Customer Feedback, Competitive Pricing, and Compliance with regulatory requirements. By leveraging technology and partnering with well-known financial entities, we ensure smooth functionality within regulatory frameworks. Understanding and addressing customer needs, coupled with strategic partnerships, positions us to deliver exceptional value and service.
What do you see in the future of retail banking and what is SIB doing to stay ahead?
We are focusing in availability of all services as a straight-through process within a benchmark timeline to the well-evaluated customer profile. Retail banking is poised for substantial transformation driven by technological advancements, shifts in customer behavior, and an expanding compliance landscape. Our ongoing efforts are centered on enhancing our tech infrastructure to meet market demands. We prioritize customer convenience, offering bespoke and customized products.
What partnerships and collaborations have been instrumental in driving the success of your retail banking initiatives?
Partnerships and collaborations are pivotal factors in our success. We have implemented several initiatives. An example is the Custom Duty Collection Platform is a collaborative effort with the Central Board of Indirect Taxes and Customs (CBIC). We have also established multiple partnerships with car manufacturers to offer unparalleled dealer finance options and customized solutions. Additionally, collaborations with esteemed universities and colleges across various regions provide tailored payment solutions and account propositions. Our corporate alliances are aimed at delivering customized salary account packages bundled with exciting asset add-ons. Furthermore, we have tie-ups with fintechs, along with financial co-originators and co-lending with regulated entities.
Given the commoditization of retail financial services, what is the USP of the bank’s retail offerings, and for whom?
While commoditization poses challenges, defining USPs revolves around superior services like Priority Banking Programme offering personalized customer service, convenience through our mobile banking solution, Mirror +, which provides access to over 150 financial and non-financial services, accessibility is enhanced with services like Doorstep Banking and VKYC, eliminating the need for customers to visit branches for account opening or cash/cheque deposits. Flexibility is another key focus, offering customers a range of segmented products such as the Doctors Plus account for savings, Merchant Plus for current accounts, and Ashirwad affordable home loans, SIB Connect for students and so on. We are leveraging first-mover advantages in digital security with features like the E-lock facility in mobile banking. These aspects serve as crucial differentiators for both individuals and business entities amidst competitive pressures.
Read more:
Varthana: Impacting with short videos, navigating with AI
