Pawsan Varghese, COO of Pride Multi State Credit Coop Society, spoke on the topic of Digital Transformation at the FCBA 2024 conference at Lucknow. Edited excerpts:
When I joined bank, I was in the gold loan section. At that time, there were no electronic weighing balance, no CBS, no computer, no pre-printed stationery and not even calculators. In my bank, only 25 persons were allowed to give gold loan. All things were done manually and it took 30-40 minutes to issue a gold loan. Now, we have electronic weighing balance, CBS, and many more amenities. It takes only 3-5 minutes to issue a gold loan, a tremendously change. That is the importance of digitalization and accepting technologies.
In 2015, we started our own ATM, in 2018, we got mobile banking license and we introduced our own app, in 2022, we on boarded UPI.
For credit societies & cooperatives, identifying priorities of the organization is very important. The organization’s objective should determine what kind of digitalization, and what kind of strategy it should be putting in which completely aligns with customers and staff. Most importantly, there should be an ROI. Secondly, there will be a process change. We have been used to pen & paper model. Suddenly, when there is a change, there will be a lot of ideological thought process that needs to be addressed, without having an impact on the business.
At the same time, we have to ensure that the staff completely understands the importance of digitalization, and how that is going to enhance the productivity, and enhance profitability. Third, and most important factor, is to identify your digitalizing partner. It should understand your requirement and be in a position to solve your requirements, and at the same time, provide you with suggestions for the next 5-6 years.
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