SVC Bank, one of the top cooperative banks in the country, is giving a total focus on retail banking and it has devised strategies to touch Rs 500 billion total business. Elaborating on the plans, Ajit E. Venugopalan, MD of the bank, told Banking Frontiers that the bank has evolved a Vision Path and devised 9 pillars to ensure retail growth. “The idea is to align our offerings with the market and base our new offerings on need gaps, eventually leading into making SVC Bank a Retail Banking Supermarket.” The total business in 2017-18 stood at Rs 260 billion.
Venugopalan says the bank intends to become a preferred bank for the customers in the retail segment, touching the No 1 mark, not only in terms of finances, but also in terms of brand recall, service delight and proposition value. “For this, we have already evolved a time-bound strategy and a roadmap for growth, especially for retail banking, and have already realigned the entire structure to ensure that there is a dedicated focus on each and every initiative it takes up,” he discloses.
He also emphasizes that the bank would like to be related to as a bank that is offering exceptional service, an exceptional support system having all the products and services that are there in the market and it intends to make this happen in the years to come.
The bank, he says, has realized that youth are the key drivers of new business and a pattern study of their behavior reveals their affinity towards digital banking. “Our digital banking initiatives, not only in the form of sprucing up existing touchpoints and making them more relevant, but also adding more features to all our digital banking mediums based on the need of the customers and arriving at the right customization, is the key to ensuring acquisition and stickiness and this is an important part of our retail banking roadmap,” he elaborates.
– Manoj Agrawal, Group Editor, [email protected]
