Arti Dhole, Jt MD Cosmos Cooperative Bank, spoke on the topic of Digital Transformation at the FCBA 2024 conference at Lucknow. Edited excerpts:
Nobody wants internet banking today. Everybody is switching over to the mobile only. So how can we offer mobile banking and what features should we offer? Analysis is most important. We should have analysis of everything. Each bank should have an analytical team. They should analyze the data. We can grow on the existing data analysis only.
We are now focusing on gold loans. We did a proper data analysis. We created the infrastructure to reach the customers and empower the staff. It should be a secured infrastructure, that is most important.
I will share about digital transformation first and then about the security. With digital transformation, customers are demanding somethings and we have to accommodate their needs and accordingly provide the services. That is a major change. Now there are 3 buzzwords in the banking industry – AI, ML and data analytics.
When providing banking services, we cannot only rely on technology alone because technology in isolation. We also have to depend on the process and peoples to bring that technology effectively into the banking industry and exploit that and provide the services to the customers. Without that you will not have any cost-effective service or solution, and you will not get the ROI.
We have used AI-ML technology in most of the services which we are offering to our customer. Classic example is digital lending. Earlier we were using manual processes which required a lot of time and effort. Earlier we may not be verifying things like PAN, Aadhaar, ITR return, GST return, etc. If we put together all this data, it gives us a different aspect and we can think from the different perspective and then decide whether we should give the loan or reject that loan. We take the decision, but technology is supporting us to take that decision. These are the things that should get implemented to get the benefits and take the disruption from the digital transformation.
While implementing AI-ML, we also have to look at the security. First, we have to think about what is the perimeter security. Perimeter scanning is most important and for that all the banks should follow the cyber security guidelines which say that you should have the brand reputation in place, anti-rogue application in place and dark web scanning in place. Along with that, we also have to implement XDR solutions.
There are many categories of customers who demand different services. Elderly customers will not go for the digital transformation or digital products. We must have certain bouquet of products for them, which will serve their purpose. We have youth customers, for whom we should offer digital products. So, there are different categories of customer we have to build for. According to their needs, we have to build products.
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