Tamilnad Mercantile Bank (TMB), an old generation private sector bank, is transforming into a customer-focused tech-oriented banking platform. With a 100-year legacy, the bank is transitioning into a tech-driven platform for internal processes and convenience, with customer service at the core.
KV Rama Moorthy, Managing Director and Chief Executive Officer, said: “Key strategies include strengthening product portfolio while transforming the business through technology. We have focused technology-driven strategy to enhance customer experience and phygital approach to sustainable and scalable growth. Our technology focus is intended to enhance loan approval capabilities, reduce overall turnaround time, and facilitate maintaining and developing long-term customer relationships by allowing customers to interact with them and access their accounts from the comfort of their personal space.”
The TMB has introduced alternative banking channels including ATMs, CRMs, internet banking, mobile banking, e-lobbies, point of sale banking and debit and credit cards. The bank has 0.28 million customers using internet banking facilities contributing to 4.99 million transactions, and 0.28 million customers using mobile banking facilities contributing to 8.12 million transactions, as of March 31, 2022. Moorthy updates: “The volume of our digital transactions has grown at a 48.41% CAGR over FY20-22. Robust underwriting practices and well-structured risk management policies and procedures of TMB form a strong platform, with a deep presence in Tamil Nadu and advances with a focus on retail, agri and MSME (RAM).