In a forward-looking speech, Deputy Governor Swaminathan J emphasized the crucial role of technology adoption for Urban Co-operative Banks (UCBs) to stay competitive in today’s rapidly evolving financial landscape. He highlighted the need for UCBs to leverage innovative solutions for improved efficiency and customer experiences, while also being vigilant about cybersecurity risks associated with digital advancements.
“By being proactive in adopting technology, UCBs can position themselves as modern and forward-thinking institutions, attracting a broader customer base and retaining relevance in a digital age. UCBs will continue to leverage on member loyalty. However, this can wane with time, generational changes, and competition. Therefore, I would urge Directors to be receptive to adoption of the latest technology but ensure that it is procured through credible suppliers and after proper due diligence,” Swaminathan said at the Conference of Governance in Urban Co-operative Banks, held in Hyderabad recently.
The Deputy Governor underscored the significance of robust cybersecurity measures, regular risk assessments, and comprehensive training for staff to effectively mitigate cyber threats. Additionally, he emphasized the need for operational resilience, including effective business continuity and disaster recovery plans.
Focusing on human resources, Swaminathan pointed out that capacity building through structured training programs, nurturing leadership potential, and providing access to e-learning platforms are vital for the growth and development of UCBs. He expressed optimism about the role of the Umbrella Organisation (UO) in galvanizing the sector, particularly in technology upscaling and capacity building.
