The coming era in banking industry is going to be completely digital in nature. In fact, Vitthal Dhanani, General Manager, believes: “It has already started taking places. Banking industry is going digital with the advent of digitization and digital transformation of lifestyle of the customers. This type of expansion needs strategic business development implementation at each level of expansion.”
IT Vision Document
During the FY 2021-22, Varachha Cooperative Bank foremost focused on IT Vision Document 2023. The bank has implemented decent digital services before ending the FY 2021-22. Vitthal Dhanani enlists measures: “We have launched Green PIN thru mobile banking/internet banking, ICD (inter-operable cash deposit), E-mandate (internet banking) and more. Yet wider digital strategy will be implemented by our bank before end of FY 2022-23.”
App Usage Upping Everyday
The underlying technologies of every bank might be currently UPI (Unified Payment Interface). Varachha UCB is also offering every possible service like fund transfer, bill payment, online FD, stop cheque payment, card block facility detail account statement, green PIN, etc. to its customers through mobile banking app. Dhanani explains: “When we look into the usage pattern of our bank app almost every hour of the day, we found users are actively using our bank app. Most customers prefer using IMPS (Immediate Payment Service) as digital payment because it is available 365 days and it is immediate fund transfer in nature. More than 0.1 million customers are actively using our mobile banking app and this count is increasing day by day. We are also trying to add more possible services to this digital platform.”
Currently the bank has not focused on distributors, agents and BCs. In the current financial year, the bank will instead focus for such digital strategy. With regards digital-online initiatives, the bank is not charging any fee on digital transaction to promote Digital India Mission.
Key Vendors
There are many vendors are associates with Varachha UCB. Dhanani says: “Out of them, we have major vendors namely Euronet (Electronic Payment Switching Provider), Acute (CBS and Online Banking Service Provider) and TechOwl (Cyber Security Vendor).”
For the digital initiatives bank has certification for many NPCI products like UDIR (Unified Dispute & Issue Resolution), BEPG (Bharat E-Commerce Payment Gateway), UPI AutoPay, Rupay contactless cards. Dhanani further says: “Recently our bank has implemented advance security solutions like SOC, PAM, and Patch Management.”
IT Team
The bank has own Data Centre with capable hardware size. Dhanani adds: “In the current FY bank has bought dedicated firewalls for all branches to increase the capability of networking hardware. We have best size of IT team that is efficiently handling our IT infrastructure. We have total 11 persons in IT team. And to upgrade team’s skills, our bank has been frequently conducting trainings on specifics topics related to IT subject.”
Improving CX
At present Varachha UCB has not focused on any advanced analytics tools and CRM (Customer relationship Management) tools to increase bank business. But Dhanani has a realization: “I must say now the time has come to use such advanced technology for cooperative bank of our size to compete with other banks. To enhance customer experience and create an emotional connection with customers, we are regularly doing customer meeting at branch level. Further, we immediately act upon customers’ and employees’ feedback to improve customer experience.”
Social Media Presence
Varachha UCB is actively present on every social media like Facebook, Instagram, Twitter and YouTube. Dhanani explains: “To increase our branch online exposure, to boost our business online and to gain positive testimonials from our customers, we are using Google Review as tool.”
In the current FY Varachha UCB has not made any specific efforts for online marketing and promotional offers. But Dhanani assures: “We are surely working on it for next FY. For the foreseeable future advance analytics and CRM are going to be much needed tool for every business.”
Plans On Digital Strength
Varachha UCB is not a multistate cooperative bank at present. Presently most of branches are located in South Gujarat and majorly its targeted customers have been in textile, diamond and real estate industry. Dhanani informs: “We are in process for licence procurement to become a multistate UCB on the strength of our IT transformation and digital might.”
Dhanani reveals: “For the current FY our bank has planned to adopt Cloud technology for the seamless IT services for our valued customers. Our bank has majorly focus on the IT security and we follow the RBI compliance.”
