Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India. The bank offers a diverse range of financial products, including loans for education, housing, and vehicles, with a strong focus on customer experience and innovative solutions. Under the leadership of MD & CEO Daljit Dogra, the bank has made significant strides in expanding its lending portfolio and enhancing its digital capabilities.
FRONT OFFICE UPSHIFTS
Upshift No. 1 – Expansion of Lending Portfolio: Over the past 2 years, Zoroastrian Bank has implemented significant front-office transformations that have greatly enhanced its product suite and customer experience. The most notable change has been the successful expansion of its lending portfolio with innovative products. This includes Education Loans aimed at supporting academic aspirations, secured personal loans that provide risk-mitigated credit access, and solar loans designed to promote renewable energy initiatives. Additionally, the launch of the ‘wealth plus deposit’ scheme has introduced a superior wealth management solution catering specifically to high-net-worth individuals (HNIs). This diversification strategy has not only retained deposits from HNI clients, trusts, and institutions but has also improved the bank’s cross-sell ratio. Daljit Dogra, MD & CEO of Zoroastrian Bank, remarked: “Our organization has stimulated high-impact front-office transformations, significantly elevating our product suite and customer experience.”
Upshift No. 2 – Housing & Car Loans: In FY 2022-23, the bank revamped its housing loan product, introducing industry-leading interest rates and flexible repayment options. Alongside this, it launched competitive car loans starting at an attractive rate of 8.25%. These offerings have driven exceptional growth in the loan portfolio, significantly enhancing clients’ access to financing and promoting financial stability.
Upshift No. 3 – Education & Personal Loans: Additionally, the bank has prioritized education loans, starting at 8.50% for girl students, which come with flexible repayment plans and favorable terms to make education more attainable. The secured personal loans, starting at an interest rate of 9.90%, allow borrowers to utilize funds for various purposes, from managing personal financial goals to fulfilling business requirements. Furthermore, Zoroastrian Bank’s MSME loans cater to a wide range of financing needs, including working capital, expansion projects, and equipment purchases, helping businesses scale and enhance their operational efficiency.
BACK OFFICE UPSHIFTS
Upshift No. 1 – Finacle CBS Software Adoption: A major milestone for Zoroastrian Bank has been the adoption of the industry-leading Finacle Core Banking System (CBS) software under a highly cost-effective Software as a Service (SaaS) model. Zoroastrian Bank is the first cooperative bank to implement the CBS in this model, paving the way for the seamless integration of other peripheral systems in the future. Daljit emphasized the significance of this transformation, stating: “This model offers scalability, flexibility, and cost-efficiency, which is crucial for small UCBs like us.”
Upshift No. 2 – CRM Platform Implementation: The bank has also successfully implemented a Customer Relationship Management (CRM) platform, significantly improving its ability to track, manage, and personalize customer interactions. This system enables the bank to offer more targeted products based on customer behavior and preferences, thereby improving response times and deepening customer engagement. The CRM also plays a pivotal role in lead generation, allowing the bank to identify potential clients more effectively and nurture these leads.
Upshift No. 3 – Cybersecurity Measures: In response to the digital transformation, Zoroastrian Bank has implemented various cybersecurity measures to ensure compliance with industry best practices and regulatory standards. These measures include enhanced data encryption and multi-layered protection systems. Additionally, the bank has taken cyber insurance as part of its risk mitigation strategy, providing an extra layer of protection against potential cyber incidents.
Upshift No. 4 – Automating Loan Origination System: Another significant upshift has been the incorporation of automation in the loan origination system (LOS) for retail loan processing. By streamlining the end-to-end workflow, this automation has resulted in reduced turnaround times and improved customer satisfaction. The LOS has enhanced accuracy, minimized manual intervention, and enabled faster decision-making, contributing to higher productivity and better resource utilization.
Upshift No. 5 – Introduced AI-driven Chatbot: Furthermore, the bank introduced the AI-driven chatbot ‘Ask Jimmy,’ which has considerably improved customer support by providing 24/7 assistance and reducing response times. The use of AI offers vast opportunities for the banking sector, particularly in automating repetitive customer-facing tasks. Daljit affirmed that all these back-office transformations have not only optimized operational efficiency but also reduced costs, underscoring the bank’s commitment to enhancing its service offerings.
BRAND UPSHIFTS
Upshift No. 1 – Industry Recognition: Zoroastrian Bank has consistently been recognized for its excellence across various facets of banking. Recently, it received accolades in categories such as Best CBS Implementation, Best NPA Management, and Leveraging Data for Growth. The bank was also adjudged the 2nd Best Bank by the Brihan Mumbai Urban Cooperative Banks Association for 2023-24 in its business category (Rs10-50 billion) on September 27, 2024. On the leadership front, Daljit was honored with the Innovative Leader of the Year and Best CEO of the Year awards, while the Chairman was recognized as the Best Chairman of the Year.
These prestigious accolades were awarded at platforms such as the Bharat Coop Banking Awards, UCB TOP 100 CXO Summit, Banktech X Factor Award, and others, have not only elevated the bank’s credibility in the industry and significantly enhanced its visibility and trust among stakeholders.
Furthermore, Daljit’s participation as a member of the Indian Banks’ Association (IBA) and Chairman of the Cooperative Banks Committee of IBA has improved the bank’s visibility within industry circles and facilitated important discussions that influence industry policies, gradually enhancing its presence and credibility in the cooperative banking sector.
Upshift No. 2 – Commitment to Turnaround Times: Zoroastrian Bank has established a distinct identity around its exceptional turnaround times (TAT), making it a hallmark of the brand. The bank provides vehicle loan sanctions within 4 hours and MSME loans within 7 working days, positioning these offerings among the best in the industry. This commitment to speed and efficiency has become synonymous with its service excellence, further differentiating the bank from competitors.
Upshift No. 3 – Digital Media Engagement: To amplify its brand presence, Zoroastrian Bank has engaged in digital media advertising on platforms like LinkedIn, Instagram, Facebook, and Twitter, reaching a wider, tech-savvy audience. The bank also co-sponsored the popular Shankar Mahadevan show through Radio Channel ISHQ 104.8 FM, strengthening its brand’s association with cultural excellence and community outreach. Furthermore, Daljit Singh participation as a member of the Indian Banks’ Association (IBA) and Chairman of the Cooperative Banks Committee of IBA has improved the bank’s visibility within industry circles.
HR UPSHIFTS
HR Upshift No. 1 – Identifying & Elevating Talent: Zoroastrian Bank has implemented a comprehensive initiative to identify and promote its ‘shining stars’, employees who consistently exhibit exceptional performance and have high potential for leadership roles. Says Daljit: “These individuals have been given enhanced roles and responsibilities, creating clear pathways for career advancement. This has boosted employee morale and retention, ensuring that high-performing talent remains engaged and motivated.”
HR Upshift No. 2 – Recruitment of Fresh Talent: To bring new ideas and perspectives into the organization, the bank has actively recruited CAs and placed them in key departments like finance and credit. These professionals have not only brought a fresh outlook but have also served as catalysts for professional development among their peers, encouraging a culture of continuous learning and knowledge sharing within the organization.
Additionally, the bank has hired RMs from business schools to strengthen its sales team. These professionals are focused on generating leads and expanding the customer base, further enhancing the bank’s ability to meet the diverse needs of its clients. The bank has also recruited a few young engineers to rejuvenate the IT team, infusing young blood into its operations.
HR Upshift No. 3 – Introduction of KRAs: The introduction of KRAs (Key Result Areas) for employees across all levels has established a transparent framework for accountability and performance measurement. Each employee now has a clear understanding of their roles and responsibilities, aligning individual performance with the bank’s organizational goals. This structured approach has enabled merit-based rewards for top performers, while underperforming employees receive guidance for improvement.
HR Upshift No. 4 – Leadership Development: Another important initiative has been the launch of the leadership development program, aimed at nurturing in-house talent for future leadership roles. This 12-month program features specially designed modules to develop leadership skills, ensuring that the next generation of leaders is well-equipped to take on larger responsibilities.
DIVERSIFICATION INITIATIVES
Initiative No. 1 – Retail Lending Portfolio Expansion: Over the past 2 years, Zoroastrian Bank significantly diversified its retail lending portfolio by offering a range of best-in-class products, like Car Loans, Education Loans, Solar Loans, and Secured Personal Loans at competitive industry rates. The bank has focused on delivering exceptional turnaround times (TATs), allowing for rapid approvals that exceed customer expectations.
Initiative No. 2 – Shift in Lending Approach: A key shift in the bank’s lending approach has been the emphasis on cash flows and the viability of businesses rather than solely relying on security-based lending. According to Daljit: “Our credit decisions always prioritize the capabilities and integrity of the people at the helm.” This has allowed the bank to better assess risk and support viable business models, leading to more sustainable loan portfolios.
Initiative No. 3 – Service Sector Big-Ticket Loans: In line with the bank’s strategic diversification, the bank has ventured into big-ticket loans within the service sector, particularly targeting transport operators, including several in Pune. This has opened new revenue streams for the bank and demonstrated its increased risk appetite.
LEGAL/COMPLIANCE UPSHIFTS
Upshift No. 1 – Strengthening Recovery Processes: Over the past 2 years, Zoroastrian Bank has significantly strengthened its recovery processes through legal means, ensuring that defaulters are held accountable and cannot evade their obligations. The bank has also adopted a more flexible recovery approach by considering one-time settlement (OTS) proposals based on each case’s merits and the borrower’s intentions to repay.
Upshift No. 2 – Enhancing Compliance Framework: To bolster its compliance framework, the bank has implemented straight-through processing (STP), system-based asset classification, and a digital solution for Risk-Based Internal Audits. Also, the bank is in the process of preparing a comprehensive risk register and using digital solutions to monitor compliance. Daljit highlighted: “This approach would help reduce manual interventions, minimize the risk of errors, and improve operational efficiency.”
These legal and compliance upshifts have yielded notable improvements in the bank’s recovery rates, reduced NPAs, and strengthened its risk management framework, positioning Zoroastrian Bank for long-term, higher orbital growth.
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