Digitization brings ease of operations and continuous engagement with customers
By MYBRANDBOOK
Milind Varerkar
Dy. Chief General Manager IT Department
Saraswat Co-operative Bank
CIO priorities for 2022
Today, the banking industry is facing challenges of competing not only with the pear banks but also with the fintechs, ecommerce companies as they offer loans online. This required us to relook at the way the customer acquisition is handled. Acquiring the customer digitally helps in reducing the TAT and a digitally acquired customer also needs to be engaged with to ensure stickiness. We have enabled multiple modes of online transactions and built secured and resilient infrastructure.
Digitization - opportunities galore
IT has become a business enabler from just managing the technology. The digitization for both customers and employees has helped in bringing ease of operations and continuous engagement with customers. The legacy banks like ours have to unlearn the old processes and learn the new ones to ensure faster response to customer needs.
Tech talent: A challenge
Getting the right resource for IT has become a huge challenge. As a CIO we are constantly under pressure from business to deliver new things. If the right resource is not available, then the project deliverables are not achieved both time and functionality wise. Acquiring as well as retaining good talent has become a task in itself. Banks cannot match the salaries offered by technology companies and hence it is necessary to tie up with IT service providers to either outsource the services or hire the resources as necessary.
IT: The Future of India
The IT industry in India has an advantage of a low cost talent pool available in India. Some of the innovations in payment industry and with the advent of fintechs, India has seen a phenomenal rise in digital transactions reducing the currency requirement. This definitely will bring down the cost significantly. Also the IT industry due to its low cost talent and offshore resources being offered to Western countries, is contributing to the nation’s growth.
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