Digitization: A boon for the banking sector


Digitization: A boon for the banking sector

Bhaskar Rao
Asst. General Manager – IT
Vasai Vikas Sahakari Bank


CIO priorities for 2022
The competition is very high in the banking sector particularly in the Cooperative Banks, who are less tech-savvy, getting the highly technical people is a big challenge due to various factors like salary etc. We have already taken-up the challenges and started the shared or outsourced model in various areas like Payment system, Data Centre, DR Site and other hi-tech areas where co-operative banks are lagging behind, but has to offer all kinds of digital services to its customers.


Digitization - opportunities galore
The digitization has been a boon for the banking sector, we have been working on various digital channels for our customers which indirectly will reduce the cost of transactions, increase reachability, roll-over of new products become easy, ultimately increasing the profitability.


Tech talent: A challenge
Being a bank we have to provide all kinds of services 24x7 to our customers, we cannot afford the disruption of the services due to lack of technical staff. We have decided to go for the outsourced model wherein our ASP will be providing all kinds of services in a secured manner, hence the dependence on the technical staff is reduced drastically.


IT: The Future of India
The future of IT Industry is very bright, there are various segments in the industry which are going at rapid speed like digitization of payment channels, e-governance, increased usage of cloud in India, the government is pushing for the digitized economy, localised data storage due to which data centre services are having very bright future, networking and security is one of the area where the growth rate is very high.  India is already a power-house of software development. The IT industry in India is growing very rapidly and will be one of the core engines for the economy of the country.


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