Bank­ing on 9 pil­lars for tar­get half tril­lion biz

SVC Bank is push­ing hard to dif­fer­en­ti­ate it­self from oth­ers in the co­op­er­a­tive bank­ing seg­ment. Ajit E. Venu­gopalan, MD of the bank, speaks about the dif­fer­en­ti­a­tion the bank is try­ing to make:

Banking Frontiers - - Highlights -

SVC Bank is push­ing hard to dif­fer­en­ti­ate it­self from oth­ers in the co­op­er­a­tive bank­ing seg­ment. Ajit E. Venu­gopalan, MD of the bank, speaks about the dif­fer­en­ti­a­tion the bank is try­ing to make

N. Mo­han: What is the growth path that you en­vis­age for SVC Bank for the next 5 years? How would you pro­pose to ac­com­plish the tar­gets? What will be the ma­jor fo­cus ar­eas?

Our re­tail bank­ing is poised for a big growth curve which in the near fu­ture will play a big­ger role in our busi­ness mix. We will tar­get not only the mile­stone of `500 bil­lion to­tal busi­ness, but also re­tain fo­cus on of­fer­ing the best work en­vi­ron­ment and em­ployee wel­fare.

Our re­tail busi­ness is ac­cord­ingly be­ing stream­lined in our Vi­sion Path strength­ened with 9 pil­lars of re­tail growth where the idea is to align our of­fer­ings with the mar­ket and base our new of­fer­ings on need gaps, even­tu­ally lead­ing into mak­ing SVC Bank a Re­tail Bank­ing Su­per­mar­ket.

How do you see the bank evolve and be­come a pre­ferred bank­ing part­ner for the re­tail cus­tomers?

We in­tend to be­come a pre­ferred bank for the cus­tomers of this seg­ment, touch­ing the No 1 mark, not only in terms of fi­nances, but also in terms of brand re­call, ser­vice de­light and propo­si­tion value. For this, we have al­ready evolved a time-bound strat­egy and a roadmap for growth, es­pe­cially for re­tail bank­ing, and have al­ready re­aligned the en­tire struc­ture to en­sure that there is a ded­i­cated fo­cus on each and ev­ery ini­tia­tive it takes up.

Our re­tail bank­ing trans­for­ma­tion strat­egy is based on few pil­lars of growth which are be­ing worked upon, keep­ing the cus­tomers at the cen­ter.

We would like to be re­lated to as a bank that is of­fer­ing ex­cep­tional ser­vice, an ex­cep­tional sup­port sys­tem hav­ing all the prod­ucts and ser­vices that are there in the mar­ket and we in­tend to make this hap­pen in the years to come.

We have hired few ex­perts from the mar­ket along with re-align­ing ex­ist­ing staff to have a ded­i­cated and de­fined fo­cus on our strat­egy.

How do you pro­pose to make the re­tail bank­ing of­fer­ings of the bank dif­fer­ent to at­tract newer cus­tomers?

Youth are the key drivers of new busi­ness for us and a pat­tern study of their be­hav­ior re­veals their affin­ity to­wards dig­i­tal bank­ing. Our dig­i­tal bank­ing ini­tia­tives, not only in the form of spruc­ing up ex­ist­ing touch­points and mak­ing them more rel­e­vant, but also adding more fea­tures to all our dig­i­tal bank­ing medi­ums based on the need of the cus­tomers and ar­riv­ing at the right cus­tomiza­tion, is the key to en­sur­ing ac­qui­si­tion and stick­i­ness. This is an im­por­tant part of our re­tail bank­ing roadmap.

There is tough com­pe­ti­tion in the mar­ket, es­pe­cially in prod­uct in­no­va­tion and cre­ation. What is the bank do­ing on this front?

We have re­al­ized that in­no­va­tive prod­ucts, new ini­tia­tives and new propo­si­tions are the need of the hour. In this con­text, we have set up a prod­ucts and seg­ments team, con­sti­tut­ing peo­ple who

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