Technology helps CGGB unlock future possibilities
Chaitanya Godavari Grameena Bank is also communicating with the customers on Facebook about its product offerings and services:
For FY2020-21, despite the negative sentiment created by the pandemic, Chaitanya Godavari Grameena Bank, with the network of 222 branches spanning across 3 districts of Andhra Pradesh, has registered a considerable overall business growth of 23% over the previous FY with deposits of `65.39 billion and advances of `68.77 billion.
One example of the bank leveraging the technology is the deployment of Android based micro-ATMs with BCs at field level during the testing times of covid. T. Kameshwar Rao, Chairman, says a sseamless availability of the technological solution deployed in micro-ATMs made it possible that BCs are reachable to the customers at any point of time. “That has led to the volume of transactions ticking around 2.9 million, amounting to `11.31 billion,” he adds.
Having seen the least turn-around time for transactions with the micro-ATMs, all the branches of the bank are equipped with at least one micro-ATM. Rao says customers can just approach the counter with their Aadhaar and get serviced for basic banking transactions like account opening, opening deposit accounts, withdrawal of funds from our bank or any other bank.
The bank has Finacle from Infosys as the core banking solution, while Wipro is the system integrator.
CGGB MONEY APP
On the digital banking front, the bank has engaged Finacus for mobile banking solution and for digital payments ie, UPI and IMPS. “Finacus helped us to handle the remarkable transactions surge during covid times. Our mobile banking application CGGB Money is deployed with the solution provided by Finacus, which has features of on-flight registration, simple transaction processing within the bank and also across the banks. The transaction volume of UPI in the last FY is 12 million and in the first quarter of the current FY 5.36 million. These figures can be construed as people’s faith in our digital banking products,” says Rao.
TECH TEAM
The bank’s data center is currently co-located at its sponsor bank - Union Bank of India. The bank has a team of 12 in its IT department. Rao says with the banking scenarios turning digital on every front, the expenses made towards technological upgradation are considered as investment to go for digital fold.
Rao believes that the pandemic situation has driven tech savvy customers to go for only digital transactions. People who are in the nascent stages of transformation from branch banking to digital banking are onboarded into digital fold at a sweep. This transformation and the demanding needs of customers have necessitated imminent changes in banking at branches also. One step towards the changing digital touch at branches, says he, is equipping them with the latest Android based micro-ATMs, through which the core banking transactions like account opening, deposits and withdrawal happen in seamless manner with the least turn-around time and having no paper trail in completing a transaction cycle.
TRAINING PROGRAM
Rao says the bank is ensuring that all the employees possess the relevant skill sets required for the particular tasks each one is handling, be it project finance or agricultural green field projects or information security. Since the thrust on information security is increasing, all the staff members are sensitized on the latest solutions like Active Directory and latest information security concepts and audits processes. He also mentions that staff in different verticals across the branch are offered training on business analytics, data science and other latest technologies.
LEVERAGING FACEBOOK
The bank has strong presence on social media. It has been undertaking online marketing and promotional initiatives to increase its business. It believes that connect with customers is one of the most necessary activities to understand their needs and expectations. “With the customers opting for the digital, we are using social media by launching our Facebook page and communicating with the customers about our product offerings and services/ offers available to them. We are planning to implement the latest security tools in our website and deploy analytical engines to gauge the customers’ presence, expectations, etc,” says Rao.
PLANS FOR IT, DIGITAL
In the post-covid scenario, the bank has certain plans for IT, digital initiatives and business growth in the current FY. It believes that technology will be an enabler. Rao reveals: “We plan to go digital in all the day-to-day business activities. Thus, we will be reducing the paper trail, automating repetitive tasks, enhancing customer digital experience through lite and interactive app, website and leverage the data insights for business growth. Technology is the key to unlock all the future possibilities.”