Au Small Finance Bank bets big on technology
Amiya Dixit, CTO of the bank, lists out various digital plans:
Ravi Lalwani: Which digital channels are showing maximum promise for Au Small Finance Bank?
Amiya Dixit: For us, mobile app has definitely evolved as the most promising channel. We have been able to drive adoption of multiple applications for employees and customers.
What digital solutions are proposed for SME banking?
We are enabling our customers with corporate internet banking and mobile banking. We are also planning to set up API gateway, through which corporates will be able to integrate their systems with our banking applications in a secured manner. We are offering digital lending solution to SMEs through online validations.
What digital solutions are proposed for rural and agri banking?
We have a business correspondent module implemented through which we are offering banking services to rural customers. We also plan to launch SMS banking, phone banking and loan approval on tab during this financial year for the benefit of our rural customers.
What are the plans for making use of blockchain applications?
We are evaluating some of the nonfinancial use cases for blockchain. However, we have not finalized as we would wish to take the views of the regulators on this.
Any plans for chatbots and use of AI?
We are in the process of rolling out chatbots backed by AI primarily for customer servicing and customer selfservice modules. This will be launched on our website, internet banking and mobile banking channels
Which digital channels support regional languages?
Currently, our website and IVR system support multilingual functionality.
Are you using the cloud for digital applications and channels?
Yes. Our applications like loan origination platform, workforce management solution and collaboration platform for employees are hosted on the cloud.
Are you using robotic process automation at the back end?
RPA is definitely one of initiatives in our roadmap. We have been able to identify a couple of use cases where this needs to be piloted first.
Have you partnered with any fintechs?
We have started working with a few fintechs having niche expertise in their respective domains. This financial year, we plan to actively engage with fintechs in payments, lending and securities domains.
How do you make use of social media?
We are using Google and Facebook services for social media marketing.
What has the bank done for digital enablement of partnerships with mutual funds and insurance companies?
We have provided a digital platform for onboarding our customers for their mutual fund and insurance requirements. We are now planning to provide portfolio analysis on our net banking site.
What are the plans for API banking?
We are in the process of implementing backend infrastructure and applications that are needed to securely expose banking applications to the external ecosystem. We plan to offer API banking by the end of the second quarter.
How do you offer training for employees handling digital operations?
Effectively, we have kept our focus on user experience and user interface for all the applications that we have developed. This is done in order to eliminate the need for training of our employees to use these applications in their daily interactions with the customers. We have a team that handles both IT and digital in the organization. Nearly 20% of this team is involved in digital initiatives. In addition, we have an end to end Learning Management System which offers digital courses and training to all the employees.
What are the plans to improve security features?
We are planning to implement security systems that can undertake tasks like blocking of cards upon request from the customers. Besides, all our systems -CBS, CRM, LOS and HRMS are digitally enabled. We intend to use voice and image based system in our customer interaction modules in order to help people who are less literate.
Amiya Dixit emphasizes that the focus while developing applications has always been on user experience and user interface and this is to eliminate the need for training of the bank’s employees