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:
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