‘India Slowly Progressing Beyond Brick and Mortar Banking’

Manishi Chatterjee
Manishi Chatterjee, General Manager-IT, IDBI Bank

In a country like India, Brick and Mortar concept of banking is the most preferred mode and it would dominate for many more years. However, the digital adoption and its acceptance level is also inflating amongst customers by leaps and bounds. A perfect balance between the two is what the market would aim for in future, says Manishi Chatterjee, General Manager-IT, IDBI Bank, in an interview with Elets News Network (ENN).

IDBI Bank is now a private entity after LIC acquired its stake. How will it change technology overview across the lender?

The bank is declared a private entity by the Reserve Bank of India (RBI) with regard to regulatory aspect. The bank always worked with a professional approach in every front including the technology front. Even as a new entity the bank’s technology focus is market-driven and with best of the possible breed. The due diligence process of the lender would not change across the industry and it would focus more on automating the process towards Straight Through Process (STP) and keep the trends to absorb more and more cost-effective and data-driven technology with increased Return on Investment (ROI).

Non-Performing Assets (NPAs) are a major concern across the BFSI industry. What role will technology play in curbing this menace?

 Our bank would focus more on curbing NPAs with the help of technology and for the same, the Analytics-driven approach with cognitive capabilities would be adopted. We have already initiated many steps on this front.

What are your views on Brick and Mortar mode of banking? Is India ready for digital adoption across banks?

In a country like India, Brick and Mortar concept of banking dominates and it would dominate for many more years to come. At a parallel level, the digital adoption is already increasing and the acceptance level is also inflating amongst customers by leaps and bounds. A perfect balance between the two is what the market would aim for in future. There is a need for giving more focus on the security of the data by adopting appropriate technology with proper understanding.

How stringent are the regulations in India in terms of cybersecurity? What are the challenges and strong points?

The regulations in cybersecurity are off late increasing which is forcing the bank to take care of the customer data in the bank’s Data Centre. Challenges are enormous as it would entail cost and compel the banks to implement the most up to date security infrastructure both to cover the outside perimeter and inside the perimeter of the bank. The strong points are that by implementing the latest technology in cyber security, the bank would at least move towards a few steps ahead in protecting the customer data.

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