2nd BFSI Leadership Summit 2016 : Panel Discussion : Role of Technology in Growth of Cooperative Banks
Vijay Wadhawan, Director, Samsung Electronics
“For cooperative banks, technology is more than relevant than for other banks in the banking segment. The reasons being –business aspect and customer aspect. The way cooperative banks know customers nobody else knows their customers, as they would have customers who would be banking with them for generations.”
Sadanand K Nayak, Chief Executive Officer, G. P. Parsik Bank
“Technology adoption in cooperative banks isn’t about favouring customers, it’s a necessity for sustaining and growth of cooperative banks. We’ve been very aggressive in technology adoption in our bank, resulting in 20 per cent annual growth. Technology adoption is a must to retain customers and for young customers.”
Rajesh Dhuddu, Senior Vice President – Market Development, Quatrro Processing Services
“Some of the large cooperative banks like Saraswat or Shamro Vittal have created their technologies’ capabilities in house to the point that they have centralised IT department. It isn’t possible for all. So, there’s possibility to partner with third party survivours who can become intel inside the bank and drive technology.”
Kirit Shah, Chief Technology Officer, Shri Arihant Co-operative Bank
“We brooded for lagging behind than others and convinced the management and started something called CBS. It supported us throughout for each and every version or issue that came in the market. All adoptions of new technology helped not just the bank but even in our customer satisfaction graph as well. All the cooperative banks should embrace technology.”
Closing Remark:
Chandrakant Dalvi, Cooperative Commissioner, Government of Maharashtra
“Over 50 percent of the loan disbursed to agriculturist occurs through cooperative sector – district cooperative bank and primary agricultural cooperative societies. So most of the beneficiaries of the financial inclusion, they are covered by the cooperative sector. Over 70 percent of farmers or beneficaries are covered by cooperative sector than commercial banks and the RRBs.”
