Indore : “I do not see any sign of financial recession in retail banking segment whether it is deposit, housing or vehicle loans. As per my knowledge the loan graph of almost all the branches has gone up. But more confidently I can say it with the facts of our own bank that our growth in deposit is improving and we should take it as the mirror of the market sentiments. We in our Zone, comprising 81 branches spread in Indore and Dhar districts, have added 631 hosing loan accounts and 495 vehicle loan accounts during the last seven months in this financial year 2014-15,” said Zonal Manager of Bank of India M Shanmugam to this correspondent in an exclusive interview.
“See that all the banks have emphasis on expansion of their deposit and loan portfolio and naturally they are succeeding in their endeavour as well. Our Bank has decided to concentrate on retail sector for credit growth where risk is high. In Indore Zone, we are focusing on retail loan portfolio, mainly in housing and vehicle segments. Our growth of the segment up to October 2014 on YOY basis is 27 % in housing and in vehicle segment growth it is 52%,” said Shanmugam. The market share of BOI in deposit has improved from 7.88 to 8.47% during June 2014, he said. The senior banker further said “The banks are also focusing on the speedy disbursement of loans and for this they are taking the help of technology too.” Sharing the example of his own bank Shanmugam said that Bank of India (BOI) has adapted Microsoft Share Point Solution to automate the loan and application t process in all branches and zonal offices. The automation of 15 different loan application forms have reduced the turn-around time for filling up applications by 50%, improved customer satisfaction and increased operational efficiency.
Customer centric technology
In reply to question “what is the scenario of technology banking in Indore region?,” the direct recruit officer of 1981 batch Shanmugam said that after the advent of technology in banking services, the banks are able to move from product centric to customer centric technology. The customers’ needs are changing at different stage of the cycle. In this direction we have introduced many innovative initiatives like Branch of Future, e-gallery, Instant Money Transfer (IMT), which allows cardless cash withdrawal at its IMT-enabled ATMs, a first of its kind initiative by any public sector bank. The IMT is an innovative domestic money remittance facility without any account and any card, said Shanmugam, post graduate in Agriculture.
Global services at threshold
The technology banking services in almost all the banks including BOI is at par with global standard. Yes, Bank of India is an early adopter of Microsoft Share Point and has set this as a benchmark for other nationalised banks to increase efficiency and collaboration, especially for customers who prefer online transactions and access their bank accounts over the internet. Any customer of a branch can remit funds even from remote branch to anywhere in the world. Almost all the banks except few regional rural banks have established ATMs at major spots in urban areas. Global services like-ATM, credit cards, internet, mobile banking services are available even in small villages, Shanmugam added.
Technology banking: A win-win service
Sharing the advantages of the technology banking, the Zonal Manager of BOI said that it is a win-win service for the banks and the customers as well. The aggressive promotion of alternative channels is part of all the banks’ strategy to decongest branches, which are expected to come under even more pressure as the bank opens over 4.5 Lakh new accounts under the Prime Minister’s Jan Dhan Yojana. The technology banking provides 24×7 services to the customers without the frontiers of the banks’ branches.
The aim of all the banks is to provide world class service to their domestic customers in order to keep pace with the changes and advantages across the world.