The Hindu Business Line : Banks must become supermarkets: SEBI chief

With the industry confronting diverse challenges, banks have to become supermarkets that provide an array of products and deliver superior service to the clients, Mr M. Damodaran, Chairman of the Securities and Exchange Board of India, said.

Inaugurating the 400th branch of South Indian Bank with core banking solutions, he said that it was the old generation banks that confronted major technological challenges since the new generation banks come embedded with these technological advantages. But, ultimately it is the human touch in every business that determines its future financial success.

While it is possible to emulate a new product in the market, the launch of a modern process or technology, the distinguishing factor in every financial transaction and business is the human touch, he said. This is where the old generation banks have an inherent advantage with their long history of personal interaction between the bank and the customer.

Dr V.A. Joseph, Chairman and CEO of South Indian Bank, in his presidential address said that all the business of the bank will be online before March next, at a time when many of other major banks have only just commenced to implement core banking solution.

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