Financial Daily from THE HINDU group of publications
Saturday, Aug 21, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 21, 2004 |
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Money & Banking
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Public Sector Banks Marketing - Strategy Union Bank plans kiosk-like outfits L.N. Revathy
Mr K. Rathnakar Hegde
Coimbatore , Aug. 20 UNION Bank of India is contemplating to take the organic route to grow, albeit in a different way. "We are not looking at mere expansion of branch network in hitherto unexplored locations. We are planning to set up kiosk-like "outfits" in residential colonies. We would have 100 such `outfits' soon. The proposal awaits the apex bank clearance," Mr K. Rathnakar Hegde, Executive Director, Union Bank of India, said. Mr Hegde said "these kiosks will be unmanned. There will be a computerised machine, which will provide online banking information and clarify customer's queries, if any. Though unmanned, three or four marketing guys will be attached to each of these outfits for hard selling our products and services in the vicinity. Basically, these would serve as information kiosks to residents, who would otherwise have to go over to the bank's branch for explanation and clearing up." Mr. Hegde said these outfits per se would be very different from the offsite ATMs, which served as cash dispensers. Emphasising that the future potentiality was in imbibing technology, he said 300 of the 2,025 branches were hooked to the core banking solution network already and another 400 branches would be roped in during the current year. "About 700 branches would be able to offer anywhere anytime banking service by March 2005 and this facility would be extended to another 500 branches by March 2006. We do not see the need for offering this kind of technology in the remaining branches. But we have no plans to close down any branch." Union Bank, he said, was planning to open representative offices in Doha and Dubai very soon.
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