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An initiative to set up a ‘Digital Centre of Excellence’ by Karnataka Bank more than a year ago seems to have helped it make its operations more ‘aatmanirbhar’.
In an interaction with BusinessLine on the impact of the Covid pandemic on the banking sector, Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, said that each challenge brings with it the opportunities as well.
Digital innovations
Stating that future banking is driven by digital innovations, he said it is the perfect remedy for Covid-type of situations as well as further enhancing the efficiency of banking.
The ‘Digital Centre of Excellence’ was one of the major initiatives that the bank started under its transformation initiative, ‘KBL Vikaas’, more than a year ago. All those have started yielding the results now, he said.
“I feel the Covid pandemic may pave way for contactless banking in a big way in the days to come. One can experience contact-less banking, powered by digital solutions, in all spheres of banking such as payment and settlement system, account opening, credit sanctions and collections.
“I believe a new fascinating world of banking is knocking at the door of bankers and, we, at Karnataka Bank, are already ahead of times through our ‘Digital Centre of Excellence’ at Bengaluru,” he said.
Terming the ‘Digital Centre of Excellence’ as a classic example of ‘aatmanirbhar’ banking, he said the bank has on-boarded around 10 small Indian start-ups through this centre. These start-ups are helping the bank in different spheres of banking.
There are start-ups for certain products. The bank identifies them and takes their help. Instead of the bank developing a particular solution, it will onboard an Indian start-up for that.
“That is how we also develop and we also make others related to that to develop along with us. We have onboarded around 10 such small start-ups that are helping us in all spheres of banking,” he said, adding the ‘Digital Centre of Excellence’ is where aatmanirbhar banking is being practiced.
Rise in transactions
He said the digital banking channels have been very useful during these difficult times. At the end of June 30, around 85.93 per cent of transactions of the bank took place through these channels against 79.52 per cent a year ago.
He said the pandemic has made the ‘Make in India’ initiative to be more relevant. “With our Prime Minister vouching for ‘Local, Vocal and Global’ concept and offering the necessary support from the Central government, post-Covid, I am sure, India will witness tremendous growth in start-ups and MSMEs sectors pursuing the ‘Aatmanirbhar Bharat’ concept,” he said.
This naturally opens up abundant business opportunities for banking sector. It is believed that the economy will rebound soon post-Covid and that India will become the reckoning force in the world, he added.
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