India’s Leading BFSI & FinTech Companies 2024

[ EXPERT’S VIEW ] India’s Leading BFSI and FinTech Companies 2024 11 WHAT ARE THE KEY TRENDS THAT ARE TRANSFORMING INDIA’S BANKING LANDSCAPE? Digital Transformation: Banks are increasingly embracing digital technologies to enhance customer experience, streamline operations, and offer innovative services such as Hyper personalized offerings, digital payments, online banking, and mobile banking. Data Analytics and AI: Banks are increasingly harnessing the power of data analytics and artificial intelligence (AI) to gain insights into customer behavior, personalize services, assess creditworthiness, detect fraud, and optimize operational processes. Data-driven decision-making is becoming a critical capability for banks to remain competitive in the market. Regulatory Changes: The regulatory environment in India is evolving, with reforms aimed at promoting financial inclusion, enhancing cybersecurity, and fostering innovation in the banking sector. Banks need to adapt to these regulatory changes while ensuring compliance and mitigating associated risks. Shift towards Customer Centricity: Banks are shifting towards a more customer-centric approach, focusing on delivering personalized experiences and building long-term relationships with customers. This involves leveraging data analytics to understand customer needs, offering tailored products and services, and providing omnichannel support. HOW HAS CSB BANK BEEN WORKING TOWARDS ENHANCING THE CUSTOMER EXPERIENCE FOR ITS CLIENTS? CSB Bank is a century-old Indian bank, we are diligently pursuing strategies to enhance customer experience. Our focus lies in leveraging digital transformation, providing personalized services, and improving accessibility. Through investment in advanced digital platforms, we offer seamless mobile banking apps and internet banking, meeting the preferences of our tech- savvy clientele. Our commitment to personalized services involves analyzing customer data to tailor offerings, thereby strengthening customer relationships. We prioritize superior customer service, ensuring efficient complaint resolution and multi-channel support to foster trust and loyalty. Expanding our branch networks and ATM coverage enhances accessibility, reaching customers in both urban and rural areas. Investment in cutting-edge technology like the latest CORE Banking platform, Omni Channel Digital Banking platform and new age low-code no-code platform for automation to optimizes operational efficiency. Pralay Mondal MD and CEO CSB Bank WHAT IS CSB BANK’S GROWTH STRATEGY FOR THE NEXT 3-5 YEARS, AND WHAT ROLE WILL TECHNOLOGY PLAY IN SUPPORTING THIS GROWTH PLAN? At CSB Bank, we are committed to our SBS 2030 vision where we aim to be among mid size Indian bank by 2030. SBS 2030 stands for Sustain, Build and Scale where till 2025 we are heavily investing into Technology, People, Products, Process and building a robust platform for future. From FY 26 onwards we will move into building for scale and growth phase, where we aim to grow at 2X of the industry average in our chosen businesses. This strategy involves embracing digital transformation, prioritizing customer-centric approaches, and expanding and diversifying operations. Technology serves as a catalyst for growth and innovation, enabling the century-old bank to adapt to changing market dynamics, enhance customer experience, and drive long-term success. CSB Bank is investing in digital platforms and services where we can meet evolving customer expectations and enhance convenience. Dun & Bradstreet