From video KYC solutions and robotic process automation (RPA) to a new home locker system under development, New India Co-Operative Bank has stepped up its digital transformation journey to keep up with its much larger peers in the Indian banking sector.
Established in 1968, the bank has over 30 branches spread across Mumbai, Thane, Surat and Pune. In contrast, other players -- HDFC, Axis or ICICI -- have between 4,500-5,200 branches each across India. However, this hasn’t deterred the cooperative bank from investing in new technologies.
The bank recently launched a video KYC solution through Mumbai based company Kwik.ID for all its customers. A robotic process automation solution has also passed proof of concept stage.
In an interview with TechCircle, CTO of New India Co-Operative Bank Saurabh Dixit unpacked digital transformation initiatives at the bank, especially the unique challenges that it faced while deploying these technologies.
Among other things, he also spoke about a new home locker system under development, where customers can have lockers at home or office premises, instead of the bank.
Dixit hopes that this home locker solution would be possible with the use of modern solutions such as geo-tagging, facial recognition, fingerprint recognition and biometric authentication, among others.
The bank has also invested in cybersecurity, Dixit said, with deployments such as a security operations centre(SOC), web application firewall and virtual desktop integration, through various partnerships.