PR Seshadri, MD & CEO of South Indian Bank announced that that the Thrissur based bank, is getting ready to launch a fully digital bank later this year. This means that customers will be able to open accounts, take loans, and use other banking services completely online without going to a branch.
Key Points:
- The digital bank will be especially useful for people who prefer doing everything online (digital-first users). It will also support local languages, starting with Malayalam, then Tamil, Kannada, and Telugu. This is because the bank mainly serves people in South India, and using local languages will make it easier for them to use the service.
- The bank already offers some digital services, but now it wants to bring everything together under one strong digital brand. Bank’s CEO, PR Seshadri said that, this will include both savings and loan products.
- Bank had already launched digital fixed deposits (FDs) and personal loans. Soon, they will add fully digital auto loans, and more services will follow.
The bank is doing well, especially in areas like small business (MSME) and personal banking. The CEO said that they are aiming for over 12% growth in loans and deposits.
The bank is currently focusing on strengthening its presence in existing markets, so instead of moving into new states, the bank wants to grow stronger in the areas where it already has a presence, mainly in Southern India, as well as Gujarat, Maharashtra, and Delhi.
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