EASE Next is an initiative launched by the union of the Indian Government and Public Sector Banks. EASE refers to Enhanced Access and Service Excellence. The Indian Banks’ Association had commissioned the EASE Agenda. The Boston Consulting Group was privileged to author the EASE Agenda in January 2018.
The PSBs have to undergo reforms from time to time to ensure the proper functioning and financial stability of the banks; these reforms are governed by the EASE Next. These reforms help in building a stable and sustainable banking system. The PSBs also affect the country’s economy; hence EASE Next reforms play a major role in building a tough economy.
EASE Next reforms have been done five times- EASE 1.0, EASE 2.0, EASE 3.0, EASE 4.0, and the recent one was EASE 5.0. All the reforms have been beneficial for the PSBs and have added value and growth to the structure and function of the PSBs.
What do the EASE Next Reforms Include?
Digital Banking is the new banking era where customers can enjoy banking services from anywhere in the world.
The dependency on physical banks has been a problem for decades in India. This led to many issues, like crowded banks, lack of productivity of bank officials, high demand but less fulfillment, etc. The incorporation of digital banking has solved all the above problems.
It has led to smart banking on your mobile phone. Most banking services today are available digitally, which has been incorporated gradually through EASE Next reforms.
Technological Advancements in the Banking Sector
The banking sector lacked the knowledge and application of technology till the past decade.
With the introduction of EASE Next reforms, the PSBs have become technologically driven to provide ease to their customers.
The technological advancements in the world of banking and finance have led to the incorporation of robust security mechanisms to ensure safety and security in banks. It has also led to the development of quick banking services.
Focus on the Agricultural Sector
70% of Indians are farmers. India is an agricultural country, with farmers forming the foundation of our country.
But, resources for farmers are very less. The EASE Next reforms focus on and emphasize investments in the agricultural sectors to improve the life and financial condition of farmers.
It also ensures financial penetration into the roots of the country, which is important to stabilize and build a sustainable economy.
Affordable and Accessible Banking
The people will easily adopt anything affordable and accessible. Similarly, EASE Next reforms aim at making banking affordable and accessible for all the people of the country.
Most villages in India did not have access to PSBs, but after the EASE Next reforms, there were banking outlets within a 5 km range of most towns. Today, 77% of ATMs have built-in functionalities suitable for differently-abled customers.
Making banking accessible and affordable has been prioritized, and the incredible results make it the best decision.
EASE Next reforms have been designed to address customer needs and requirements.
The idea of banking has always been for the benefit of customers, but somewhere down the lane, the approach has not met the idea, especially in PSBs.
With EASE Next reforms, the customer-oriented approach has been strengthened and implemented in full swing. Today PSBs are functioning according to the desires and needs of the customers.
EASE Next reforms have made the PSBs the best in their business. It has also satisfied the end customers with the best banking services suitable to their needs.
The reforms have helped build a strong economy in the country. India is still a developing nation, and there are much more EASE Next reforms required to attain stability and sustainability in PSBs and the country’s economy. EASE Next reforms can change the financial