August 13, 2022

Banks must take a customer-centric approach, says finance minister

Finance Minister Nirmala Sitharaman said on Wednesday that banks need to take a customer-centric approach by understanding their needs and expectations. After the soft launch of Enhanced Access and Service Excellence-EASE 5.0, the Minister said that technology initiatives and robust security mechanisms should be developed.

The EASENext reforms should bring ease to customers as well as employees, she added.

Speaking at the event attended by Public Sector Bank (PSB) leaders virtually, Financial Services Secretary Sanjay Malhotra said that all PSBs are now profitable and have stronger balance sheets, and that it is imperative that they leverage this position of strength to dramatically increase their competitiveness.

He added that “PSB Manthan 2022”, which was organized in April 2022 with the functional heads of PSBs, paved the way for the genesis of a broader and bolder program.

“EASENext – would comprise of 2 major initiatives: EASE 5.0 (PSB’s joint reform agenda) and a Bank-specific 3-year strategic roadmap (based on each bank’s business priorities),” the Association of Indian Banks said. in a press release.

As part of EASE 5.0, PSBs will continue to invest in new-era capabilities and deepen ongoing reforms to meet changing customer needs, changing competition and the technological environment, he said.

EASE 5.0 will focus on integrated and inclusive digital customer experience and banking, with an emphasis on supporting small businesses and agriculture.

Simultaneously, he said, all PSBs will create a bank-specific three-year strategic roadmap. This will involve strategic initiatives beyond EASE 5.0.

The initiatives will cover various themes – business growth, profitability, risk, customer service, operations and capacity building, he added.