Indian Bank Strengthens Cyber System for Increased Digital Transactions
Indian Bank, a leading public sector bank, is taking steps to enhance its cyber system as it aims to facilitate more digital transactions. The bank anticipates that its digital transactions will surpass Rs 70,000 crore by the end of the current fiscal year. Remarkably, in the third quarter of this financial year alone, the bank has already recorded transactions of Rs 52,000 crore.
In line with this objective, Indian Bank’s Managing Director and CEO, S L Jain, shared that the bank is upgrading its cyber system with the implementation of artificial intelligence (AI) and machine learning (ML) technologies. Jain emphasized that the enhanced system will effectively identify, detect, and resolve issues such as data and information leakage, as well as potential threats. The bank has allocated Rs 200 crore to accomplish this crucial undertaking.
Indian Bank boasts a substantial customer base, with nearly 1.6 crore customers utilizing its mobile banking platform and over one crore customers engaged in internet banking services. Mobile banking, witnessing a remarkable growth rate of 47%, has been a particular focus for the bank. Jain further highlighted the bank’s strong presence in the QR code space, underscoring its aggressive approach towards expanding its digital offerings.
Simultaneously, Indian Bank is gearing up for the launch of its wholly owned subsidiary, which will undertake multiple tasks including back-office functions, sales, and marketing. Approval from the Reserve Bank of India (RBI) has already been obtained, enabling the bank to proceed with identifying a CEO and commencing the recruitment of staff for the subsidiary.
This move demonstrates Indian Bank’s commitment to adapt to the evolving fintech landscape and provide enhanced digital services to its customers. Strengthening its cyber system and diversifying operations through the subsidiary align with the bank’s strategy to cater to the changing needs and preferences of its customer base, while aiming for sustained growth in the digital domain.
With these developments, Indian Bank solidifies its stance as a technologically progressive institution, aspiring to provide secure and seamless digital banking experiences for its customers. As the world of finance continues to embrace digitization, Indian Bank’s strategic investments and initiatives position it well in the competitive market, ready to serve a growing number of customers seeking convenient and reliable digital banking solutions.
