IDBI Bank is restructuring its operations and bought them in line with non-PSU lenders. The bank made significant changes in its internal structure and risk policies as per the recommendations given by Management Consultant, McKinsey.
The whole-time director of IDBI Bank, Suresh Khatanhar has said, “The pandemic helped us to pause and deep dive into existing processes and products and see what improvements are necessary.” He believes that it was the lean period that has been used the time to refine the process, come out with rich-mitigated products and work on a digital initiative to become future-ready.
The digital initiatives have improved the consumer experience as they get to use WhatsApp banking and video KYC. The loans are being directed credited to borrowers’ accounts through RTGS upon sanction. The bank’s system is AI-supported; this will facilitate the fintech to seamlessly onboard. The customer relationship management module has been introduced and now all high net-worth customers are referred to a relationship manager.
