Mumbai based Zoroastrian Co-operative Bank is focusing on strategic initiatives aimed at enhancing the customer experience, especially for small ticket consumers and the adoption of advanced technological solutions and artificial intelligence (AI) tools in its banking activities.
In an exclusive interview with Indian Cooperative, the bank CEO Daljit Dogra said, our focus would be on technology adoption, cyber security, customer development and governance.
“Customers expect the same experience in cooperative banking as they get elsewhere. Technology is the only solution for tapping small ticket customers at affordable operating costs,” Dogra emphasized.
Dogra, with his vast experience in banking across public, private and cooperative sectors, benchmarks Zoroastrian Bank’s products and services against the best in business.
The bank launched Student friendly Education Loans for Higher Studies up to 100% Course Fees with 8.50% interest for Girls, Secured Personal Loan @9.90% interest, Solar Project Loans @8.75% interest are among the best in industry.
To address these challenges, the Zoroastrian Co-operative Bank has adopted the Software as a Service (SaaS) model for its technology needs. This model offers scalability, flexibility, and cost-efficiency, crucial for meeting the dynamic demands of the banking sector.
Dogra highlighted the importance of careful selection of technology and business partners, ensuring robust and versatile core banking solutions.
The bank has institutionalized sustained training and upskilling of staff through external experts, alongside a transparent incentive structure rewarding good performance.
Among the notable technological initiatives is the interactive chatbot, Ask Jimmy, available on the bank’s website. “Jimmy responds with useful information about the bank and banking in general,” Dogra said while emphasizing the role of AI in enhancing customer interaction and providing immediate assistance.
Furthermore, the Loan Origination System (LOS) for retail loans is another tool that adds value for both the bank and its customers. AI offers vast opportunities for the banking sector, particularly in automating repetitive customer-facing tasks.
The Zoroastrian Co-operative Bank’s strategic focus on technology and AI tools underscores its commitment to enhancing the banking experience for small ticket consumers.