‘Use digital platform to find smart solutions’

Even though technology is unavoidable in the banking sector, one cannot afford to miss human touch in the process, said Arundhati Bhattacharya, former chairman of State Bank of India.

“Technology is the brain and connectivity is the spine. However, there cannot be anything which would replace the heart.”

She was delivering the 96th Founders’ Day Lecture of Karnataka Bank on ‘A Peep Into The Future Banking’ at Karnataka Bank Head Office building in Mangaluru on Tuesday.

Arundhati said, ‘’There is a need to ponder on whether technologies which are still in an experimental stage, should be applied in banking sector where customers’ money is involved. After all, trust is the value which should not be compromised with.”

Pointing out that the replication of records in computer is not digital, she suggested using digital platform to find smart solutions in banking such as automated issue of cheque books based on the customer transactions.

Arundhati called upon the financial institutions to come up with win-win solutions to effectively utilise e-commerce platforms, especially when there are conflicting interests such as sharing space with competitors, without losing the clients. Karnataka Bank Managing Director and CEO Mahabaleshwara M S, in his introductory remarks, said that Karnataka Bank had posted a net profit of Rs 123.14 crore during the third quarter of fiscal year.

“Today, the bank has 845 branches, 1,043 ATMs and one extension counter. A total of 1,94,000 shareholders and around 1.13 crore clients are with Karnataka Bank.”

He said, “The two-year Transformation exercise ‘KBL Vikass’ which started off on November 28, 2019, in association with the Boston Consulting Group, aims at re-positioning Karnataka bank as ‘Relevant and Significant Bank’ by focusing on technology, along with keeping intact its core values and identity.”

“The first Digi branch is opened in Bengaluru and similar branches will be set up across the country in the days to come. The bank has implemented digital loan sanctioning, as one of its new initiatives,’’ he said.

Karnataka Bank Chairman P Jayarama Bhat presided over the programme. CSR commitment letters were handed over by the chairman and the MD of the Bank to Poornaprajna Institute of Scientific Research-Bengaluru, Prabodhini Trust-Chikkamagaluru and Sri Sathya Sai Loka Seva Trust-Bantwal.

A Hindustani - Carnatic classical jugalbandi concert by Vishwa Mohan Bhatt (Mohan Veena) and Dr Mysore Manjunath (violin) mesmerised the audience.

The accompanying artistes were Vijay Ghate (Tabla) and Patri Satish Kumar (Mridangam).