Digitization of Cooperative Banks
que to deposit or withdraw money. Now we have ATM Machines, E-wallets, Internet Banking, Mobile banking
e Banks. We see all private and nationalized banks are facing cut-throat competition from NBFC’s. In current
g profitability. Despite of this, cooperative banks are far from this IT revolut ion. During budget Finance
Technologies.
Q. Can you brief us the Journey so far and
the roadmap ahead of Vsoft
Mr. Srinivas : VSoft has been associated with
the banking industry over the past 2
decades. During this journey of 2 decades
VSoft has been constantly innovating vari-
ous solutions for the banks and financial
institutions, contemporary not only in
respect of delivering most modern products
but also has been adoptive to the changing
environment rapidly. This approach of Vsoft
helped its customers to handle growing
complexity in the transaction processing and
also to scale the rapid growth of its custom-
ers needs.
The way forward is to continue our pursuit
of innovation and proactively design future
proofed products. We also contemplate to
provide a one stop solution to banks in
respect of all the payment solutions as well
as core banking so that customers need not
interact with several vendors for delivering
desperate solutions.
Q. What according to you has been the
greatest change in this industry since the
company was founded?
Mr. Srinivas : One is the scale in terms of
manifold times growth in payments and the
extent of digitization that has been seen in
the industry. The complexity of the regula-
tory requirements and the huge effort in the
industry to meet up with these requirement
in a rapidly changing environment is the
challenge.
There has also been great adoption to the
technology by all the stakeholders. Thanks to
the digitization and awareness created, the
reach of the delivery of the solutions has
grown deeper to the micro interiors and to
the commoners.
Q. In recent years, we have seen a drastic
change in payment mechanism. After
demonetization digital transactions have
shown sharp increase. How do you see the
future of digital transactions?
Mr. Srinivas : The size and demand for
simplified products to handle complex
transactions has grown up significantly. Since
the scale has gone up manifold times, most
of the stakeholders are looking for simple
products in terms of operational ease with a
wider scope of coverage. From the institu-
tions side, this is mainly to avoid interaction
and integrations with large number of ven-
dors for delivering complete solutions end to
end. With specific reference to India, there is
a huge adoption for all types of payments
through mobile even in the rural areas. We
are of the strong opinion that the way
forward is going to be to pro-
vide mobility to the end
customer for all his
APR 18
48