India is undergoing a digital transformation and witnessing an accelerated pace of innovation and technology adoption. As the digital economy is flourishing, the Bank is also progressing with its technological advancements and growing its presence in multi-channel platforms, keeping itself ahead of the curve. Consequent to our digital initiatives, we have improved the share of digital transactions as a percentage of total transactions by over 600 bps during the year.
During FY2018, we launched an integrated omni-channel digital platform YONO as an integral part of our digital drive. This is India’s first fully digital service platform designed to facilitate banking as well as lifestyle needs of our customers through an all encompassing B2C marketplace. Apart from banking services, the application is designed to offer other financial products including investments, insurance and credit cards. This path-breaking product has been developed using the latest digital technologies.
We are also committed towards transforming ourselves into a digitalised organisation, supported by technology enabled backend operations. Along with the digitalisation of consumer facing operations, we continue to invest in the automation of our internal processes to improve efficiency, reduce cost of operations and re-deploy employees in revenue accretive roles.
With an all-pervasive digital transformation taking hold, we are highly motivated to integrate and absorb multiple technologies into our operational culture. The potential and the productivity of new age technologies like block chain, machine learning, artificial intelligence and IoT with data and analytics as their foundation have been recognised by the Bank. Centres of excellence, proofs of concept and a collaborative and definitive time bound plan with fintech companies and vendors has been put in place to harness and harvest the benefits of these technologies for greater customer engagement, enhancing productivity of the Bank and empowering our employees. We are continuously training our employees to keep them updated on the technology front, and this enables them to deliver new-age banking for an aspiring and transforming India.
