With digital being the focal point, the bank expects investments in technology to be one of its top priorities in the near future. The lender also saw 95% growth in digital financial transactions in the previous fiscal.
In terms of concerns that come with rapidly advancing technology, Jagdishan said the bank’s board and management were aware of the kind of threats the cyber world possesses. “As we move more towards digital platforms, the vulnerabilities will increase.”
“The kind of investments and focus that we have on trying to fortify our systems and vulnerabilities is the topmost priority,” Jagdishan said at the bank’s first annual general meeting after the mega merger with Housing Development Finance Corp.
“I won’t say it will be foolproof. Nobody can do that. But ours will be much better than several others, not just in India but globally,” he said.
The bank is also enhancing security on its platforms. PayZapp 2.0 is one of the flagship products that offers customers a variety of payment options.
