Banking institution, Union Bank of India, is modernizing its technological infrastructure to manage increased demands coinciding with the COVID-19 pandemic.
The Union Bank of India, one of the largest banks in India, is making significant strides in enhancing its digital infrastructure and services to cater to the increasing demand in the post-COVID business environment.
A temporary nerve center has been set up at the bank's training center, accommodating over forty important officials of the cybersecurity and technology operations team. This temporary nerve center is used for operating technology operations, and no specific plans for further expansion have been disclosed.
The bank is also focusing on maintaining near to hundred percent uptime of ATMs and strengthening business correspondent channels at the village level. Incentives have been given to business correspondents to prevent any liquidity crunch in villages and relieve the load off bank branches.
The bank is working on upgrading its loan disbursal system and developing certain technology platforms to enhance the robustness of business processes. These efforts aim to handle the expected surge in demand after the post-COVID business normalization phase.
The bank has also established a separate IT infrastructure for treasury operations management in Mumbai. However, the locations of the other two IT infrastructures supporting core banking services have not been specified.
In response to the COVID-19 pandemic, the bank activated both disaster recovery sites during the lockdown, one in Mumbai and one in a remote city. This ensures that the bank can continue to provide essential services even in the face of unexpected disruptions.
The bank's dedication to digital services is evident in its focus on maintaining high availability for digital channels for customers to access core banking services from home. This priority is reflected in the fact that there have been no delays in processing proposals at the bank's dedicated corporate branches, which number thirty.
Despite these efforts, the bank has not announced any new incentives or strategies for attracting individual customers beyond its existing initiatives. However, the bank has been giving incentives to business correspondents to support their operations and ensure smooth functioning at the village level.
With these initiatives, the Union Bank of India continues to demonstrate its commitment to digital transformation and providing reliable, efficient services to its customers.
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