Digital Transformation in The Cooperative Sector

In India, the cooperative sector plays a crucial role in the banking ecosystem. There are 1,531 urban cooperative banks and 97,006 rural cooperative banks as of May 31, 2021. Moreover, the overall depositor base of these banks exceeds eight crores. With such a significant contribution, the complete digital transformation of these banks is essential to make them future-ready. Especially after the advent of the pandemic, the digital transformation of cooperative banks has become a must. Although technological advancements have already begun in the cooperative sector, it still has much to catch up with high-tech commercial banks.

 

 

 

 

 

 

 

 

Cooperatives must digitize if they want to navigate the shifting environment. They could be able to provide financial services through conventional means and physical locations. However, this may not be useful in retaining important clientele that prefers simple and digital operations in the future. 

At present, cooperatives rely on close relationships with their clients and members. Although trust and relationships with stakeholders are important, they may not be enough to attract the current generation to financial services.

Moving to Cloud & a Reliable DR plan: The foundation stone for total Digitization

Cloud computing is an essential tool for the cooperative sector in order to stay competitive in the face of growing private banks today. With the Cloud, banks can improve agility, drive innovation with cutting-edge technology, utilize industry-specific solutions, and shift their spending paradigm from CapEx to OpEx.

 

 

 

 

 

 

 

 

 

ESDS has dedicated BFSI community cloud services that are a highly adaptable platform that supports Hosted Payment and Security Services, Core Banking Solutions (CBS), and cutting-edge technology. ESDS BFSI Community Cloud is built in strict compliance with regulatory requirements, security guidelines, and resilience guidelines mandated by the Reserve Bank of India (RBI). To date, 450 + Cooperative Banks, UCB, DCCB, and Apex banks are working with us as partners to transform their banks into digital transformation. 

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