Syndicate Bank to use IT for growth

By Our Special Correspondent

BANGALORE, OCT. 7. Syndicate Bank will step up its initiative in information technology (IT) sector and will look at e-commerce to increase revenues. The Manipal-based bank is holding talks with ICICI Bank and Global Telesystems for its proposed payment gateway for e-commerce transactions.

Mr. D.T.Pai, Chairman of the bank, said talks were going on with several payment gateway service providers for a tie-up.

Syndicate Bank was hoping to get 70 per cent of its business from computerised services after its new technology initiatives. The bank was looking at creating a "high-tech bank within the bank" with centralised solutions and integration of various electronic delivery channels such as ATM, telebanking, home and Internet banking, he said.

The Bank had launched demat services and plans to offer it in 20 centres soon, Mr. Pai said. "The bank also proposes to introduce new products for the personal banking segment with focus on specific customer groups such as professionals, salaried persons and students," he said.

The bank would go all out to capture retail accounts which were its strength, he said. The bank was also looking at a strategic alliance for distribution of insurance products, he added.

Regarding bank's overseas operations, the Chairman said the bank was looking at relations with other nationalised banks for offering "corresponding banking" facility. The London branch had collected Rs. 2,000-crore deposits this year, he said.

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Section  : Southern States
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