Banks from SBI to Bank of Maharashtra to ICICI Bank are making significant investments in digital infra to improve customer experience.
In response to growing demands for more user-friendly interfaces and improved digital experiences, major large and mid-size banks are intensifying their efforts to bolster their digital capabilities. Financial institutions are recognizing the need for revamp in the existing user interfaces of their mobile applications and websites.Bank of Maharashtra (BoM), based in Pune, has undertaken a series of strategic initiatives to fortify its digital infrastructure and channels. These measures include the launch of a private cloud platform, the implementation of an advanced asset monitoring mechanism through predictive machine learning models, and the upgrade of its mobile banking application.BoM’s proprietary private cloud infrastructure, named , aims to provide robust cloud capabilities to support the bank’s digital infrastructure and application hosting. The institution emphasizes that this move aligns with its commitment to enhancing overall performance and customer experience.The bank’s adoption of a predictive machine learning model for asset monitoring is projected to offer proactive alerts, predicting the likelihood of an account transitioning into a special mention account (SMA)-0 category.
