Digitally-enabled customer offering, Big data and Analytics, Adoption of modern technologies, Employee Development and governance and extensive digital channels/products, Robust IT infrastructure with enhanced customer experience to facilitate integrated and inclusive banking was the highlight of the Bank’s performance in Q3 FY22-23.
New Delhi – April 19, 2023: Union Bank of India, for the first time, secures 1st rank as per the report on EASE Reforms Index for Q3 FY 2022-23 published by Indian Banks’ Association (IBA).
Enhanced Access & Service Excellence (EASE) is an initiative by the DFS (GOI) as part of the PSB Reforms Agenda and is currently under its fifth iteration which focuses on Enhanced Digital experience, Data – driven, Integrated and Inclusive Banking.
Union Bank of India has been doing well in areas related to building analytics capabilities for retaining and deepening relationships, effective credit monitoring, comprehensive digital collection management system, fraud resilience and cyber security, adopting modern technology capabilities for integrated banking experience, customer centric digital offerings, employee development and better governance measures which resulted the Bank to continue its momentum and for the first time Bank secures 1st position among all PSBs for adopting various reforms prescribed for Public Sector Banks.
The performance of PSBs is measured on five themes under EASE 5.0, in which, Union Bank of India has set the benchmark under the four themes i.e., “Digitally – enabled customer offerings”, ‘Big data and analytics’, ‘Modern Technology Capabilities’ and “Employee development and Governance” by securing 1st rank amongst PSBs.