Thrissur-based South Indian Bank is set to launch a fully digital banking platform this year. According to Managing Director and CEO PR Seshadri, while the bank already offers digital services, the upcoming platform will be a structured, branded offering that covers both deposits and loans.
Comprehensive Digital Services
The new digital bank will allow customers to open accounts, apply for loans, and access other services remotely. The bank has already launched digital fixed deposit and personal loan products. Auto loans will be the next product to be digitised, with more services to follow.
Seamless Onboarding and User Experience
Seshadri said the goal is to provide complete digital onboarding and services under a unified brand with an improved user experience. Although some of these services exist today, the digital bank will offer a more cohesive and accessible platform.
Targeting Digital-First Users
The digital platform is aimed at customers who prefer online-first banking. It will include tailored products for digital-first users and will support regional languages, beginning with Malayalam and followed by Tamil, Kannada, and Telugu. This reflects the bank’s strong presence in South India.
Growth and Expansion Focus
South Indian Bank reported solid growth in MSME and retail segments. Seshadri said the bank is targeting growth above 12 percent and plans to match that with similar deposit growth. Expansion efforts will focus on strengthening presence in existing core markets such as South India, Gujarat, Maharashtra, and Delhi, rather than entering new regions.
