According to the findings of a study done by Deloitte India revealed that half of the senior management leaders at Indian public sector banks (PSBs) currently must build digital capability to drive the necessary changes to transform their bank.

This study which is titled ‘Deloitte’s PoV on Public Sector Banks’ was based on the study carried across 100 PSB leaders. The study stated that digital transformation is taking place in banks at a rapid pace and leaders across levels need to be adept in implementing it.

According to the study, digital transformation is happening in three areas at PSBs. First, in the way products and services are being taken to the customers. Second, in operations and service simplification. And third, in terms of cybersecurity and enterprise risk. But for PSBs, the focus is also on social responsibilities like financial inclusion etc.

“The PSB leaders therefore are caught in the middle of transforming swiftly and upgrading the ways of working and process of working in line with transformation. Further complicating matters is the large and diverse nature of operations and business that any PSB manages,” it said.

When we speak of senior leaders/ management personnel at banks, it includes CEOs, assistant CEOs, CFOs and other senior executive officers. Additionally, there are also middle-level leaders including branch managers, divisional managers, general managers etc. While the junior leaders include probationary officers and clerks, among others. All these individuals with important portfolios are necessarily required to upskill as per the advancements in technologies. 

“Senior leaders at these banks, the focus is more on operational details and there is a gap in how emerging digital trends are implemented,” highlighted Furthermore, Deepti Agarwal, partner of Human Capital Consulting at Deloitte India.