EASE 7.0 of PSBs Reforms

EASE 7.0

The EASE (Enhanced Access and Service Excellence) Reforms, overseen by the EASE Steering Committee of the Indian Bank's Association, have been fully integrated into all public sector banks (PSBs). The evolution from EASE 1.0 to EASE 6.0 has marked a significant shift, focusing on digital customer experience, analytics-driven business enhancement, technology and data-enabled capacity development, and HR operations improvement. These reforms are part of the Indian government's effort to elevate the performance and service standards of public sector banks through digital transformation and other strategic initiatives. The EASE Awards ceremony acknowledges banks for their exceptional implementation of the reform agenda. State Bank of India (SBI) secured the top position, demonstrating excellence across various parameters outlined in the EASE 6.0 framework.


Journey of Ease 1.0 to Ease 7.0:

In Ease 1.0 (Responsive and responsible PSBs), the focus was on creating responsive and accountable public sector banks that are committed to serving the needs of the people. This includes improving customer service, transparency, and efficiency in operations.

Ease 2.0 (Clean and smart banking) aimed to streamline and make banking more intelligent by leveraging technology and data analytics. This includes automating processes, enhancing risk management, and providing personalized financial solutions to customers.

Ease 3.0 (Smart-tech enabled banking for aspiring India) was all about embracing technology to drive banking for an ambitious India. This includes implementing advanced digital banking solutions, expanding financial inclusion through mobile banking, and promoting cashless transactions.

In Ease 4.0 (Tech-enabled simplified and collaborative banking), the focus was on technology-enhanced, simplified, and cooperative banking. This involves integrating various banking services, enhancing cyber security measures, and fostering collaboration between banks and fintech companies.

Ease 5.0 (Enhanced digital experience; Data-driven, integrated and inclusive banking) was dedicated to improving the digital experience for customers, with a focus on data-focused, interconnected, and inclusive banking. This includes leveraging big data and AI to offer personalized services, promoting open banking, and ensuring accessibility for all.

The aim of Ease 6.0 (Customer-friendly banking enabled by modern capabilities) was to empower users with contemporary features that make banking more user-friendly. This includes implementing biometric authentication, voice banking, and other innovative technologies to enhance the customer experience.

The EASE 7.0 (Economic development; Customer delight; Resilient banking) agenda for Public Sector Banks (PSBs) aims to drive significant improvements in various aspects of banking. EASE 7.0 builds upon the previous phases of the EASE initiative, focusing on enhancing economic development, customer experience, advanced technology, operational efficiency, risk management and employee development.


5 Key Themes of EASE 7.0:


5 Key Themes of EASE 7.0

Theme 1: Banking towards ‘Viksit’ Bharat

Within Theme 1, PSB will concentrate on expanding the MSME customer base, pinpointing key economic sectors, promoting women entrepreneurship, boosting CASA growth, enhancing services for the youth, speeding up diversified agriculture and rural lending beyond KCC, and building capacities for climate lending and risk assessment.


Theme 2: Excellence in customer service

Public sector banks (PSBs) are committed to enhancing customer experience through all banking channels, while also strengthening their relationships with customers. They are dedicated to establishing streamlined processes to ensure customer convenience.


Theme 3: Adoption of new-age technology and other advanced capabilities

Public sector banks (PSBs) will expedite their preparedness for Generation AI (GenAI) and implement a trial use-case. This initiative aims to enhance data governance and analytics capabilities in order to support specific use-cases. PSBs are encouraged to adopt digitally-enabled operational models to achieve cost efficiency and ensure high quality standards.


Theme 4: Effective risk/fraud management collections and recovery

Public sector banks are committed to establishing strong processes and systems to enhance operational and cyber risk management. The main goal is to expedite the recovery process from NPA accounts in DRT and NCLT by addressing internal inefficiencies. Additionally, there will be a strong emphasis on Digitization and improving the efficiency of collections management, as well as enhancing business performance monitoring through thorough analysis of credit and market risks.


Theme 5: Developing employees for emerging banking priorities

Public sector banks (PSBs) will prioritize enhancing employee productivity and strengthening connections with performance management, as well as enhancing gender diversity. They will concentrate on utilizing data-driven approaches for workforce planning, succession planning, and goal setting. Additionally, they will cultivate talent through tailored and customized learning programs.


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Disclaimer

The content or analysis presented in the Blog is exclusively intended for educational purposes. It is important to note that this should not be considered as a suggestion for investing in stocks or as legal or medical advice. It is highly recommended to seek guidance from an expert before making any decision.


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