The exponential growth of digital banking transactions, the emergence of new fintech solutions, and the subsequent rise of fraudulent activities have made safety, and security the important aspects of new-age banking. The objective of ESAF Small Finance Bank is no different. It aims to extend banking services to the underserved and unserved population of India through savings instruments, and supplying credit to small business units, small and marginal farmers, micro and small industries, and other unorganised sector/lending through informal channels
As ESAF is stepping into the fifth year, with a customer base crossing 4.68 mn the bank has made big leaps in implementing technology based security measures. “We have a tie up with FIS, wherein it provides us with a fully integrated banking and payments platform through a totally outsourced delivery model, which encompasses a core banking solution, risk management, domestic treasury management, analytics and the entire suite of payments services, which includes switching, debit card management services and ATM management for our brown label ATMs “said Hari Velloor, National Head (Retail & Channels), ESAF. With a customer base that almost reaches the historic number 50 lakhs, the bank has relatively high retail deposits as well.
" I believe that we are fortunate to have the most important aspect of our business – safe- in the brand name itself. May be it is divine coincidence and I am not sure whether any other banks have that fortune” says Sony V Mathew, VP Head Branding, Communications & PR. We follow a social business strategy seeking a triple bottom line impact: people; planet; and prosperity. We believe that the social, environmental, and economic outcomes of our business create synergies that have an amplified impact on our stakeholders. We believe our customer-centric products and processes have resulted in high customer retention rates. As at March 31, 2021, 80.23% of our then current borrowers had previously borrowed from us. By empowering them through skill training, financial literacy training, and leadership training, we intend to care for their safety from different angles" added Sony. “
For the people, being a bank with social focus give emphasis to holistic development of the nation. The bank’s target customers for our micro loans are women in unserved and underserved households in India. As at May 31, 2021, we had over 2.28 million micro loan customers, all of whom were women.
For prosperity, ESAF offers equal opportunity through universal financial access, and inclusion and enhancing financial inclusion, livelihood, and economic development. The bank focus on providing access to social security - reaching out to persons with full disabilities - serving women in unserved and underserved households in India and distributing a range of insurance products, including health insurance.
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