Banks Should Embed Empathy Into Service Delivery, Says RBI DY Gov
"It is also an observation that, while access to financial services has improved significantly in recent years, the challenge now lies in promoting active usage and strengthening service quality": RBI governor J Swaminathan
MUMBAI: Even as financial inclusion has improved considerably over the years, the challenge lies in promoting active usage and strengthening service quality said the Reserve Bank of India’s (RBI) deputy governor J Swaminathan. He called upon banks to embed empathy into service delivery for a meaningful financial inclusion.
To capture progress of financial inclusion, the Reserve Bank has developed a Financial Inclusion Index that tracks three dimensions—access, usage, and quality. Over the years, there has been
considerable progress made under the index. Five iterations of FI Index have been published till date, with March 2025 value standing perceptibly improved at 67 vis-à-vis 43.4 for the period ending March 2017.
Speaking at World Savings and Retail Banking Institute (WSBI) Study Visit to SBI under the theme 'Advancing Financial Inclusion Through Digital Innovation' on October 6, the deputy governor said, “It is also an observation that, while access to financial services has improved significantly in recent years, the challenge now lies in promoting active usage and strengthening service quality. He said that achieving this requires more than technology; it calls for products tailored to diverse needs and limitations, supported by human interfaces that build trust and confidence. ‘Embedding empathy into service delivery’ is a crucial step in ensuring that financial inclusion is meaningful and effective.”
“Equally important are transparent grievance redressal systems and clear consumer protection measures. Defined turnaround times, limited liability protections, and visible compensation frameworks reassure customers that they are safe in using digital services. Together, these measures foster confidence and encourage meaningful engagement with the financial system,” he added.