New age digital banking solutions for the Health care segment

As digital technologies continue to transform healthcare services and service providers, hospitals are seeking for solutions that expedite their transition to the digital space. In an interesting presentation, Standard Chartered Bank shared a new perspective on how hospitals can opt for digital banking solutions to improve their financial transactions. India as a nation is changing and now digitisation has become a key element in this progress. Technology is transforming India rapidly and as a result, consumer behaviour too is changing. The healthcare sector too needs to be ready to serve changing consumer demands and preferences. Moreover, digitisation is touching all aspects of healthcare including financial transactions. India has one of the most advanced payment systems of the world.

The Bank also, highlighted the financial challenges that hospitals face. This leads to further discussion on how digital banking solutions can be beneficial to healthcare organisations. Digital banking solutions can usher in more transparency, efficiency and convenience to healthcare. Digital banking enhances adherence to regulations in healthcare, offers manifold benefits to both the healthcare provider and the patients. It simplifies ways to make payments, improves operational efficiency and helps to save costs. UPI is one of the largest payment systems in India and this system is helpful to healthcare providers in many ways.

Standard Chartered Bank has expanded its solutions within the healthcare ecosystem and has created a value proposition that can facilitate healthcare organisations for a smooth transition to the digital space.

Manish Jain: Managing Director & Head, Commercial Banking, Standard Chartered Bank, India states, “India’s healthcare industry is one of the fastest growing sectors and is likely to reach USD275b in the next 10 years. With the growing consumer need for high end diagnostics, improved medical quality and precision the capital investment in the sector has grown multi-fold. This sector in India is well diversified and full of opportunities. Medical tourism as well is growing at 20-25 per cent  per annum. Standard Chartered Bank is proud to be a partner in this growth with our specialised products catering to the needs of clients in this sector for effective collections and payments. We focus on helping your business by providing bespoke solutions using our expertise developed over the years and across multiple markets.”

The Bank can be an ideal banking partner for healthcare organisations with its effective and pertinent digital solutions.

Krishnakumar Dharmaraj: Managing Director & Head, Transaction Banking , Commercial Banking, Standard Chartered Bank, South Asia opines, “When India launched the UPI we were one of the early movers who started offering UPI technology. We have started API stores with lot of used cases and block chain innovation. Our front end platform Straight2Bank is very well accepted by the clients and we are now taking it to the next level – S2B NextGen. Additionally, through our accelerator team, we are working on many such innovations especially through crowd sourcing which would be beneficial for our clients.”

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