Banks Should Embed Empathy Into Service Delivery Says RBI DY Gov
Mumbai: J Swaminathan, deputy governor of the Reserve Bank of India (RBI), said that although financial inclusion has improved significantly over the years, the problem lies in encouraging active usage and strengthening the quality of services. He called on banks to include empathy in service delivery for meaningful financial inclusion.
To capture the progress of financial inclusion, the Central Bank has developed a Financial Inclusion Index that tracks three dimensions: access, use and quality. Over the years,
Significant progress has been made within the scope of the index. Five iterations of the FI Index have been published to date; The value status in March 2025 has increased noticeably to 67 compared to 43.4 for the period ending March 2017.
Speaking at the World Savings and Retail Banking Institute (WSBI) Study Visit to SBI on ‘Advancing Financial Inclusion through Digital Innovation’ on October 6, the deputy governor said, “While access to financial services has increased significantly in recent years, it is also an observation that the real challenge now lies in encouraging active use and strengthening service quality. Achieving this requires more than technology, it requires different needs and He said it requires products tailored to constraints, supported by human interfaces that build trust and confidence. ‘Incorporating empathy into service delivery’ is a crucial step in ensuring financial inclusion is meaningful and effective.”
“Transparent complaint redressal systems and clear consumer protection measures are equally important. Defined turnaround times, limited liability protections and visible compensation frameworks reassure customers that they are safe when using digital services. Together, these measures increase trust and encourage meaningful interaction with the financial system,” he added.
