MUMBAI:
The COVID19 outbreak has been a life-changing crisis for all and the pandemic will be a watershed in modern history. The world we are in right now is profoundly different from the one we knew before. The pandemic has changed the idea of ‘consumers’ digital banking behaviour as we enter the new normal, and it has transformed banking as aftermath.
Digital banking is here to stay and customers are now more open than before to explore innovative digital alternatives for their day-to-day banking needs. The pandemic has accelerated the pace of embracing digital solutions as it makes the banking experience quick, easy, and hassle-free. However, there needs to be a right balance between a physical-digital (Phygital) crossroads in order to stay in tune with all sets of customers.
Starting with the cashless economy to contactless cards, innovations in digital banking are leading the way to avoid stepping out amid the COVID outbreak. IndusInd Bank’s video KYC facility for applying to savings account and credit cards, launched at the beginning of the pandemic have ensured better experience and convenience for customers. The customer can complete its on-boarding procedure with the bank via a live video-based interface, thereby, replacing the earlier practice involving
physical authentication of documents.
To support businesses overcome the hassles of time consuming process of account opening, IndusInd Bank introduced the first-of-its-kind assisted mobile application based facility. It enables current account opening for self-employed individuals and businesses digitally, in just few hours. With the Bank’s state-of-the-art ‘Indus Corporate’ mobile app, bank officials capture and verify information about customers and their businesses in real-time, at the premise of the customer conveniently and securely. The app uses multiple ‘Application Programme Interface’ (APIs) which enables secured validation of KYC documents from authorized government platforms.
Not only this, with the bank’s revamped corporate website, customers experienced enhanced features across devices such as desktops, laptops, mobile phones, and tablets. The integration of CRMNEXT across all customer touchpoints empowered the Bank with an intelligence-driven ‘Customer Action Centre’ which provides complete information of customers acquired from multiple sources on a single screen. It helps the Bank to anticipate customer needs well in advance, and craft personalized offerings, thereby enhancing customer loyalty.
The Bank also ensures that the customer’s needs are of utmost importance. While ensuring Data privacy, the Bank has invested in state of the art data analytics and campaign management architecture that enables the Bank to identify customer needs through non-personal data driven approach and reach the right products to the customers at the right time. The Bank has also partnered with AI/ML based technology solution providers to ensure better servicing of customer needs in a personalised manner.
This includes pre-approving clients for loans and credit cards so that they can avail them seamlessly via digital means in minutes when they need them. The Bank also analyses transaction patterns of client and educates them on the most convenient ways to meet their transactional needs through the right channel like mobile, net banking, WhatsApp or video banking as well as on getting the most out of their savings. Our upgrade program endeavours to match clients with products and services that are in line with their requirements and lifestyle. The Bank also uses Data Analytics extensively to enable its employees to have meaningful conversations with clients.
Social media is helping the Bank understand and service its customers, especially the millennial in a much more focussed manner. We were one of the first Banks to launch a full-fledged WhatsApp Banking proposition for our customers; this latest innovative addition to our ‘OnTheGo’ Social Banking platform provides customers with a host of information regarding their transactions (mini- statement/ account statement on email), account balance, loan related information, customised offers, rewards points as well booking an FD online, amongst many others. IndusInd Bank has always been a digital-first bank with a vision to transform the banking experience for its customers by focusing on providing best-in-class banking services enabled through innovative use of technology.
