Banking isn’t what it used to be. The advent of technological innovation in the banking industry has transformed the Indian banking consumer’s life like never before. Today, consumers use smartphones and social media platforms for various banking transactions–a far cry from when you had to stand in a queue for everything.
In the midst of this innovation, there’s one bank that stands out for relying on technology to do something remarkable for its customers.
The Organization: It’s no secret that Hinduja-owned IndusInd Bank is one of the fastest growing mid-sized banks in India. There’s concrete reason for that. The bank underwent a complete transformation in 2008 when Romesh Sobti took over as its managing director. Today, the bank has a market capitalization of Rs 28,331 crore–a huge leap from Rs 1,337 crore six years ago.
It already offers its customers a number of facilities to make their banking experience easier. It has over 573 branches and 1,055 ATMs spread across 392 locations in the country, as well as initiatives such as 365-days banking, choice money ATM facilities, cash-on-mobile, and quick redeem service. Despite that, every year, IndusInd Bank leverages one technology or another to create richer customer experience.
This year, the bank is betting on a video lab, which was launched in June. The video lab puts some of the banks call centers on steroids, by allowing customers to interact with the bank over video.
“Customers do not have the time to visit branches. The video branch is an effort to give the power back to its customers, and offer a new service under our theme of ‘Responsive Innovation’, says Sanjay Jaiswal, CIO, IndusInd Bank.
The Solution: Customers who want to interact with the bank using video have to download the video app, called Video Branch–available on Google Play store as well as Apple App Store on their smart devices–or from the website on their laptops or desktops.
Customers are authenticated with one time password (OTP) sent over registered mobile number to initiate any interaction with Video Branch. Photographs are matched to ensure a second-level of authentication, and finally, all transactions occur in encrypted mode and every interaction is recorded for audit and future reference.
Once a customer is authenticated, their call is routed to a video branch executive based on the language preference they select.
Then customers can avail of IndusInd’s many phone banking services via video chat with a contact center executive. The video branch allows customers to connect with a branch manager or a relationship manager for a one-to-one meeting. The video app also allows customers and agents to share their desktops and laptops to ensure transparency. If, for example, a customer is not sure an agent has understood her request, she can request for a screen share, so that she can view the agent’s screen and vice versa.
“We utilized the best agents from our voice contact centers; they understand basic processes, systems, as well as all our banking products. We provided them with etiquette and behavioral training, how to conduct video chats,” says Jaiswal.
It’s the sort of innovation that many other banks would like to have gotten to first, except that they aren’t all set up to ensure that innovation is a process–like it is a IndusInd.
The company maintains an idea pool; top management monitors and approves ideas it believes are the most viable innovations. The video branch app was the brainchild of the solution delivery group with assistance of the in-house IT team, solution providers, and partners. “We have a dedicated solution delivery group that works with business as well as IT. All initiatives are run through the company’s steering committee–where business teams drive all kinds of IT initiatives,” says Jaiswal.
The Benefits: Digitization, in general, has been tremendously successful for IndusInd Bank. Of all the customer accounts it opens a year, between 60 and 70 percent are activated on the electronic channel. The bank has a total of 2.5 lakh account holders accessing digital channels, including net banking and mobile banking users.
“We target digitally-engaged customers who have businesses or holdings online at the rate of 3x to 5x times more than customers who aren’t online. We are a technology-backed, customer-centric bank that wants our customers to treat us as a primary institution with a presence online and on mobile,” says Jaiswal.
It has been one-and-a-half months since IndusInd Bank launched the app. Since then, the bank has recorded downloads from across APAC, Europe, the Middle East and Asia. A total of 550 app installations for its iOS version, and 1,200 installations for its Android app have taken place so far. “We have also received over 3,000 calls from the website and mobile app in order to find out more about the new service,” says Jaiswal.
Send feedback to firstname.lastname@example.org
The video branch is an effort to give the power back to its customers, and offer a new service under our theme of ‘Responsive Innovation’