The COVID19 outbreak has been a life-changing crisis for all and it is said that 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. It is predicted that the pandemic will change the idea of ‘consumers’ digital banking behaviour as we enter the new normal, and it will transform banking as aftermath.
The constantly evolving innovation in digital technologies will have an intense impact on banks and how they function. Banks will now be expected to work in a completely new frequency, more than before to what we call a physical-digital (Phygital) crossroads. Beyond the varying customers and customer needs, the pandemic has given rise to the digital revolution and has for the past three months transformed the way the banking industry operates.
Starting with the cashless economy to contactless cards, innovations in digital banking are leading the way to avoid stepping out amid the COVID outbreak. To ensure better customer experience and convenience, IndusInd Bank recently launched a Video KYC facility for its savings account and credit card customers. The facility has created an ease for the new customers seeking to open a savings account, or for those applying for a credit card from the bank. The customer can now complete its on boarding procedure with the bank via a live video-based interface, thereby, replacing the existing practice involving physical authentication of documents.
Leading its way with the mantra of ‘customer satisfaction’ IndusInd Bank introduced a first-of-its-kind assisted mobile application based facility that enables the Bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours. It addresses the most tedious part of banking for businesses and cuts down operational time for account opening, significantly.
The video KYC allowed by RBI gives tremendous amount of flexibility to customers and transactions are building up as new customers are signing-in digitally.
IndusInd bank’s digital on-boarding has gone up by at least 3X as of July compared to pre-COVID level. Customers are mainly opening savings and fixed deposit accounts.
Equipped with the Bank’s state-of-the-art ‘Indus Corporate’ mobile app, bank officials can now 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. The facility can be used to open current accounts for all kinds of businesses including proprietorship, partnership as well as private & public limited companies, among others.
Not only this, but the bank has also recently revamped its corporate website to offer customers an enhanced experience across devices such as desktops, laptops, mobile phones, and tablets. To further enhance the banking experience for the customers, the bank also integrated with CRMNEXT across all customer touchpoints. The CRMNEXT platform will empower IndusInd Bank with an intelligence-driven ‘Customer Action Centre’ which will provide complete information on customers acquired from multiple sources on a single screen. The integration will enable the Bank to anticipate customer needs well in advance, and craft personalized offerings, thereby enhancing customer loyalty.
The above technological advancements are in line with the Bank’s vision to transform to a digital bank, focusing on providing best-in-class banking services enabled through innovative use of technology.