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 to money transfers — 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.
All authorized bank customers receive a one-time password (OTP) to authenticate the download of the app. The bank allows only registered numbers to download the video branch app on their smart devices or laptops. 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 (there's an option of seven languages).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 Sumant Kathpalia, head-Consumer Banking, IndusInd Bank.
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