Creating digital branches and enabling social media banking transactions in India to improve customer experience
Key facts
- IndusInd Bank¹ in India has launched several digital initiatives including banking services integrated with social media platforms as well as digital branches, virtual access to branches and relationship managers.
- IndusInd demonstrates how customer expectations of anytime, anywhere and self-service convenience are similar in developed markets and developing markets.
- IndusInd Bank launched its first digital branch at Cybercity in Gurgaon in 2014.
Uniqueness
- The digital branch includes an Interactive Video Branch machine – allowing customers to connect with the remote teller over a real-time video call and perform regular banking transactions like statement printing, check deposits, opening of FD account and encashment, funds transfer along with dispensation of cash.
- The bank’s digitalization efforts extend even beyond their innovative digital branches to include fund transfers through social media platforms like Facebook and Twitter via its “Onthego” Social Banking initiative. Customers can also send money to users who are not on Facebook and Twitter.
Value
- IndusInd Bank is ranked 13th amongst the Top 50 Most Valuable Indian Brands 2015 as per the BrandZ Top 50 rankings (valued at approx.$1.5 billion and up 46% in value yoy).
- With the launch of the digital branch, the bank now has 15 branches and 63 ATMs in Gurgaon.
Approach
- In September 2015, IndusInd launched the “Onthego” social-banking feature, facilitating basic banking functionality in a secure environment, while retaining traditional online banking features. The service does not require users to download an additional app.
- IndusInd has seamlessly integrated services such as its QuickPay and Video Branch with Facebook banking.
- The Digital Branch lobby is equipped with smart tables and iPads on which customers can do a host of banking / non-banking transactions.
IndusInd Bank is one of more than 100 case studies identified as part of the World Economic Forum’s Digital Transformation of Industries initiative. An overview of the DTI program can be found here.
1. Sources: IndusInd Press Release; www.consultancy.uk; WEF/Accenture Analysis