How Indusind Bank Embraced a Compelling Experiential Banking Narrative
- 60% increase in CSAT survey
- 70% increase in FTR
- 30% increase in back-office productivity
- 50% increase in upsell and cross-sell
Indusind Bank and Talisma Corporation Win Best CRM Implementation Project for 2016
Profile
The bank is a Forbes Global 2000 company. IndusInd Bank has a wide network of branches, extension counters and an extensive network of ATMs providing round the clock banking convenience to its customers.
Challenges
Since the bank had expanded exponentially with a massive network across the country, it needed to revisit its communication strategy to ensure continued growth and success. It also needed to create new revenue streams, increase wallet share of existing customers, and continue to differentiate itself in the market place with very personalized customer service. Being one of the leading private banks in the country, IndusInd dealt with in high volumes of customer and prospect communication across channels and hence required a solution that addressed the following needs:
- Gain competitive differentiation through experiential
- Dynamically address communication and collaboration requirements and communicate information to its
- Ability to track and monitor interactions across silos in the
- Enables sales and service teams to be more consistent and productive by working with an easy to use user interface, with tools to enable teams to focus on up-selling and cross-selling.
- Standardize processes for branch
- A solution that is flexible and customizable while being easy to support and maintain.
IndusInd Bank Snapshot
Head Office: Mumbai
Number of branches: 627
Number of employees: Over 18000
Products/services offered: Banking for Individuals, Banking for NRIs, Banking for Business Owners, Banking for Corporates and Institutions, Home Loan, Personal Loan, Small Business Loan, Car Loan, Motor Insurance, Home Insurance, Travel Insurance, Credit Cards.
IndusInd Bank wanted to streamline business operations and processes to gain an integrated view of operations across business groups. It also sought to create a common front-office application that integrates financial and non-financial data from multiple back-office systems to offer a complete view of the customer. IndusInd Bank didn’t have a central system to manage customer queries, complaints and service requests. Since the bank was growing and expanding to new territories, it had to manage a large volume of multi-channel interactions. Across departments (contact centre, sales, branch and back-office) IndusInd was looking out for a system where the customer queries, complaints and service requests could be entered in and automatically assigned to relevant user for resolution with automated escalations.
On the lead management front there was a need enhance the bank’s lead pipeline by running result-driven high impact campaigns for key customer segments and use its Contact Centre for revenue generation. IndusInd Bank realized the need for to increase sales and revenue, track all leads and opportunities to ensure all leads were processed with due diligence.
Talisma’s Solution
Managing customer relationships is an important facet for any successful organization, especially for a leading private bank. Talisma understands that effective customer interactions influence the value of the relationship. After a thorough analysis of the prevalent issues, the solution Talisma Customer Experience Management(CEM) was proposed, this would not only help IndusInd serve their customers and employees better but also empower the various teams working internally. This also included integrating data from different sources for providing valuable insight into the customer.
Talisma’s CEM solution was able to meet IndusInd’s out-of-the-box requirements with the installation being completed in a short time frame. The solution was also able to easily integrate with the legacy and core banking systems of the bank and delivered the following benefits:
Response to Every Communication:
Talisma automatically archives an incoming communication and then routes it to customer agents based on a pre-defined rule system. This ensures agent accountability and enabled a balanced allocation of communication.
Customer service process is agent-independent:
The agent can access the entire history of past interactions with the customer through Talisma CEM. This enables the agent to respond quickly and effectively.
Streamlined Lead Management Service Over Multiple Channels
Better experience:
Talisma CEM keeps track of the time taken to respond to each email
query. This information is then used to alert agents of upcoming deadlines, and inform Management (through end-of-day reports) of the number of unanswered emails, if any, classified by type. This also helps in delivering customized response and services to customers.
Right information for the desired target segment:
Talisma enables IndusInd bank’s marketing team to send out targeted HTML emails (e.g. private banking details to a high net worth cus- tomer) without much help from the IT department. Thus, the bank is able to send out timely information to the desired audience.
“Talisma helped us implement a customer experience that we wanted our clients to have with the Bank. We are able to manage customer interactions at all touch points and use that data to work out customer requests in real time while keeping customer informed of the progress”
– Mridul Sharma
EVP – Head Solution Delivery at IndusInd Bank
Towards Better Customer Experience
Talisma Communication Hub helped IndusInd interact effectively with customers across lines of business such as NRI banking, Credit Card, Central Processing Unit, Core Banking Helpdesk, etc. from different locations.
Today the bank uses Talisma as a customer facing experiential banking solution as well as a internal collaboration tool within the organization. Through this relationship, IndusInd Bank has achieved:
- 60% increase in CSAT survey
- 70% increase in FTR
- 30% increase in back-office productivity
- 50% increase in upsell and cross-sell opportunities
- Improved customer retention
- Lead Inbound and Outbound Personal Banking Project: Increase in Sales Revenue by 140 lakh per annum
- Deliverables Modules Project: Decrease in TAT of overall deliverables by one day
- End to End tracking of deliverables with SMS update on each status change.
- Client Engagement Program: Has provided an exceptional experience to newly on boarded customers
Processes Configured in Talisma
Account Maintenance, Address Management, Account Opening, Deliverables Processing, Salary Processing, Debit Cards Management, Debit Cards Related Disputes, FD Related, Reversals, Statements Processing, Welcome Kit Management, Tatkal Kits Management, Demat And Remat Operations, Door Step Banking, Initial Funding Reversals, SMS based customer alerts, Client Engagement Program, Welcome Calling, ATM Lead Tracking, Client Profiling and Segmentation.
Looking Ahead
IndusInd Bank regards technology as a critical factor in delivering engaging, customized and enabling financial solutions. IndusInd Bank aims to maintain a scalable computing infrastructure backed by a robust network architecture that delivers experiential banking across channels, transactions and locations. With Talisma CEM, the bank can now create a community of brand advocates for itself. With experiential baking, IndusInd bank has already carved a niche for itself in this highly competitive segment in India and will consolidate and strengthen its position in the days to come.
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