One of the Largest Indian Banks Automates a Gamut of Banking Processes to Become a Digital EnterpriseDownload PDF
The bank is one of the largest private sector banks in India offering services across Personal Banking, Business Banking, and Corporate Banking. It has more than 1000 branches and 1800+ ATMs covering 29 States and 7 Union Territories. The bank realized that digital transformation in banking was at a turning point – from conventional banking to convenient banking. A digital banking experience was no more a differentiating factor, but a basic customer expectation. To offer better services to its customers and to keep up with the changing market, the bank decided to go digital.
Major Challenges Faced by the Bank
The bank faced difficulty in keeping up with the changing market conditions and increasing competition. It faced challenges in meeting the expectations of its millennial customers. The workforce of the bank was occupied with mundane manual tasks. This consumed much of their time, leaving little time for more important tasks. These challenges hindered the bank from achieving its business goals and slowed down its growth.
Key Processes Transformed
- Account Opening & Account Instructions
- Bearer Identification Process
- Sovereign Gold Bonds
- Credit Card Onboarding
- Wealth Banking
- Business Banking
- Joint Lending Forum-Special Mention Accounts
- Trade Finance
- Letter of Credit
- Confirmation Tracking System
- Issuer & Payer Agreement