Equitas Small Finance Bank kicks off Digital Strategy 2.0Equitas SFB like any other bank faced challenges both in internal digitization and digitizing customer facing products. These products included Liability products, Asset products, those used by Corporates SMEs and MSMEs as well as Payment and Transaction Banking products.

As the pandemic dawned upon the nation, it became essential for the bank to roll out its Digital 2.0 strategy to overcome the handicaps created by Covid-19.

Employing over 16,000 people, Equitas Small Finance Bank functions across 17 states and union territories in India with 861 Banking Outlets and 330 ATMs and 296 Business Correspondents. For FY21, the bank recorded a revenue of Rs. 2216 Crores.

On the Liability side, the bank created the Selfe stack which included a digital only Savings Account and Fixed Deposit for the customer on a Do-It-Yourself (DIY) model. The automation resulted in heavy focus on digital customer acquisitions and brought down the per customer acquisition cost substantially.

It provided an end to end digital experience to the customer who could just visit our website and open an account or book a deposit. Video KYC was a welcome move from the regulator that further helped enhance the experience.

A complete API stack was created on the Liabilities front which also helped the bank in launching the neobank ‘NiyoX’ in partnership with Niyo.

“We believe that between Selfe and NiyoX we are among the top 3 banks (public, private, SFBs put together) in the country in terms of customer acquisitions”, said Vaibhav Joshi, CDO, Equitas Small Finance Bank.

On the Sales front, an efficient tab banking product has been developed to cater to the customers in an assisted model.

Joshi believes that phygital is still the way forward for Equitas SFB’s original customers who may want to use the branches or want Relationship Managers (RM) to service them at the comfort of their homes/ offices. With the relaxations in the Current Account (CA), the bank will soon launch its digital only proposition that will help increase retail acquisitions.

Both banking has also been implemented to enhance the lender’s customer service and contact centre experience.

“Digitization of products at the backend has helped improve the customer service experience and helped resolve critical queries in record time. We have a well trained in-house customer service team that manages our contact centre experience. On the Neobanking & Fintech side we have adopted real time bot driven servicing of customer requests and queries”, he added.

Adaptive Analytics for enhancing business penetration

Equitas SFB believes in using adaptive analytics for deepening business penetration with its customers. The small finance bank’s analytics is based on consumer segments and cross sell propositions are created based on it. The data generated through various products is analysed to create specific cross sell, up sell and customer service strategies.

“We use various analytical techniques such as descriptive analytics, diagnostic analytics, predictive analytics and prescriptive analytics. These analytics are carried out in a manner that factors the customer’s previous as well as current interactions. The data points are not just limited to internal data points but on consumer spends and investments behaviour patterns as well”, said Joshi.

On need basis data is fetched from external agencies for superior analytics that may result in a user specific campaign. These campaigns are generally used for deepening the product offerings with the users along with increasing the CASA.

“We have created Virtual Relationship Managers popularly known as VRMs who use these intelligent analytics for increasing the cross sell digitally. The prescriptive analytics helps the VRMs understand the right products for the customer thereby resulting in a superior, relevant and customized banking experience,” he maintained.





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