Challenges

"Physical form was time consuming and largely manual, often with duplication at various legs given multi-pronged processes for various approvals which then had to converge for a final decision. The digital journey has been built in a manner, where the customer can reach out to the bank at any time to apply for an account, get system generated recurring updates on status of the application all the way till the account is opened. This has hence addressed the below challenges that were earlier faced:
- Challenges with physical visits while travelling or during periods requiring quarantine / social distancing
- Lengthy physical forms to be handwritten,
- Submission of too many documents in printed / physical form
"

Primary target

Which group does your product/service primarily target?

Description of Innovation

"Many a digital journey has been created in the retail / individual space, but hardly any for the business / corporate space in light of the complexities involved. Over the past 2 decades, we have worked towards creating banking services and complimentary solutions tailored to all sizes of SMEs in light with their business needs. Taking from this experience, we have reviewed all complexities and challenges and created a digital journey where a customer can complete the entire onboarding process of seeking a Bank account from the comfort of their own premises and get an account number instantly upon successful submission of the digital application. Bank has extended the same to SME loans as well
"









Apply for a Business Account digitally; Digital onboarding platform provided to SMEs.

Results

This innovative digital onboarding platform received a resounding success with more than 92,000 applications submitted till date and growing every day. Already 8500 (and increasing month on month) of business accounts opened and initiated through the digital platform. Bank has extended the same to SME loans as well

Lessons Learnt

"This initiative was part of the Innovation program and laid the structure for multiple projects in terms of agile delivery and multi-vendor team working.
The initiative has to be clubbed with holistic approach to efficiency improvements through automation of back end processes to reduce manual intervention and errors and improve turn around time. Bank has extended the same to SME loans as well
"

"The last leg of the digital journey requires a wet signature, due to rudimentary framework / architecture to implement / execute digital contracts.
Further, due to Customer Protection Framework (CPF) changes, applying the changes into the journey also becomes a costly affair for financial institutions, in addition to adding on worksteps to the digital journey. "