IndusInd Bank Turns to IBM to Deepen Customer Relationships
Big Data insights connect customers with contextual information on the go; enable bank to deliver personalized offers
BANGALORE, India - 04 Sep 2013: IBM (NYSE: IBM) today announced a First-of-a-Kind (FOAK) engagement with IndusInd Bank, a Mumbai-based, new generation private bank that offers retail, commercial, transactional and electronic banking products and services. IBM will provide innovative technology to enable IndusInd Bank to deepen customer relationships by delivering personalized, location-based recommendations and offers in real time
IBM Research – India has developed a new technology that connects people with contextual information. Once a user has opted in for the service, the tool cross-references the user’s location with the user’s activity to provide useful insights. As users conduct daily transactions, such as buying airline tickets or shopping at the mall, the system sends relevant promotions by email and mobile alerts, as per the user’s preferences.
CEOs and C-Suite leaders around the world are reassessing how to serve their customers not as a mass audience, but as individuals with personalized needs. As part of its broader strategy, IndusInd Bank is making a major investment to transform its entire front office – every system, process and person that touches the customer – to better anticipate, respond to and capitalize on future events quickly and ahead of its competition.
"IBM’s new technology helps us understand customers as individuals and prepares us to respond more pervasively to the growing opportunities within the digital, social and mobile marketplace,” said Sumant Kathpalia, Head – Consumer Banking, IndusInd, Bank. “We hope to become the leading digital bank in India by pioneering news ways of customer engagement.”
IBM’s technology is embedded within the bank’s customer channels, such as Internet Banking, ATM, SMS Alerts, Phone Banking, Branch Offices, etc. In addition to helping IndusInd Bank better understand their own customers, the service can also help in reaching non-customers.
“It has become imperative for banks to move towards needs-based and behavior-based segmentation to reach customers directly while improving their services. IBM helps bank adopt a client-centric approach in order to serve customers as individuals, while also boosting revenue and deepening loyalty,” said Ramesh Gopinath, Director, IBM Research - India.
The IBM First-of-a-Kind (FOAK) program brings together IBM Researchers and clients to validate new technologies on real business problems and growth opportunities.
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2013, IndusInd Bank had 530 branches, and 1003 ATMs spread across 380 geographical locations of the country. The Bank also has representative offices in London and Dubai.
The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. IndusInd Bank also offers DP facilities for stock and commodity segments. For more information on IndusInd Bank, visit: http://www.indusind.com
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