Overview

AU Small Finance Bank reached out to Decimal to create an industry- first product to help AU onboard customers for various products digitally, specially given the COVID scenario in the country. Self Service journeys had become all too common, and specially given the existing and target customer segment for AU SFB, the need was to create a digital onboarding experience similar to co-browsing where bank representatives can help customer with their needs in a face-to-face manner. This led to the creation of the Video Banking journey concept using the Video capabilities Video KYC solutions provide. Once the first level journeys were in place, they also decided to plug Customer Data Platform to ensure every video banking agent has all the necessary information when trying to cross-sell a product to an existing customer, servicing service requests or even pull up existing leads for New To Bank customers. Customers today can be divided in to 3 primary categories basis their digital readiness – digital native, who want instant access, data privacy, and minimal physical touchpoints, digital immigrants, who prefer relational engagement through one-on-one service, and digital beginner, who prefer enhanced engagement through hand-holding and walkthrough, high contact engagement. The Video Banking platform allows AU Small Finance Bank to serve the needs of all 3 categories of customer in a completely digital manner.

Implementation Process

The entire solution deployment, from conceptualization to design to development and go-live took about 4 month. Since this is a first of it’s kind product, the conceptualization and design phare were the most critical. Once the basic journey design was in place, the development team started configuring the application on top of Decimal’s no code application development platform called Vahana Cloud. All the solutions were developed on a home-grown integrated technology platform – Vahana, which comprises of vDesigner (a Rapid Application Development Platform) and integrated API manager, vConnect, using which we can develop and deploy solutions rapidly at scale across geographies and user demography. vDesigner – is a Rapid Application Development platform using which mobile and web applications can be developed and deployed quickly with low to no coding at all. It helps in reducing development time by up to 80%.

Benefits Achieved

• This first of its kind digital onboarding solution serves all kinds of customers, be it digitally savvy individuals or people new to digital banking by providing a face-to-face digital experience to customer who can choose from either completing the journey in a self service manner or have a video banking agent complete the onboarding journey on their behalf. This solution allows AU Small Finance bank to provide a human touch at every customer touchpoint. It’s as simple as video calling friends and family. Customer can connect instantly over a Video Call or even schedule it for later as per their convenience.
• AU 0101 solution is extremely modular. So even though today this solution is being used for savings accounts, deposits, and service requests, in the future it will be extremely easy to add onboarding for loan products are well using micro-front ends which will reuse the existing journey components.

Conclusion

The deployed Video Banking platform has enabled seamless initiation of such customers by handholding their digital journey at every step, providing an easy to access human touchpoint, building trust in digital products and offering and thereby championing the digital banking cause. The customers can initiate these digital journeys themselves or trigger an agent-initiated response using the mobile banking app/internet banking/website to setup a video banking session for rendering products and services.

Key Facts:

• Bank Name: AU Small Finance Bank
• Bank Founded In:  2017
• Vendor Name: Decimal Technologies
• Solution Implemented: Video based digital onboarding platform for customer acquisition built using Vahana Cloud no code platfrom
• Timeline: 4 months