i-exceed’s Appzillon Digital Banking powers India Post Payments Bank
April 10, 2023
Overview:
India Post Payments Bank, abbreviated as IPPB, is a division of India Post under the ownership of the Department of Post, a department under the Ministry of Communications of the Government of India. Opened in 2018, as of January 2022, the bank has more than 5 crore customers. The fundamental mandate of IPPB is to become the most accessible, affordable, and trusted bank for the common man in India by removing barriers for the unbanked and reducing opportunity cost for the underbanked.
IPPB had chosen i-exceed to implement a customer onboarding, mobile banking and agency banking solution that would be diverse enough to include both rural and urban customers. Certain distinguishing features that were made available in the application were:
- Digital Account Opening
- Cash deposit/withdrawal
- POSB Sweep In/Sweep Out
- AEPS transactions
- Life Insurance
- General Insurance
- DBT Subscription
- Aadhaar Seeding
- Loan Collection
- Postal Savings account and Life Insurance
- Recurring Deposits and Loan Against Recurring Deposits
- Sukany Samriddhi Account
Implementation Process:
The IPPB implementation was one of the largest financial inclusion projects in the world. The implementation team consisted of 1 Project Manager, 1 Business Analyst, 2 Team Leads, 5 Developers and 1 Quality Analyst. The project was implemented in eight months and included three applications (viz. customer onboarding, mobile banking and agency banking) supporting 13 regional languages. The multi-language support proved crucial to accommodating customers and agents such as postmen in the banking process.
The application was built using microservices architecture, which helped in using the same code base for multiple channels and was integrated using various downstream systems. The project included enterprise-ready open source platforms to provide scalability and flexibility. A significant focus of the project was to build a simplistic, user-friendly, uniform experience across all appropriate channels, as a substantial share of the customer base was from rural areas. The application also accommodated robust security features such as:
- Multifactor Authentication
- Multi-level Session Validation
- OWASP Vulnerability Protection
- Secure Data Transmission
- Encrypted Data Storage
- Comprehensive Audit Logs
- Static Code Analysis
- Fine Grain Access Control
Benefits Achieved:
The Mobile banking and Micro ATM solutions implemented through the Appzillion system had a variety of offerings for both rural and urban customers. The application enabled the bank to provide customer service anytime and anywhere through multiple self-service channels. The micro ATM solution offered enhanced services for the unbanked in India. Moreover, the multi-lingual support helped the postmen to use the application in a language the customer and staff are comfortable with. Postmen were able to assist in performing banking transactions on behalf of a customer by authenticating the customer by various means. The customer onboarding process was simplified using Aadhaar card-based authentication for instant account opening. The customer journeys were designed to accommodate non-tech-savvy customers in rural areas. Moreover, with the use of the low-code Appzillion platform, the bank introduced process improvements and added new features with low time to market.
Conclusion:
The IPPB solution implementation was used to leverage the Indian postal infrastructure with over 155,000 branches and 300,000 postmen to deliver enhanced financial services to the unbanked, making it one of the largest financial inclusion projects in the world. The Appzillion-powered solution has helped IPPB expand its customer network by more than 30 million customers in 18 months and significantly reduced operational and infrastructure costs for the bank.
Key Facts:
- Bank Name: India Post Payments Bank
- Bank Founded In: 2016
- Bank HQ: New Delhi, India
- Vendor Name: i-exceed Technology Solutions
- Solution Implemented: Appzillon 3.5.X
- Timeline: 8 months
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