AU Small Finance Bank was able to offer its customers a personalised, synchronised, and increasingly convenient banking experience using Tagit’s solution as it moves towards an exponential growth-led future.
– IBS Intelligence

Most banks today have realised that the convenience of digital platforms can have a significant impact on customer behaviour. Consumers had little alternative but to bank digitally during the peak of the pandemic, as physical branches closed or reduced operations. Consumer behaviour and expectations were also influenced by rapid advancements in digital capabilities. Owing to this, banks have increasingly made customer-centricity the key component of their digital strategies.

AU Small Finance Bank, a Scheduled Commercial Bank, and a Fortune India 500 company comes with 25 years legacy of being a customer-centric institution. The Bank believes that all customers must have equal access to all products, services, and levels of experience irrespective of their location and social strata. The Bank wanted to provide its products and services to the millions of underserved and unbanked customers.

AU Small Finance Bank serves Tier 1, Tier 2, and Tier 3 regions across the country. To serve the diverse customer base, the Bank required a flexible and scalable technology platform on which extensive business services could be built to meet the volume and varied demands of the customers related to personal banking.

AU Small Finance Bank chose Tagit after an extensive selection process. Using Mobeix^TM, Tagit’s flagship digital banking technology platform, the Bank was able to offer an omnichannel solution to both new and existing customers that allowed them to do banking transactions at their preferred choice of channel/touchpoint.

Business Challenges

The Bank’s goal was to reach a wider customer base and serve them on their preferred channel 24 hours a day, seven days a week. For this, the Bank wanted a modern, secured, and scalable platform.

The Bank was facing the challenge of using legacy back-end systems to provide a new-age experience. It also wanted to use some of the existing journeys integrated within the new omnichannel solution. It aimed to provide a one-stop-shop experience for its customers, allowing them to meet not just their banking needs but also their lifestyle requirements. They wanted to develop a mobile app and a website that would serve as a personal concierge for their customers.

Some of the other expectations of AU Small Finance Bank were as follows:

• Achieve greater integration between their systems and move away from siloed systems
• Integrate seamlessly with third-party systems
• Scale at a rapid pace
• Improve their cross-sell and up-sell capabilities

Solution Overview & Implementation process

“With Tagit’s solution, we can now offer a more tailored experience across all platforms while striving towards greater customer loyalty and satisfaction. The solution has helped us achieve our vision of reaching out to the unbanked and underserved sections of the society on a modern, secure, and scalable platform”
– AU Small Finance Bank

Tagit’s digital banking platform can integrate with both new and legacy technology and offer advance payment alternatives for transferring a large amount of funds in a single transaction along with additional options for easy bill payments and bill administration, as well as savings, deposits, mutual funds, and IPO investments.

All projects undertaken by the Bank follow the agile methodology. This helped the bank to a great extent with any course correction that may have been required. The creation of the team and the coordination required for steering the project posed a challenge in the wake of the COVID-19 pandemic. However, both parties exhibited resilience in this regard and were able to manage collaboration and delivery during the pandemic, as can be discerned from the zero-downtime experienced during the implementation process.

Speed to market was one of the important aspects of implementation, with the solution being made available to the bank’s customers within a short period.

Benefits Achieved

Tagit’s digital solutions for AU Small Finance Bank have made a significant difference in the Bank’s client experience offerings since the pandemic began. The Bank launched a super app called AU 0101 that catered to the lifestyle needs of the customers. Through this app, customers no longer needed to download multiple apps to access lifestyle features; instead, they could do so through the AU 0101 app. Customers may do all banking-related transactions and more on their phones, PCs, and tablets as a result of the finished product.

Furthermore, due to pandemic-related constraints, digital account opening via video banking allowed the bank to service potential customers who were unable to communicate with relationship managers. This feature aided in reaching out to unbanked consumers.

Other key benefits included:

• There are more than 150 features available on the app and internet banking. Following the popularity of the AU app, the Bank created the AU super app, ‘AU 0101’, which also includes hotel, taxi, and travel bookings.
• Following the launch, there was a 3x increase in the number of users and a 4x increase in the average monthly transaction volume.
• Third-party vendor integration support was introduced as a plug-and-play concept.
• A secondary user option allowed many users to log in to the same app without having to de-register the previous user
• Seamless UX for simplified banking journeys

Further, the app became lighter because of responsive journeys, enabling faster reaction times and a better customer experience. For example, the streamlined login process took less than three seconds to get from app boot-up to dashboard.

Conclusion

AU Small Finance Bank wanted to scale exponentially using the omnichannel solution to achieve its vision and business objectives. With this project, AU Small Finance Bank embarked on a path to deliver to millions of underserved and unbanked consumers the same quality of services that universal banks offer. The customers no longer need to visit the bank for their banking needs since they can bank from anywhere, at any time, and on any device. An omnichannel solution like this is critical for engaging consumers at their preferred channel/touchpoint and has saved operating costs while delivering enhanced efficiency and allowing the Bank to undergo a complete digital transformation to become a market leader.

About Tagit

Tagit is an award-winning leading digital banking solutions provider, specialized in providing omnichannel digital banking solutions for leading banks across Asia, the Middle East, and Africa. The Company works closely with clients to develop and implement a holistic roadmap that is aligned to their business objectives and brings its digital strategy to life.

Tagit’s Digital Banking Platform, Mobeix™, is a perfect intersection of out-of-box as well as customized solutions for clients. We work with some of the top banks in Asia with over 10 million active mobile and internet banking users. The platform has received accolades from customers and analysts alike.

Mobeix^TM seamlessly and securely integrates with the client’s back-end systems and provides business services across multiple channels, including mobile, web, wearables, conversational user interfaces.

Tagit partners with clients in their digital transformation journey, delivering best-in-class user experience (UX), innovative solutions, and functional robustness, built on a secure and scalable digital banking technology platform.

Founded in 2004, it has offices in India, Philippines, Malaysia, and Indonesia.

To know more, please visit – https://www.tagitmobile.com

Key Facts

Supplier: Tagit
Headquarters: Singapore
Founded: 2004
Client: AU Small Finance Bank
Solution: Mobeix^TM
Timeline: Mar 2020 – Jan 2021