OCRM im­proves cus­tomer ex­pe­ri­ence, re­duces TAT @BoI

Bank of In­dia is work­ing on more and more on­line prod­uct de­liv­ery with an ob­jec­tive of achiev­ing open bank­ing:

Banking Frontiers - - Highlights - me­hul@bank­ingfron­tiers.com

Bank of In­dia is work­ing on more and more on­line prod­uct de­liv­ery with an ob­jec­tive of achiev­ing open bank­ing

Bank of In­dia has aligned its dig­i­tal strat­egy for im­prov­ing cus­tomer ex­pe­ri­ence and process au­to­ma­tion. The strat­egy fo­cuses on ac­tion nec­es­sary to build a re­spon­sive, ef­fi­cient and de­liv­ery fo­cused IT. De­vel­op­ment, en­hance­ment and mon­i­tor­ing plays a cru­cial role in it. S.R. Meena, GM & CIO, In­for­ma­tion Tech­nol­ogy Depart­ment, out­lines the key ini­tia­tives of the bank: “We have un­der­taken and im­ple­mented projects like UPI both as an is­suer and ac­quirer, Bharat Bill Pay­ment Sys­tem (BBPS) and launched the first phase of our new mo­bile bank­ing ap­pli­ca­tion. We are a mem­ber of BankChain group for blockchain tech­nol­ogy. There are on-go­ing en­hance­ments in our ex­ist­ing prod­ucts and ser­vices also. We are fo­cus­ing on mon­i­tor­ing and con­trol­ling, and we work in close co­or­di­na­tion with risk man­age­ment depart­ment.”

The bank has iden­ti­fied the core build­ing blocks in this ef­fort and the fo­cus is now firmly on clos­ing the say­ing-do­ing gap. Now more than ever, the bank re­lies on the dig­i­tal strat­egy to pro­vide ser­vices and to max­i­mize the val­ues. “Our dig­i­tal strat­egy is based on our past ex­pe­ri­ences and in­volves ac­tive con­sul­ta­tion with the busi­ness,” says Meena.

TO­WARDS OPEN BANK­ING

Tech­nol­ogy is no more an ‘en­abler’ in this dig­i­tal sce­nario; it is an ‘in­evitable’ tool and tech­nique at the dis­posal of banks, which gives them an op­por­tu­nity to achieve their vi­sion to be­come the bank of choice. The cus­tomer val­ues sim­plic­ity and se­cu­rity as the im­por­tant pa­ram­e­ters in their ac­cep­tance of the bank’s so­lu­tions. Says Meena: “Dig­i­ti­za­tion helps us in curb­ing frauds, min­i­miz­ing trans­ac­tion fail­ure, more on­line pres­ence and, most im­por­tantly, build trust in our cus­tomers. We are work­ing on more and more on­line prod­uct de­liv­ery with an ob­jec­tive of achiev­ing open bank­ing.”

AN­A­LYT­ICS JOUR­NEY BE­GINS

The bank lever­ages Busi­ness Ob­jects for its MIS re­port­ing. It al­ready has a large vol­ume of trans­ac­tional data with it and it re­al­izes the ben­e­fit of an­a­lyt­ics for bet­ter cus­tomer ser­vice, op­er­a­tions and re­port­ing. “We are keen on lever­ag­ing ad­vanced an­a­lyt­ics, big data and so­cial an­a­lyt­i­cal tools us­ing the lat­est tech­nol­ogy and we have just be­gun the jour­ney,” says Meena.

CROSS SELL­ING OF­FER­INGS

Tech­nol­ogy has dig­i­tized busi­ness pro­cesses and op­er­a­tions of the bank with im­prove­ment in pro­duc­tiv­ity and op­er­a­tional ef­fi­ciency. It has Op­er­a­tional Cus­tomer Re­la­tion­ship Man­age­ment (OCRM) ser­vices in­te­grated with its cor­po­rate web­site, which pro­vides its cus­tomer fa­cil­ity of griev­ance re­dres­sal as well as a dig­i­tal chan­nel to pro­vide feed­back. Meena says OCRM ser­vices give the bank an op­por­tu­nity to in­ter­act with its ex­ist­ing and prospec­tive cus­tomers and to sell and cross sell its prod­ucts and of­fer­ings.

Other ser­vices like fa­cil­ity to claim bill re­fund though on­line re­quest, ATM fail­ure re­fund on­line, POS fail­ure re­fund on­line, pre-paid card bal­ance en­quiry, in­stant gen­er­a­tion of debit card PIN by vis­it­ing the bank’s ATM have also been pro­vided and Meena feels these ser­vices have con­sid­er­ably im­proved the cus­tomer ex­pe­ri­ence and has re­duced TAT.

SO­CIAL ME­DIA PRES­ENCE

The bank is now aim­ing to lever­age the same for en­hanc­ing its cus­tomer ex­pe­ri­ence, ser­vice de­liv­ery and cus­tomer par­tic­i­pa­tion. It is present on Face­book and Twit­ter and this plays im­por­tant role in en­gag­ing with the cus­tomers across the globe. “Our pres­ence on so­cial me­dia is help­ful in get­ting feed­back from the cus­tomers and pro­vid­ing them in­stant re­sponse as well as nec­es­sary cus­tomer ed­u­ca­tion. These plat­forms are also help­ful in ed­u­cat­ing new users. We are push­ing on dig­i­tal ini­tia­tives and in­creas­ing the ex­pen­di­ture by 25%,” says Meena.

APP IN­TE­GRAT­ING SER­VICES

In a span of a year and half, the bank has launched 3 mo­bile apps. It has its UPI ac­quirer ap­pli­ca­tion BOI BHIM UPI, BBPS ap­pli­ca­tion BOI Bill Pay and a new mo­bile bank­ing app BoI Mo­bile. These ap­pli­ca­tions are for re­tail cus­tomers. For the cor­po­rate seg­ment, there is ‘Star To­ken NG’, which of­fers quick bank­ing and is also a 2FA so­lu­tion.

Meena says that go­ing for­ward, the bank would in­te­grate these ser­vices in mo­bile bank­ing app, which would be one stop for all bank­ing needs. “To pro­vide com­pet­i­tive edge and to im­ple­ment projects for achiev­ing ex­cel­lence in cus­tomer ser­vice, the busi­ness

anal­y­sis is done by our staff mem­ber hav­ing ex­per­tise in par­tic­u­lar tech­nol­ogy/busi­ness do­main and the im­ple­men­ta­tion is done by the ser­vice provider. Mon­i­tor­ing and con­trol­ling of the project is also done by our in-house staff,” says he.

STOR­AGE VIRTUALIZED

The bank’s data cen­tre in­te­grates all chan­nels (ATM, in­ter­net, tele­phone bank­ing and branches), sys­tems (over 16 source sys­tems) and data, and this pro­vides the bank nu­mer­ous ben­e­fits. Less time is re­quired for ag­gre­gat­ing, re­port­ing and an­a­lyz­ing data. It has led to re­duc­tion of IT staff, and their re­de­ploy­ment as op­er­a­tional man­agers in the branches.

The bank has a well-de­fined process for ca­pac­ity man­age­ment for tech­nol­ogy in­fra­struc­ture. It has stan­dard­ized its vir­tu­al­iza­tion plat­form for stor­age in­fra­struc­ture and has aug­mented com­pute and stor­age ca­pac­ity for run­ning busi­ness crit­i­cal ap­pli­ca­tions like SQL data­base, Or­a­cle data­base, Ex­change server, UPI, BBPS and new mo­bile bank­ing app.

Ex­plains Meena: “Stor­age vir­tu­al­iza­tion has helped us in achiev­ing the ob­jec­tive of re­duced data cen­ter cost, im­proved time to mar­ket for new work­loads, de­ploy­ment of highly scal­able in­fra­struc­ture and im­prove­ment in IT ad­min­is­tra­tion and in­fra­struc­ture man­age­ment.”

IT STAFF & TRAIN­ING

The bank has an 100+ strong IT Team at its data cen­ter. Spe­cial­ist of­fi­cers with rel­e­vant aca­demic qual­i­fi­ca­tions are re­cruited. More­over, op­er­a­tions de­part­ments mon­i­tor and man­age the dayto-day op­er­a­tion in co­or­di­na­tion with 55 zones and var­i­ous branches. Meena says the bank is ad­e­quately staffed and skilled and re­cruit­ments are done for fill­ing up va­can­cies at var­i­ous scales. IT of­fi­cers are posted at zones to pro­vide re­quired sup­port to the zones and branches.

All the train­ing cen­tres or­ga­nize reg­u­lar work­shop on IT in­fra­struc­ture, IT prod­ucts, their us­age and ad­van­tages. Staff mem­bers are also nom­i­nated in IT re­lated train­ing or­ga­nized by in­sti­tutes like IDRBT, NIBM etc. On­line knowl­edge tests on IT re­lated prod­ucts and ser­vices are or­ga­nized time to time “We also have 110+ eLearn­ing mod­ules made avail­able in our HRMS on var­i­ous as­pects of bank­ing, in­clud­ing IT for the ben­e­fit of all the staff mem­bers,” says Meena.

SR Meena re­veals that Bank of In­dia is push­ing dig­i­tal ini­tia­tives and in­creas­ing the ex­pen­di­ture by 25%

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