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:
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.
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%