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Gaurang Tiwari XISS

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ING Hunt for Lions

Text of Gaurang Tiwari XISS

  • 1. Digital Banking A New Way Forward

2. BankingBanking is one of the most essential and important factor in ones life as itdeals with cash and cash transactions. Financial needs are equallyimportant in life for enjoying a comfortable economic status and hencebanking sector plays a vital role for all of us.Few decades earlier, banking was available to few classes only i.e. the elitesection of the society was getting banking facilities as banks were limited innumbers and mostly accumulated in urban areas and metro sectors.Due to Introduction and adoption of technology in the banking sectors, thenature of the traditional banking substantially changed, as now it is notconfined only to urban and metros cities.BankingTraditional DigitalBranch ATM Call Centre Internet Mobile SMS 3. Branch BankingBranch banking is the act of doing one's banking business ata location. A location where greater variety of services andproducts become available to a broader public at once.Strength Safety of transaction Easy to use Availability of support Less chances of failure Build trust in a customerWeakness Time consuming Management is Complex Cant be accessed 24*7 MonopolyBranchATMCall CentreThreat Change in the preferencesof the customer No Proper Facilities ToUneducated customers Decentralized ManagementOpportunitiesNew Customers can betargeted easily Can be made available tolarge number of people in aunbanked area 4. Digital BankingDigital banking means more than just going paperless. Thistype of banking involves the technology and enhances thecustomer experience by providing services and products on adigital format.InternetMobileSMSStrength Fast and safe transactions 24*7 Available Simple and Easy to use Attract new customersWeakness Only for educatedcustomers Connectivity Transaction failure Less customer supportThreat Change in the technology No Proper Facilities ToUneducated customers Outdated and changingtechnologyOpportunities New Customers can betargeted easily More technology can beintroduced future customers can beidentified 5. ING Vysya Bank Ltd is a premier private sectorbank with retail, private and wholesale bankingplatforms that serve over two millioncustomers. The bank was formed from the 2002acquisition of an equity stake in Indian Vysya Bankby the Dutch ING Group.ING Vysya is the seventh largest private sector bank in India and asof June 2014, the Bank had 563 branches and extension counters, 25satellite offices and 640 ATMs. ING Vysya is one of those banks thatgives respect to technological innovations in their products andservices. 6. Road Map for in Digital BankingTo propose a road map for ING Vysya to move towards digitalbanking a research was conducted. This research consisted of asurvey conducted on a sample of 112 customers of variousbanks. The survey was conducted in Ranchi, India. According tothe research done these are the four suggestions for ING Vysyathat will lead it forward in the new age of banking. ING Vysya should go for more Customer Centric Approach, ING Vysya should target the rural areas, New ways to engage customers and future customers, and Integrate the various product and services in then Digitalplatform for better customer experience. 7. Customer Centric ApproachMost banks never create a close relationship with their retail customersand understand little of their actual needs. Tailored products andservices in digital banking are rare. Instead, complaints aboutinadequate services, slow transactions and inefficient customer supportsurface in the news with depressing regularity.The journey towards customer centricity will offer ING Vysya bank thegolden opportunity to create a new trust-based bond with theircustomers through the digital banking. Organise around our customers Intelligent deployment of technology Empower our people Simplify product offeringProvide transparency on pricing/chargesIncrease penetration of online and mobile applications 8. Customer Centric Approach in digital banking can be achieved throughAnalyze the needs of the existingcustomers through there purchasingand social media behavior.Design product and services for digitalbanking. These can be opening of aaccount online. Requesting for a loanand other facilities.Availability of customer support 24*7Customer support should be given tothe customers through live chat,Video chat and through social mediaplatforms.123 9. Social media is one of the fastest growing channels inbanking and banks need to fully mobilize it. A few bankshave already begun the shift from using social media simplyas an engagement tool to actually marketing products andservices through the channel.Internet and mobile banking, and social media, generate alot of useful data about customers. This data can be furtherbe used by ING Vysya bank to capture the customer needs.The engagement of ING Vysya on the social media will notonly help to connect with the ING customers but also thefuture customers.4 10. ING for Rural IndiaThe digital platform can go a long way in achieving the goals of financialinclusion by using technology solutions to reach the rural population.ING Vysya Bank needs to realize that products rolled out to the ruralpopulation need to be tailored to suit their wants and be flexible enoughto allow for quick withdrawals, deposit of small savings, etc.Furthermore, there is a need for simplicity in products so that it is easyfor these customers to understand and invest. Piggy-backing on thereach and penetration of mobiles in the rural hinterland, ING Vysyashould use mobile technology to reach out to this belt.Mobile Banking has facilitatedmany functions such aspayments, the transfer of funds,etc for those with small savingsand the need to remit money ona periodic basis. 11. New way of fund transferA ING Vysya customer can transfer money to any person inIndia, who has the ING mobile application. This can be donein three easy steps:1. Type in the name of the person,2. The phone number of that person,3. Create a Pin Number for the transaction.The person will receive the money on his ING app. Now theperson will go to the nearest ING Vysya Bank and will showthe app to the cashier. The QR code on the app will be readfor completion of the transaction.The Cashier will ask a copy of the Identity and address proofand the Pin . Transaction complete, Person will receive theAmount.ING VYSYACustomersAny PersonThe person will show theapp to cashier.The QR code and the pinwill be identified and willget the money. 12. Executive SummaryThis report provides an analysis and evaluation of the branch banking anddigital banking. This report tackles the important question: how can INGVysya bank achieve success in the digital banking.The research draws attention to the fact that the digital banking will bethe future of the banks in India. Results of data analysed shows that thecustomers need secure and fast transactions and services which can savetheir time.The report recommends a road map for ING Vysya bank to move towardsdigital banking. These recommendations are Moving to a more customer centric approach, Target the rural areas through technology, New ways to engage customers and future customersThese suggestions will help ING Vysya to become the pioneer of the newenhanced digital banking. 13. ConclusionIndia's banking industry could become the fifth largest bankingsector globally by 2020 and the third largest by 2025. Thesedays, banks in India are turning their focus to servicing clientsand improving their technology infrastructure, which can helpbetter customer experience and give them a competitive edge.ING Vysya can gain the popularity of internet and mobilebanking at this time with the help of the customer relationshipmanagement (CRM) and data warehousing. By going with thisresearch and findings ING Vysya bank can drive the next wave ofbanking technology in the country.