Union Bank customers now create their own access to all alternate delivery channels: online banking, mobile and phone banking without approaching the bank. http://www.ACIWorldwide.com
Lalit Sinha, General Manager, Alternate Delivery Channels & New Initiative Department from Union Bank of India said, "Our customers now have complete freedom from paper applications, mailed PINs, and the wait associated with them. Password generations and dispatches have become a thing of the past. BASE24 played a pivotal role in all of these new implementations and, without it, we wouldn't have been able to achieve everything we have done."
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M. V. Nair: I am M. V. Nair, Chairman and Managing Director of Union Bank of India. Union Bank of India is the 5th largest nationalist bank in the country, having about 3,100 branches across the country. The whole objective that we have set is to become the number one retail bank in customer experience across all touch points.
Union Bank has taken up a Customer Empowerment Program as one of the major key initiatives. The biggest challenge today we have in the country is to bring 50% of our population, who are not yet banks' customers, into the banking fold, and when we do that, it has to happen through technology and customer empowerment.
Lalit Sinha: Customer Empowerment was the program aimed at enabling customers to create their own access to all the services. It was our experience that the customer has to go through a lot of wait, pain when it comes to getting services like ATM, net banking, phone banking, etc. For a debit card PIN or internet banking, it was normal to have a five to seven days wait time to get the user ID, password, PIN, and the card. So the entire Customer Empowerment Project was conceived to relieve the customer from all these pains and waits.
M. V. Nair: One of the initiatives which became extremely successful has been the introduction of ready kit. A customer who walks into a branch to open an account, he gets a ready kit, which has the debit card and the PIN number, and he gets it on the spot.
Lalit Sinha: Ready kit debit cards are, in fact, non-personalized card that we issue our customers when they come to open an account. These cards are as good as personalized cards. They can be used across ATMs, merchant establishments, for online transactions, and the added advantage is that, through the customer empowerment, we have empowered this card to create access for net banking, phone banking, mobile banking, etc.
This entire implementation was done in very close coordination with ACI. It took us some 18 months time only to implement the complete customer empowerment. It required actually multiple interfaces between different systems, like net banking, mobile banking, phone banking. There were a couple of challenges. In fact, security was the primary concern, and we thought we will use the BASE24 for validating the customer. BASE24 provides a full-proof security through debit card and PIN. This is a very reliable and a very reputed solution across the globe, and we had complete faith in its capability.
M. V. Nair: The Customer Empowerment Program has impact on cost reduction. It has impact on the transparency. It has impact on the convenience that the customer finds himself in using the channels. As a result, our ATM, what we have installed has become 2,600 now, and we are increasing to 5,000 by the end of this year. So it will have a major impact on the economy.
Lalit Sinha: Having achieved customer empowerment successfully through BASE24, we plan to use the same capability whenever we are extending new services and adding new channels. BASE24 provides an excellent validation platform, and we are going to use it in many new applications in the future. SUBSCRIBE HERE TO SEE MORE GREAT VIDEOS
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