A new generation private sector bank with 400 branches has innovated in a big way to raise the bar for customer experience. The Reserve Bank of India regulates it as a scheduled commercial bank, as it is handled and regulated professionally. The bank features cutting-edge technology and infrastructure, including cutting-edge internet banking for personal and corporate banking customers. Retail, micro-SME, SME, mid-Corporate, Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks, and Non-Banking Finance Companies are the business segments of DCB Bank (NBFC). DCB Bank has over 9,50,000 clients.
The bank has branches in Andhra Pradesh, Bihar, Chhattisgarh, Daman, Delhi/ NCR, Goa, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Silvassa, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, and West Bengal. Since its beginnings in the 1930s, DCB Bank has had strong roots in India. The Aga Khan Fund for Economic Development (AKFED) and Platinum Jubilee Investments Ltd. owns less than 15% of the company. AKFED is an international development organization. Its mission is to promote entrepreneurship and the development of financially viable businesses.
Bank’s Brand Objective
The future of banking will look very different from today. Certainly, COVID-19 has raised customer expectations. With such changing consumer expectations, the rise of many emerging technologies, and new business models based on open banking or embedded finance, banks will need to start putting strategies in place now to help them prepare for banking in 2030. In my view below, trends are changing the banking landscape.
➡️ Orchestration across the ecosystem
➡️ A Digitally Dexterous Enterprise
➡️ Collaboration Banking
➡️ Invisible Interface Banking
➡️ Cyber Security Finance
➡️ Business Continuity
➡️ Employee Engagement Satisfaction
➡️ Open Innovation
➡️ And most importantly, customer satisfaction
Taking care of customers has always been a priority for them. While they were onboarding new customers when the pandemic hit, they rigorously went about increasing the metrics such as Customer Satisfaction (CSAT), or Net Promoter Score (NPS), acquisition, retention, and servicing.
What challenges did the bank face?
The industry’s first and most pressing problem is the health and safety of its personnel and consumers. Second, the hazards associated with virtual networking, cybersecurity, and remote data sharing create new IT security flaws. Third, compliance, due diligence, and conformity to the regulator’s and other government authorities’ requirements
The most fundamental issue in any of these is communication. It is critical to assuaging employee and consumer problems in the physical, economic, and business environment. Furthermore, business unit heads demand regular reporting on company and personnel contributions. Unit leaders hold regular conference calls to discuss and ponder the developments in business continuity, employee health, and safety.
Furthermore, online trackers and enablers such as electronic daily sales reports (EDSR) require regular input online or through email. These difficulties have also increased the demand for IT teams to improve virtual solutions, support, and technology. There is an extra duty for resolving employee inquiries, administering applications, and ensuring the virtual smooth operation of the company and data centers.
To ensure the safety of employees and customers, administration teams have specific physical premises utilization plans. They must also maintain transportation, sanitization of premises, personal safety kits, and social distancing equipment (queue managers, hand sanitizers, and customer distancing squares) at branches, ATMs, and offices.
Innovative solutions such as WhatsApp banking, video KYC mechanisms, and conversational banking will be made accessible for a better customer experience. In the next few years, the bank’s digital approach to managing customer expectations will undoubtedly experience a major change. In the next two to three years, WhatsApp banking and chatbots will become commonplace. This will aid in contact center operations optimization. Maintaining virtual security, on the other hand, will be an issue for the foreseeable future. IT teams will need to expand their products and security features.
One significant feature of the pandemic crisis is that it has resulted in the speedier acceptance of change and opportunity as a result of remote working and employee multi-skilling. Furthermore, in these hard times, we made staff engagement and development a high priority. Emotional well-being was managed through virtual employee engagement through wellness sessions on mental health, virtual town halls to boost employee spirit, and a fun radio show for employees to dedicate messages to their coworkers. They also had—video calls to connect with employees who have demonstrated exemplary work ethics and applaud them alongside their seniors; virtual music sessions; stand-up comedy events; kitchen waste composting; and virtual yoga sessions.
The pandemic provided an opportunity for organizations and technology to collaborate and re-evaluate customer demands while also aligning new business models and adapting existing strategies. For their customers, they launched/improved three essential customer-facing digital products. A Fixed Deposit enables any non-bank customer to create an FD-only account with the bank from the comfort of their own home in minutes. Second, Remit Service is a zero-fee, paperless internet remittance service. solely for outbound financial transfers from India to 22 nations across the globe.
How does the bank utilize Konnect Insights to mine insights from social media?
Consumers today are not afraid to voice their opinions on social media. Negative feedback, if not controlled, might do irreversible damage to the brand’s reputation. The only way to recognize and respond to negative reviews, harmful content, and misleading information is to constantly monitor social media networks.
The better you understand who you’re talking to, the more efficiently your message will reach them. That is a fundamental element of a social media strategy: fine-tuning their target demographic to strike the precise right chord. Social media channels allow brands to give outstanding customer service to their customers around the clock. They may demonstrate to other consumers how committed you are to keeping them pleased by resolving client complaints and problems on social media.
They leveraged Konnect Insights to monitor their social media channels for mentions of our company, competitors, products, and other topics. Social listening allows them to monitor, track, evaluate, and respond to social media conversations regarding the bank. It is a critical element of audience research.
The business benefits of implementing Konnect Insights solutions
With just a 5-person team, they can manage more than 25 calls. They are now able to analyze customers’ social media feedback and they can also support some of the previously unattended concerns. Apart from ATMs, cell phones, and WhatsApp, the bank is now available through all platforms.
They also obtain the following benefits: 24X7 sentiment analysis; online reputation management; social media crisis management; brand and competitor social analytics; campaign management; automated marketing, CRM, and reporting; deep insight analytics; and real-time notifications for the bank’s customer service excellence team.
Some of the top-level benefits include:
Online Reputation Management
Recognize and improve the drivers of the bank’s reputation. They also have a better grasp of their brand’s performance in comparison to their competitors.
Social listening may serve as an early warning system for a developing crisis, allowing us to assess the scope of the problem and solve it while it is still in its early stages.
The framework for brand protection and online reputation management monitors and analyzes conversation segments to track recognized concerns while identifying unanticipated problems before they become crises.
One of the most significant advantages of social listening is that they’ve been able to obtain customer feedback on products, brands, or industries. They can gain significant information by analyzing what our customers say. This critique is also useful since it has the potential to enhance our product, customer service, or more general company tactics.
Knowing the audience better
This will help them to obtain a better knowledge of their customers. Even when they’re not attempting to gain attention, it’s useful to understand what they’re saying. Their postings and comments on other channels fill in the gaps that we would otherwise overlook if you relied just on their interactions with us via other channels.
Implementation of the promoted framework
The brand insights and campaign recommendations framework help in the ideation and optimization of a brand or effort by taking the pulse of the audience and identifying how best to reach them.