DCB Bank’s Top Priority: Innovating and Enhancing Customer Satisfaction - Konnect Insights - An omni-channel customer experience management platform
DCB Bank’s Top Priority: Innovating and Enhancing Customer Satisfaction

DCB Bank’s Top Priority: Innovating and Enhancing Customer Satisfaction

DCB Bank is a professionally managed new generation private sector bank with 400 branches across India. It has innovated in a big way to raise the bar for customer experience. As with other scheduled commercial banks, DCB Bank is regulated by the Reserve Bank of India. The bank features cutting-edge technology and infrastructure, including internet banking for personal and corporate banking customers and a mobile banking app. 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). It has over one million customers.  Occupying a niche of serving self-owned and run businesses the Bank has branches in Andhra Pradesh, Bihar, Chhattisgarh, Daman, Delhi/ NCR, Goa, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry (formerly Pondicherry), Punjab, Rajasthan, Silvassa, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, and West Bengal. Since the time of receiving the scheduled bank license in 1995, DCB Bank has grown at a steady pace both in terms of assets and branch presence. The Aga Khan Fund for Economic Development (AKFED) and Platinum Jubilee Investments Ltd. has approximately a 15% promoter stake in 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 their view, these are trends that are changing the banking landscape.

➡️ Technology

➡️ 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 DCB Bank. 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.

Private Bank  

What challenges did DCB 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 regulators’ 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 environments. Furthermore, business unit heads demand regular reporting on company and personnel contributions. Unit leaders held 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 Report (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 usage plans. They must also maintain transportation, sanitization of premises, safety kits, and social distancing equipment (queue managers, hand sanitizers, and customer distancing squares) at branches, ATMs, and offices. Online Banking   Innovative solutions such as banking via WhatsApp, video KYC mechanism for verification, and conversational banking will be made accessible for a better customer experience. In the next few years, the banking industry’s digital approach to managing customer expectations will undoubtedly experience a major change. In the immediate term, in the next two to three years, WhatsApp banking and chatbots will become even more commonplace. All these interfaces will aid in customer care center operations. 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, staff engagement and development are 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. Employee Engagement   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, the DCB Remit service is a paperless internet remittance service. It is used solely for outbound financial transfers from India to over 20 nations across the globe.

How does DCB 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 monitor social media networks constantly.

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 the target demographic to the extent in precise terms will help strike the right chord. Social media channels allow brands to give customer service from a communication channel that is preferred by the younger generation of customers. It may demonstrate to other consumers how committed the brand is to keep them engaged by helping customers. Social Media Strategy   DCB Bank leveraged Konnect Insights to monitor social media channels for mentions of the company and select other keywords and relevant topics. Social listening allows the bank to monitor, track, evaluate, and respond to social media conversations regarding the bank. It is an important element for audience research.  

The business benefits of implementing Konnect Insights solutions

With productivity, response tracking, dashboards, and reports, the KI solution is a beneficial utility for the bank. Data generated from the dashboards enables analysis of customer social media feedback. Issue tracking and management help with a faster turnaround time for response management.  Customer Calls   Additional benefits include 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 reputation. A better understanding of brand performance in comparison to others.  Crisis Management Social listening may serve as an early warning system for a developing crisis, allowing for assessing the scope of the problem and solving it in its early stages.   Crisis Management   Protect Framework 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. Product Development One of the most significant advantages of social listening is obtaining customer feedback on products, brands, or industries. Significant information can be gained by analyzing what customers say. This critique is also useful since it has the potential to enhance the product, customer service, or more general company tactics.   Product Development   Knowing the audience better Helps obtain a better knowledge of customers. Even when customers are not attempting to gain attention, it’s useful to understand what they’re saying. Their posts and comments on other channels fill in the gaps that the bank would otherwise overlook if one relied just on interactions with regular email or phone 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.