“I think video KYC (Know Your Customer) has changed a lot of things for the banks. We want to make banking ever more simpler for our customers.
“The video KYC allowed by RBI gives tremendous amount of flexibility to customers and transactions are building up as new customers are signing-in digitally,” Ramasubramanian told .
“My digital on-boarding has gone up by at least 3X as of July compared to pre-COVID level. Our balance sheet has also moved up. Customers are mainly opening savings and fixed deposit accounts,” he added.
There has been a tremendous amount of inflow into fixed deposits, he said, talking about the trends seen in the banking industry.
Ramasubramanian asserted that IndusInd Bank has been ahead of the curve vis-a-vis its peers in terms of technological innovation and has been able to invest in customer relationship management (CRM) even during the COVID-19 times.
The bank has successfully integrated CRM software CRMNEXT, which is a leading enterprise solution provider for banks and financial services.
CRMNEXT help banks and financial institutions simplify the process of customer on-boarding, introduce new products and automate processes.
Ramasubramanian said such solutions are helping the bank maintain an omni-channel architecture and reach out to customers efficiently.
“The intention of the organisation to invest in digital is really high because we have seen the value of these kind of investments in the last few years and in the last few months as well. We are investing a lot in capacity creation for customer engagement virtually,” he said, but did not disclose the investment details.
Digital has its own advantages and conveniences, he said, adding that in this current pandemic situation people do not want to handle cash.
Many of the purchases are now happening over phone, and even for medicines one does not need to go to a medical shop, he added.
However, he opined that cash will regain prominence once the pandemic subsides, but a large segment would still prefer digital transactions.
“I would say digital has been the saviour for any financial institution in this time of COVID, even though cash transactions will go up and there will be some drop in digital transaction post-COVID,” he said.
Ramasubramanian, however, said he expects the behaviour will change for at least 70-80 per cent of the people, who would prefer digital over cash transactions.