Monday, January 10, 2011

Indusind Bank – WOW Customer experiences - Choice Money

Indusind Bank – WOW Customer experiences - Choice Money

The more CASA Deposits Banks have, the more they will be profitable.

Each Bank has a boutique of CA/SB Account types with various benefits attached to the Accounts basing on the Average Balance.

All the Banks have similar Banks, and hence the need of the hour is to offer Services which can create a WOW factor.

WOW factor can be created at various customer touch points – i.e Branch, Phone Banking, Webpage, Internet Banking.

The latest trend is for the WOW factor is at ATM’s and Statement of Account.
HEFC started the trend with 40% faster ATM’s and Indusind Bank has taken the ATM experience to another level.

It is wooing customers with ‘Choice Money’, at it’s ATM’s

The ATM denomination selection service is called ’Choice Money ATM’.
Under the ‘Choice Money’, the customers can select the Denomination, instead of the ATM choosing to dispense notes of its choice.

There have numerous instances wherein customers withdraw Rs1, 000/-, the ATM dispenses 2 Rs500/- notes and the customers walk into the branch for change!!!!

This is the first of its kind in the Indian Banking industry, and is sure to attract numerous customers to its ATM’s.

Top 5 Benefits of the Choice Money ATM Service from Indusind Bank.

01)                      1st of its kind in the Indian Banking Industry.

02)                      Revenue stream – via higher Interconnect Charges.

03)                      Higher % of recall amongst potential customers.

04)                      Flexibility to top-up its ATM machines, with denomination’s according to the usage pattern.

05)                      Higher % of conversion of cold customers.