CRM in HDFC Bank
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HDFC Bank leveraged CRMNext and CustomerNext platforms to transform its digital banking experience, aiming for a seamless and efficient customer interaction across multiple channels. The initiative led to significant improvements, including a 208% increase in lead conversion and a 90% reduction in sales turnaround time. By integrating various systems, HDFC Bank achieved better customer insights, personalized offerings, and operational efficiency, ultimately improving customer loyalty and service quality.
CRM in HDFC Bank
- 1. HIGHLIGHTS Riding the Digital Wave to Capture Hearts and Wallets HDFC BANK - Case Study Customers today demand a seamless digital banking experience irrespective of touch points. Fast moving disruptions in Banking are creating new economies and transforming experiences on a never before scale. And these disruptions are coming in the form of technology waves that destroy traditional barriers that hinder business and customer growth in value. HDFC Bank, one of the largest banks in Asia, has the distinction of being the first full spectrum digital bank. The bank chose BUSINESSNEXT to ride and profit from the waves of digital disruption with its CRMNEXT and CUSTOMERNEXT platforms. It found a versatile partner that ensured that any digital initiatives translate into an experience wherein the customer’s needs are instantly met. ASPIRATIONS HDFC Bank wanted to transform delivery, servicing and customer experience of financial products with intelligent and intuitive digital interfaces for all its customers and workforce. Despite the clarity in strategy, execution was a challenge. Such a digital strategy was first of its kind by any bank and faced tremendous risk due to inherent complexity and technological challenges with complex integrations. They also aspired to have an intelligent, insightful and actionable 360o customer view with data from multiple systems. Fragmented selling processes led to fragmented ownership, low visibility and challenges in monitoring of turn-around times. This led to low visibility of information leading to inefficiencies in cross-sell and up-sell. A bottleneck that came in the way of engaging a highly demanding and sensitive customer segment. HDFC Bank wanted a single strategy execution platform, BUSINESSNEXT, to bring exponential agility and efficiency in its operations. 1,00,000+ Users 75% Workforce Penetration 4,500+ Branches 80 Million+ Customers 10,000+ Daily Personalized Reports 1.5 TB+ Live Database Size 18 Applications Integrated 16 Applications Decommissioned
- 2. CUSTOMERS PROCESS EMPLOYEES TECHNOLOGY Experience Faster Single Destination Convenience Private Cloud • Easy onboarding • Instant gratification • Reliable service • Personalized relationships • Consistency across channels • 200% faster sales Turn Around Time • Best in class efficiency • Eliminate rework • Proactive SLA management • Core system synchronized • Reduce application hopping • Automation to reduce workload • Assistance in target achievement • Information on finger tips • Actionable intelligence at every point of interaction • Ultra scalable, elastic • Use commodity hardware • 100% auto upgradable • Always on, always current • Reliable Integrations PROJECT OBJECTIVE We believe in CRMNEXT. With over 1,00,000+ users & 4,500+ branches & multiple integration points, it was hard for any system to match our expectations. We have enjoyed 99.9% uptime availability & seamless scalability. It just seems perfect. Rajesh Wagh - Vice President (IT) - HDFC BANK
- 3. Achieving a ‘One Bank’ Vision HDFC Bank, with the help of BUSINESSNEXT, has launched the ‘Go Digital’ initiative wherein the bank engages the customer from multi channels via branch, netbanking , mobile banking, web, out bound, in bound call centers etc. Integrated and Insightful Customer 3600 CRMNEXT created a unified, insightful customer view for HDFC Bank users by collating and massaging data from different systems. This empowered teams to view a real time display of product holdings and transaction using webmashups. Relationship managers had real time access to product holdings, finances, facilities and account intelligence. Ready connectors available for integration with third-party sources delivered ready-to-use, verified profile information. CRMNEXT built immensely rich customer profiles with interaction, engagement analysis and real time customer intelligence for superior product targeting, service that created enduring profitable relationships. Deliver Personalized Offerings with Faster Approvals CRMNEXT enabled HDFC Bank to use existing customer account intelligence, automated decision processes for instant approvals and cross sell customized offerings. CRMNEXT displayed personalized offers with respect to customer profile through algorithmic techniques like frequency scoring, whitespace analysis with Trinity Cross Sell Modeler and utilized guided call scripts to increase the probability of conversions. Real time alerts from various systems integrated to provide event based triggering such as large deposits, channel usage, etc laid the foundation for building a meaningful relationship. Actionable Reporting and Analytics CRMNEXT delivered drill down and multi-axis reports for HDFC Bank users depending on roles and geographies. Sonic report distribution sends reports in all formats (html, text, pdf) with data and graphs to a users email inbox. CRMNEXT currently sent over 10,000 personalized reports daily to users’ inbox. Net banking ERGO PayZap Phone banking FC CDI CIBIL Phone on E2FS APS NSDL SME CRMNEXT LOS CPSM My calls Back base CIF Telesmart FTS Customernext Mgmt. Car dekho Paisa Bazaar Customer power Businessnext BRE Rules
- 4. Instant Digital Account Opening With CUSTOMERNEXT, HDFC Bank enables customers to open instant digital account anytime, anywhere with AI driven, easy to use integrated journeys. The bank leverages the power of 90+ out of box fintech connectors, including National IDs, AML, Core Banking etc. to deliver faster and seamless onboarding with complete regulatory compliance and 100% digital documentation. Enabling Intelligent Digital Journeys CUSTOMERNEXT empowered HDFC Bank to engage customers through intelligent digital buying and servicing journeys across unassisted, assisted and partners that are adaptive, integrated and frictionless (for details refer the following diagram). Users were able to quickly process all product sales on any device through web. Real-time credit score checks and dynamic personalized offers enabled customers with real-time visibility on eligibility, auto filled applications, upload documents and application status. The journeys were available to both existing customers and new prospects. Regain Win Back Modeler HDFC Bank is now able to create and execute smart follow up processes to minimize dropouts and maximize conversion rates. By creating compelling experiences and personalized offers that stand apart from competition, prospects are intuitively encouraged to complete their purchase journeys with insights gained from behavioral data, organically increasing sales, customer loyalty and brand advocacy. Seamless Customer Onboarding HDFC Bank was able to implement end to end on boarding of customers using fully integrated processes on a single system with the help of Autonoma IntegrationsTM . The platform ensured process compliance with FATCA and eKYC needs. Automated integrations with DWH, back office and core banking systems eliminated the need for multi window jumping and empowered service teams with quick action buttons on a single screen. Integrated Service Desk CRMNEXT empowered HDFC Bank users to assist customers in real time by auto-populating contact information, previewing customer profile, auto-assigning calls automatically to free agents, for all incoming calls. They also implemented predictive dialing and interactive voice response (IVR). Seamless integrations eliminated hopping between multiple systems and enabled call closures on a single platform at the first contact itself. Users were also able to consolidate complaints across products and channels. Pro-active escalations reduced turn-around-time and improved in SLA compliance. Value Driven Customer Segmentation and Account Planning Relationship Managers at HDFC Bank could now track Key Account Values to monitor their own performance and prioritize activities. They leveraged the power of CRMNEXT to track budgets & annual plans with current achievements for existing customers while recording journeys from prospect-to opportunity-to-customer for new customers. Contact policies are configured and their implementation is monitored. Relationship managers are allocated portfolio of customers and given targets to migrate customers to a higher level with pre-defined measures for band migrations.
- 5. Omnichannel Application Capture HDFC bank is now able to capture leads from website, mobile apps, SMS, phone calls, missed calls, Branch, ATMs, KIOSK, Business Correspondents (BC), Business Facilitator(BF), Direct Selling Agent (DSA), online lead aggregators etc. Users can manage pipelines and track applications on a single view. They can effortlessly upload documents, check eligibility from automated predefined business rules and display pre-approved offers. Faster Fulfillment with Robotic Digital Journeys HDFC bank now delivers near instant fulfillment capabilities with straight through processing for all digital lending journeys with zero manual interventions, eliminating errors and reworks. Users can seamlessly integrate with multiple systems to eliminate the need for multi window jumping. Automated Lending Decisions and Approvals HDFC bank users can set algorithmic business rules to automatically approve conforming applications. They can manage and edit applications in real time and route applications automatically to relevant authority on predefined parameters like deviations, loan limits etc. Intelligent analytics, calculation of customizable financial ratios and activity tracking aid real time decision making. HDFC bank lending programs are now fully regulatory compliant with improved process transparency and approval matrix. Digital Lending Platform Two wheeler loan Business loan Auto loan - Used car Auto loan - New car Personal loan Unassisted 19 Products Assisted 13 Products Partner 9 Products Gold loan Home loan Saving account Corporate salary account Current account individual Current account proprietorship Unassisted 19 Products Assisted 13 Products Partner 9 Products Smart account Working capitol Loan against mutual fund Mortgage Cards credit card Cards - corporate cards Cards - cross sell Customer instructions ISA Digital onboarding
- 6. RESULTS 208% Increase in Lead Conversion 40% Increase in Cross Selling 90% Reduction in Sales TAT 52% Improvement in Service Quality 42% Increase in Net Promoters Score 86% Improvement in Customer Loyalty Index 370% Increase in Leads Generated 108% Increase in Response Rate 23% Increase in Campaign Frequency 75% Bank workforce using CRMNEXT 10,000+ No. of daily personalized reports Sales Automation Customer Service & Support Campaign Management Staff Impact Reach us at: sales@crmnext.com www.crmnext.com | B highimpactcrm.com | L @crmnext