Private sector lender IndusInd Bank on October 4 launched a digital banking "supper-application", INDIE, for personalised banking and financial services along with other facilities, as it looks to expand its customer base.
“INDIE will offer credit line services, brokerage facilities, fixed deposits (FD) and new-age banking services,” the bank said in a press release.
INDIE is the new digital banking super-application which offers fixed deposits (FD), credit services, brokerage facilities among other financial and banking services.
The bank was targeting 10 million customers over in the next three years, Managing Director and Chief Executive Sumant Kathpalia said.
“Currently we have 3 lakh customers, we are targeting around 25-30 percent of our total customer base to use INDIE. We are looking at 10 million customers in the next three years,” Kathpalia said.
The bank also plans to launch services for non-residential Indian (NRI) and non-resident ordinary (NRO) facilities, taxation services and business banking service.
“We will soon launch services for NRI and NRO customers alongside INDIE for business and other taxation services,” said Charu Sachdeva Mathur, Head, Digital Banking and Strategy (Existing Business), IndusInd Bank.
Initial launch
The soft version of the application was launched in late August 2023 and some customers have complained of bugs and glitches.
Since the application was in the soft launch stage, there would be some issues, Kathpalia said when asked about the complaints.
“There were issues at the initial stage and we have taken note of the same. We are working to address the issues and due to this the launch of the mobile application was delayed by three months,” said Kathpalia.
Tech and additional services
Talking about the personalised features of the application, Mathur said the bank would use a machine learning (ML) based model to work on checking and gathering customer data.
“Alongside data from the credit bureaus, we are working on a ML-based data science model which will extract customer data securely. We will soon launch account aggregator services too,” Mathur said.
Cross-selling of some insurance products would be a key thing for INDIE. “We are planning on a cross-selling ratio of 3 percent through INDIE which we plan to grow to around 4 percent to 5 percent in two years,” Kathpalia said.
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