ICICI Bank is one of India’s leading private sector banks. As a global enterprise, their business reaches from North America to Asia Pacific and the Middle East. They offer a diverse portfolio of financial services from banking to insurance, investment banking, venture capital, and wealth management. ICICI Bank reported more than 20.25 Billion USD in income and 190 Billion USD in assets, winning numerous prestigious awards such as IBA Banking Technology Awards, Infosys Finacle Client Innovation Awards under many categories including “Corporate Banking Digitization”, and ‘Best Bank in Innovation’ at Business Today-Money Today Financial Awards.
In India’s highly competitive finance industry, banks are compelled to differentiate themselves not only by their financial products, but by the quality and extent of their services. ICICI has a singular focus on servicing their customers. Leveraging the most innovative technology has always been a large part of that strategy. ICICI Bank’s Corporate Internet Banking (CIB) platform gives corporate customers the power to instantly execute critical transactions. Every day there are more CIB customers eager to learn how to use their banking platform. But those customers aren’t profitable until they reach a certain level of engagement. Like many banks, an email newsletter was one of the primary methods used to educate new customers in how to use the platform. But the newsletter alone wasn’t enough. CIB knew they needed to transition to a more effective self-service banking model, but they weren’t prepared to compromise their commitment to excellence in customer service.
“Now our new customers are fully engaged – on day one. The Whatfix Platform allows us to save significantly on operations and services. It’s now a cornerstone of our customer acquisition and engagement strategy”
Lead- Product Strategy, Digital Business & Customer Experience, CIB, ICICI
To grow market share in the highly competitive banking sector, CIB needed to accelerate customer onboarding and drive a higher level of engagement so new customers could become profitable faster than ever before.
The Whatfix Digital Adoption Platform (DAP) presents contextual help to CIB users in several scenarios. At the login page a guide appears to help customers complete common activities like managing passwords and user IDs. Once logged in, the help content becomes specific to the type of customer, such as a proprietor, small and medium businesses, a large corporation or a banking partner. Self Help, Task List, and Smart Tips are used to present training content in a wide range of formats from videos to text.
The assistance can range from how to add beneficiaries to making a wide variety of payments. Because security, minimized system latencies, and control were paramount considerations, CIB chose to implement the Whatfix DAP using an on-premise deployment model. By deploying the application within their private domain and using their own privately-managed facility and hardware, ICICI was able to design and enforce the security borders to their own specifications. This gives them the highest degree of control and flexibility over system uptime and other performance parameters.
Today, the Whatfix implementation has become the cornerstone of CIB’s Digital Transformation Strategy by going beyond automating customer support to creating additional value for their customers.The Whatfix platform created a better alignment between CIB’s Business Operations and Technology groups. Not only does the platform facilitate critical transactions, it now provides the additional data sets that are so important to engage a rapidly growing user base. And what did the users think of the Whatfix platform? Feedback was overwhelmingly positive.
The Net Promoter Score improved by approximately 3-5 basis points. Customer support earned high marks for their expertise, response time and technical guidance. Users become familiar with the channel at an early stage. And queries about how to navigate the site were reduced by 50%.
CIB’s Digital Adoption banking platform provides a robust infrastructure for continuous improvement, enabling the bank to maintain a relationship with every customer, at a huge scale. As part of their commitment to continuous improvement, CIB plans to integrate their artificial intelligence-based virtual financial assistant with Whatfix, to deliver walkthroughs as a bot response to their users. Other planned enhancements include the ability to show upsell and cross-sell offers to users based on their activity within the site.
ICICI Bank chose Whatfix not only for the platform’s technical features, but because the company actually took the time to understand both ICICI Bank’s immediate needs and their long-term strategy for creating opportunities for customer engagement.