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Highlights of Indian Overseas Bank’s recent digital initiatives

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The Indian Overseas Bank recently launched a sound pressure level meter, an IoT device initiative to solve customer grievances at the branch counter by measuring the decibel level of the customer. This is the latest in a series of digital initiatives launched by the Bank. The key points taken into consideration include Customer First; Customer Delight; One Stop Shop; NPA Follow up – Cultural Change; Desk based to Digital based Banking; The staff assigned SMA accounts through digitalisation. Express Computer gives a drilldown.

1. Digital transformation achievements
– IOB NanbanCustomer App IOB Nanban is a mobile app launched for the benefit of our customers for performing non-financial transactions. Customers can download the app from google play store. Location of Branches, ATMs, CDMs can be searched using GPS in the app. Details on the various products and services are also listed.
– Interactive Online Facebook Chatbot
Interactive Online Facebook Chatbot has been integrated with IOB Nanban app for real time customer interactive experience. Shortly, other services such as E-Statement, Stop Cheque, Debit Card Lock are being introduced.
– BBPS as Biller as well as Customer Operating Units
Bharat Bill Payment System (BBPS) is an integrated bill payment system introduced by National Payments Corporation of India (NPCI), offering interoperable online bill payment service to customers. IOB Customers can now pay Electricity, Telecom, DTH, Water and Gas payments through BBPS system using Internet banking and Mobile banking. IOB has obtained RBI license to operate both as a Customer Unit and as a Biller Unit, as ONE among of the INITIAL THREE public sector banks to get approval from RBI.
IOB is the FIRST Public sector bank to go LIVE on BBPS as a Biller Operating Unit with TNEB(Tamil Nadu Electricity Board) as the Bank’s Biller in BBPS Platform of NPCI.
– IOB Sahayak – Staff App
IOB Sahayak, a mobile app for our Staff has been released by our bank. The following features are available currently.

– NPA Recovery Visit

– Security Inspection Visit

– Viewing Internal Circulars

– Lead Generation

– IOB Pay – Online PG Platform
IOB PAY, Winner of Express Intelligent Enterprise Awards 2017, IBA award – Runner Up, Best Payments Initiative 2017 is a composite online fee payment platform, which can integrate with various types of individual merchants for payment of fees, remittance of donations, etc. using any bank’s Internet banking or Debit/Credit Cards.

– Youtube, Instagram, Twitter Social relationship has evolved along with digital transformation!! IOB has earmarked its digital presence by being LIVE in YouTube, Instagram and Twitter.
– Online MSME Loan Processing
All MSME loan applications upto Ten Lakhs from customers are processed Online end to end for Hassle free and FAST disposal.

– Customised Mobile PoS collections for Flats / society/Maintenance fees
Customized collection Android APP with personalized fields &a mPOS card swiping machine was given to Associations of Large Flats to their Security men who used this system to collect the monthly association subscription amounts from all flats.

The flats could complete 100% collection in 3 days when compared to their usual collection which takes around 20 days.
– BHIM Aadhaar
BHIM Aadhaar Pay was launched by Government of India as a merchant based mobile application for accepting payments from customers. It is a mobile based application wherein a merchant receives payment from the customer after biometric authentication of customer is successful. The payment can be made against any goods or services availed by the customer from the merchant.

2. Key partners in digital transformation.
– Majority of the above are in-house developed software
– M/s TCS
– M/s AES Technologies
– M/s ICM India
– M/s Manipal Technologies
– M/s BijiliPay
– M/s Global Soft

3. Measuring the customer satisfaction of various initiatives
To Redress the Grievance and improve the Customer Service at the branches, a concept was introduced at the branches called “ COLLECT FEED BACK FROM THE CUSTOMERS THROUGH MISSED CALL CONCEPT”.  The customers to give missed call to pre dedicated two mobile numbers

Happy  – 88288 46625
Unhappy  – 88288 46220
A team from the Customer Service Department will download the data of Missed Calls from the portal and call the customer/numbers to get their feedback /suggestions about their experience at the branches.  On basis of feedback, action is initiated to rectify the deficiencies pointed out in the services at the branches.

4. New skills inducted in 2017
– Artificial intelligence based applications
– Web based applications
– Payment Processing Technologies

5. New skills to be inducted in 2018
– Internet of Things based banking applications
– Robotic Process Automation
– RFID based apps
– Chat based banking
– AI with Machine Learning

6. Digital roadmap for 2018
– Leveraging banking with increased customer convenience
– Conversion of Branch Banking activities to online
– Digital Knowledge Enrichment to internal staff to popularize Digital products
– Digital Evangelists

7. Creating competitive advantage in mature digital ecosystem
Digital enhancements reach customers at a faster pace and enable convenient banking when coupled with latest technologies creating a `niche competitive advantage.

Authored by Devdutt Padhi, General Manager, Digital Banking Department, Indian Overseas Bank

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