A New Age Bank in South Asia Redefines Customer Experience

Overview

The organization is a leading private bank in India. The bank is successfully serving millions of customers through a network of 300+ branches, geographically spread across the country. The bank provides financing solutions to individuals and micro & small enterprises (MSEs). It offers a wide range of banking products and financial services to corporate and retail customers in the areas of investment banking, venture capital, and asset management.

Bottlenecks in Delivering a Great Customer Experience

As a new-age bank, the organization wanted to reinvent the banking experience for their customers. However, the bank struggled with its manual and siloed communication management process. All customer communications, be it factoring advice, account statements, confirmation of transaction advices, letterheads, e-mailers, notices, and others, were created manually, resulting in delays and inconsistent branding. The process involved various manual hand-offs and collaboration among different departments for consolidating information from various systems. Hence, the turnaround time for generating and delivering communications was 2-3 days. Further, the bank had a dedicated staff to manage outbound communications, which added to the costs.

With an aim to make banking convenient, the bank realized the need to streamline its communication strategy across all the branches. Owing to Newgen’s experience of working with leading global banks, the bank on-boarded Newgen to enable end-to-end management of communication processes and deliver an enriched customer experience.

The Implementation Impact

With the Newgen OmniOMS system, the bank enhanced its customer experience by drastically reducing the turnaround time for generating and delivering communications from 2-3 days to 1-2 hours. The bank has successfully automated its communication process across 300+ branches. The implementation has resulted in better customer engagements, reduced errors and operational costs, and improved productivity.

• Secure communications– Generate password-protected PDFs and enable user-based access to the repository
• Meet audit requirements– Maintain detailed audit logs for all the tasks and activities performed by each user
• Track delivery of communications– Get notifications for failed mail delivery. Track bounced emails and define corrective actions
• Archive millions of correspondences– Archive statements after distribution. Save and retrieve documents from any repository while ensuring regulatory compliance