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50 STPs to boost CX at UBI

Analytics wing of Union Bank of India enhances bank’s functioning from credit underwriting, HR practices to marketing of products, redefining customer experience:50 STPs to boost CX at UBI

Union Bank of India has been a pioneer in adoption of new technologies in order to provide effective and efficient services to its customers. It has repeatedly shown its commitment for constant financial innovation by reimagined business operations and emphasis superior customer experience.

Rajiv Mishra, CGM, Department of Information Technology, Union Bank of India, shares his expert opinion: “Customer experience is not only the UI (user interface) /UX (user experience); the underlying platform data and intelligence derived from data also needs to be put in place. Data needs to be tapped and used for decision making. The analytics wing of bank is launched to leverage the power of AI/ML to transcend bank from traditional banking to digital bank within bank.”

AI For Customers’ Loans

With recent launch of pre-approved personal loans purely based on analytics, the bank has achieved a considerable portfolio under the personal loan scheme. Analytics wing is constantly striving to enhance bank’s functioning. Rajiv elaborates: “The bank has harnessed AI in determining home loan customers’ requirement of top-up loan to bridge their financial necessity. Analytics wing enhances credit underwriting, HR practices and marketing of products, thereby redefining customer experience. The bank has also launched various STP (straight-through processing) journeys for online applications for retail loans.”

CRM: Info To Verticals

“Union Bank of India has a vision of becoming the bank of first choice in its chosen area by building beneficial and lasting relationship with customers through the process of continuous improvement. CRM, at the very core of our bank, is providing various verticals the required information to meet the customer demands.”

Offers On Social Media

To prevail in new age of technology, it is imperative for banks to proclaim social media as the most prominent way of marketing. Union Bank of India is available on every major social media platform, including Youtube, Instagram, Linkedin, Twitter and Facebook, to promote its products. Rajiv informs: “The bank has consistently endeavoured to reach out to customers with the latest offerings and promotional offers through every social media platform available. Union Bank has embraced the digital journey since last decade and has been known for its innovations and adoption to latest technologies.”

Biz Through Digital

Till last year, bank’s focus was moving transactions from the branch to the digital channel, which was achieved up to 80%. Now the bank is focusing on IT to be the enabler for grabbing the unattended retail and SME share in the market. Rajiv reveals: “The bank is focusing to capture the business through the digital channel by undertaking a digital transformation. The bank has come up with a 5-year strategy to capture 50% of our saving, current, acquisition and RAMS (retail, agriculture and MSME) customers to be acquired through the digital channel by 2025. This is the ambitious plan that the bank has put in place.”

Union Vyom: Super app

The bank has launched a new mobile banking application ‘VYOM’ with a total of 350+ features. Some of the USP of Vyom application include banking at fingertips, check balance, scan QR and more without logging in to the app; all accounts at a glance, view and access all deposits and borrowings in one place; quick access to loans, investment and variety of other services.

Digi For Differently Abled

Union Accessibility is intended to remove barriers for people with disabilities and senior citizens. Recently, bank also launched ‘Union Sparsh’ – a special touch debit card for visually impaired customers with braille and tactile features. Bank is implementing digital accessibility as an integral and ongoing activity through an initiative named as Union Access under project Sambhav. Rajiv describes: “The project is working towards aligning accessibility with bank’s existing digital spaces and banking channels. Accessible and inclusive banking is to accelerate digital transformation for superior user experience for customer base of differently abled. It is also to ensure conformance to the prevailing accessibility guidelines of government and best international practices in the domain of digital banking.”

Pre-Approved Loans

Bank has launched a customized pre-approved personal loan (PAPL) product which offers a loan up to Rs0.5 million to existing customers with good credentials, based on analysis of parameters like average salary credit, regular repayment of loans, CIBIL score, etc. Rajiv says: “We give loan offer on the app. Once the customer accepts the offer on the VYOM app and opts for the loan, the amount instantly gets credited in his/her salary account. The entire process including documentation is fully automated and requires no manual intervention of branches/centralized processing cells. Under PAPL scheme, our bank has sanctioned more than Rs7.40 billion of advances.”

Loans Through STP

Now one can avail ‘Shishu Mudra Loan’ digitally with Union Bank of India’s Straight Through Process (STP) technology. Shishu Mudra STP is loan up to 50,000. Bank has introduced several STP journeys for reducing the TAT in sanctioning SME loans, agriculture loan, Shishu Mudra loans, renewal of agriculture loans, credit cards, etc. Rajiv updates: “The bank has done renewal of 93,000+ accounts amounting to Rs124 billion. Various STP journeys include MSME renewal up to Rs1 mn, retail term loan up to Rs5 mn, KCC loan approval & disbursement up to Rs1.60 lakhs in Madhya Pradesh & Karnataka. The bank is in the process of introducing 50+ STP for enhancing customer as well as employee experience.”

PALM TECH

The bank has introduced the palm vein verification for marking of attendance of employees at central office. It is touchless biometric authentication through palm technology. Rajiv explains: “Palm vein scan works by using infrared light to map the unique vein structure of palm, capturing over 5 million data points. This is one of the initiatives taken in view of the recent pandemic thus maintaining the hygiene for employees.”

AA: Control Over Data

Union Bank of India is one of the first public sector banks in India to introduce Account Aggregator services. Rajiv describes the advantages: “The Account Aggregator helps individuals to share their financial data with third parties in a safe and secure manner and give them greater control over how their data is being used. No financial information of the user is retrieved, shared or transferred by the Account Aggregator without the explicit consent of the user.”

Huge Investment In IT

Bank has taken several digital initiatives in the current FY. Bank is making huge investment in the IT. Rajiv underlines: “Union Bank of India is investing to achieve customer satisfaction, faster TAT, manpower optimization, enhanced brand value, reducing risks and ensuring regulatory compliance by going digital and enhancing our visibility as a digitized bank. The bank is committed to become a next generation digital savvy bank with focus on inclusive, responsive, responsible banking through customer centricity, employee empowerment and creation for all stakeholders.”

Robust, Resilient Infra

The bank has a number of other achievements to highlight. It stands 3rd in UPI transactions among all banks in the country with monthly transactions of 760+ mn and technical decline of less than 1%. It stands 2nd in ATM switch processing among all banks across the country. Rajiv indicates: “Our robust and resilient IT infrastructure supported 120% increase in UPI financial transactions in remitter category in the last 6 months. Monthly average CBS transactions is over 1.94 bn. Daily average transaction volume in last 6 months has increased by 20%. Average system uptime is 99.97%, which is at par with best-in-class bank under EASE 4.0.”
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