RBL Bank and Infosys Finacle were awarded Best Self Service Banking Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019. RBL Bank implemented Finacle’s Digital Engagement Hub and Finacle Online Banking to transform the digital banking experience for its customers across channels, devices and touchpoints. The awards ceremony was held in conjunction with The Future of Finance Summit at the Shangri-La, Bangkok.
RBL Bank undertook a digital transformation with API driven design for partner ecosystem
RBL Bank undertook a transformation program to revamp the online banking experience for its customers. This included launch of new online banking system and Finacle Digital Engagement Hub to improve customer experience across channels. The online banking system is implemented as a unified platform across retail, corporate and SME customers. The digital transformation included bank’s journey towards open banking framework and application programming interface (API) repository with hundreds of open API to build new apps and services facilitating the bank to foster new partnerships with ease towards building an ecosystem of services.
The system facilitated the bank to reduce the effort required in rolling out new products by 50%
The efforts in rolling out products to the market was reduced by 50% after this system was implemented and over 20 new products and services are added by the bank on digital channels. Over 70% of the processes were automated bringing in efficiency in operations of the bank. Over 25% of the total fixed deposits for the bank are now booked through digital channels.
Time to onboard customers dropped by 80% and digital banking monthly transactions increased by 96%
The bank launched new features like biometrics based self-service on-boarding and instant credit facility. The system facilitated the bank to reduce the time required to on-board a customer by 80%. The bank achieved a notable growth of 75% in the total number of customers using digital channels as well a jump in overall volume of digital transactions. The number of login per month in online banking jumped by 48% in the number of monthly transactions indicating strong customer adoption.