Improving financial inclusion, credit decisioning, customer engagement and operational efficiencies were a shared benefit of adopting a financial services DX platform.
To elevate customer satisfaction and set the pace for industry innovation, banks in India have been investing in digital transformation (DX) to increase financial inclusion, optimize operations, unlock deep business insights, and drive impactful commercial outcomes across the region and worldwide.
Pioneering banks such as HDFC Bank, Axis Bank and AU Small Finance Bank are already digitally mature, and they are now focusing on data science to leverage data-driven insights for enhancing customer service, hyper-personalizing customer engagement, and powering AI-driven decisioning and automation at all levels of operation.
Said Axis Bank’s Head of Business Intelligence, Balaji Narayanamurthy, about his bank’s latest adoption of a cloud-based DX platform for the financial services industry: “We’re already witnessing promising outcomes. As part of our commitment to elevating the credit card customer experience, we eagerly anticipate moving to real-time decisioning for over-limit approvals using richer customer data. (This is) a significant step towards a seamless and efficient process.”
The same cloud-based DX platform was also useful to HDFC, whose Group Head, Banking as a Service (International Banking and Digital Ecosystem Banking), Abhijit Singh, noted that, in a project to simplify the bank’s home loan processes, the platform “helped improve our straight-through processing rates, resulting in an enhanced customer journey.”
Similarly, the AU Small Finance Bank achieved an immediate and notable 30% increase in vehicle loan automation, and improved its lending offers to support its commitment to boost financial inclusion, particularly for underserved and unbanked populations. Its founder/MD/CEO, Sanjay Agarwal, said: “We can deliver vehicle loans faster and more accurately. This isn’t just propelling our business growth — it’s also aligning with our financial inclusion objectives. We’re now planning to extend hyper-personalized lending solutions across various products to a wider demographic, encompassing rural customers and farmers, even those without conventional credit histories.”
All the above instances involved DX with the FICO Platform, whose managing director for Asia, Dattu Kompella, said: “In India’s dynamic business environment, financial institutions will now have the potential to deliver hyper-personalized customer experiences, reshape business models, and achieve optimal outcomes for customers and stakeholders.”, managing director in Asia for FICO.
