Executive Summary The objective of the case study was to garner customer insights through

primary and secondary research

Various online and offline publications were studied and primary research was conducted

The primary research consisted of a field study with 108 responses (20 offline and 88 online)

The survey gives insights on the recall and usage rate of 16 digital banking services, satisfaction level with their current bank’s services

Other insights – factors for going digital, problems faced while using digital banking and attributes valued while choosing banking services

Based on the study a digital roadmap has been prepared with three steps Improved dashboard demo, mobile website

Introduction of most valued Mehatva customers

New customer acquisition – target institutions and corporate joiners

Results and Analysis The following chart shows the usage and recall rates for various digital

banking services provided by banks Low recall services needs to be marketed more to make the consumer

aware Low usage services- Customers should be rewarded for first time usage of

services

The users have faced security issues, this factor needs to be covered via marketing

Users in India are marred by slow internet speeds, which can be covered via mobile 3G data

Implications of the research Customers who are satisfied with current banking services can’t be

moved to ING

Customers who are not satisfied, can be enticed towards ING digital

By working on the parameters that they are unsatisfied with their current bank Waiting period and line management at branch

Single window services, bank’s operating hours, customer feedback

Introduce Mobile website- m.ingvysyabank.com The recall and usage rate for mobile website is higher

More people are using mobile website to do transactions

71% of respondents choose technology to reduce transaction related time

69% respondents are in favour of using mobile banking

Quality of service and technology have become the biggest factors for choosing banks

SWOT- Strengths and WeaknessSTRENGTHSCustomer access to information 24 hours a dayAbility to offer a customer more than one method of retrieving informationSophisticated technology systemsFund transfer facility- no need for use to travelDiversity helps to capture different types of market.The ability to cut internal cost due to advanced technologyCustomer loyalty and CRMIncreased accuracy of banking transaction

WEAKNESSESHigh initial cost of infrastructure and customer acquisitionContinual wants of customers wants and needsHostile feelings of employees due to possible pending layoffs due to automationMultiple option for the customersInitial investment in technology will be expensive

OpportunitiesThe ability to have a larger customer baseRural expansion- capturing enormous market in previously unreachable placesBetter connect with the Gen Y

ThreatsContinual changing technologyUncertainty of the banking industryCompetition from the lower price operationPossible failure of product due to non-acceptance of customers

Digital Roadmap - highlights

Digital engagement for customers Social media engagement

Invite feedback on social media – use of handlers to provide mediation

Invite inputs on product development

Help customers identify additional services

Financial control on-the-go Offers through mobile app push messages

IMPS based message recharge and irctc ticket booking

Integrate customers insights with CRM data Use of analytics to infer the opinion leaders in their target segment

The most affectionate and regular users – who feel connected to ING bank

These customers would be termed as Mehatva Customers

Use of Predictive Analytics

Mehatva customer

Reduce marketing costs

Publicise the gift - ATL

Better targeting and customer profiling

Reward the Valued Customers

The Fossil Watch is for representational purposes.The gift should have enough brand power to be able to attract the readersThe non-ING customers would also be enchanted towards using ING Digital Banking

Use of advertisements in newspapers

To showcase how ING rewards it’s customers

The gift would be extended to Most-Valued “Mehatva” customers

Cover the security risk factor Brand ING as a Safe way to bank - through advertisements

This mitigates the customers’ concern about security of online banking

Integrated Algorithmic protection = Safe Digital Banking

Find out about how ING has implemented patented algorithms to provide safe digital banking for all its customers

Supported by videos on Youtube and website

*representational advertisement

Website changes ING should work on enticing customers by showcasing better services which

score low on other bank’s parameters

A Demo of the digital banking – view dashboard navigation and functionalities provided Interactive HTML5 dashboard demo

user interface and navigation all account related information at one place- multiple accounts under same Id

Easy access to feedback and service requests

Personalisation and customisation Allow customization of dashboard

Simplified Transaction Process

Start a mobile website with on-the-go fund transfer @ m.ingvysyabank.com

Target students and corporates India has a ready user base of 20000 students who would move to

Affluent class every year Identify institutes like B-schools where students have higher income potential

in the next 5 year horizon

Provide full service with lower charges for first 3 years

Convert them into full potential customers- reaping benefits

Open accounts on joining day of colleges or during conclaves via banking partner (sponsor of events)

Offer free movie tickets on first time use of digital banking

Target new joiners at corporate level Open accounts then and there – on joining day as salaried accounts

Provide exclusive restaurant discounts when paying by using the mobile app

Conclusion and references ING bank needs to apply predictive analytics via its partners

Mindtree and IBM

This would help in real time customer insights, improved customer service and anticipation of digital information

The bank should also complement mobile app with mobile website

The bank should install cash collection machines at ATM’s and use banking correspondents to improve off-branch cash collection

Reward valued customers with aspirational gifts which can be advertised in business newspapers

http://www.accenture.com/Microsites/banking-digital-innovation/Documents/Accenture-PoV-Banking-Digital.pdf

http://www.pwc.com/en_GX/gx/banking-capital-markets/publications/assets/pdf/pwc-new-digital-tipping-point.pdf