About the Bank
The Bank is one of the largest financial institutions in Southeast Asia with a presence in 18 markets. Their Indian subsidiary was the first among large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. Today, the bank has a network of nearly 600 branches across 19 states in India, providing an entire range of banking services for large, medium and small enterprises and individual consumers.
Launching its first ever Credit Card in India with a Partner-led Acquisition Strategy
With consumers in India turning to Credit cards for their daily and discretionary needs. the bank wanted to tap into
this largely underpenetrated market by launching its first ever co-branded credit card in India in partnership with an
NBFC – a well-established player in the Credit business, with a large geographic distribution network across India.
The demographic and financial information of the NBFC’s customers helped the bank target the right customers for their credit card offering and pre- approve the customer base. The availability of behavioural information- leveraging
past credit and payment history – also enabled the bank to create customized offers for their customers. This resulted
in increased lead conversion ratio, higher spends on the cards and higher customer engagement.
Leveraging Technology to Drive Growth in Credit Card Business
The bank was looking for a transformational card solution with a custom-built integrated Origination system, Fraud,
Loyalty, Mobile App and Portal- all of which needed to be integrated with Whatsapp, IVR, Loyalty and 3DS channel
partners along with the Credit Bureau and several other real-time interfaces.
Recognizing that modern technology and API driven architecture would be a key enabler for the success of their Partner led acquisition strategy, the bank decided to implement a specialized credit cards origination and management platform for their cards business. It chose Intellect’s comprehensive card origination and management solution.
Intellect’s Microservices based, API driven, cloud native, Headless (MACH) architecture enabled the bank to launch credit cards quickly in the market and helped them scale rapidly. This can be established from the fact that the the bank reached an incredible milestone of issuing 100K cardson the platform within a short span of less than a year since the launch of their Cards business.
This unique partnership further helped the NBFC partner in expanding their customer base and offerings to the customer thus resulting in increased brand visibility and customer stickiness.
Benefits
- Customers can apply for the card from the comfort of their homes through all the digital channels of the NBFC partner followed by instant credit decisioning by DBS which is powered by Intellect’s APIs (private, public and
partner) and a robust, easily configurable Business Rule Engine. - Instant and paperless KYC completion through Video and Biometric modes facilitated by real time integration with UIDAI allowing the bank to onboard customers under 2 minutes.
- Ability to estimate customer’s income using the Income estimation model, a sophisticated model built on AI/ ML hence enabling the bank to preapprove the right customer base and thereby reducing the NPA risk.
- The bank’s customers will not only be able to control their card, check spends, use Cash Points, and pay their bills but also access a personalized lifestyle feed that includes curated offers and lifestyle content.
Bank of the Future
With the credit card space in the country seeing robust growth, the comprehensive Intellect cards solution has
enabled the bank to launch an exclusive co-branded SuperCard, along with adding new customer services channels and improving customer engagement through App and Web. The Supercard will help in eliminating the need for multiple cards, widening the access to credit and offering compelling rewards and benefits to the the bank customers, by leveraging their BFL’s franchise network. The bank can thus, reinforce their commitment to building lasting relationships with customers and positively impacting communities through supporting enterprises and individuals.
