Bharat Money Stores: Leveraging technology to deliver superior customer experience

IndusInd Bank and BFIL have been conferred with the prestigious award in the “Best use of IT – Customer Experience” category at Duns & Bradstreet BFSI Summit & Awards 2020 for Bharat Money

Stores project. This honor depicts how technology can simplify the customer experience in the BFSI sector.

Despite continuous efforts in development of financial inclusion, India is yet to achieve inclusive growth. Thus, majority of the rural population is unable to improve their income and access basic banking facilities.

Through local Kirana stores, customers can easily make cashless transactions, purchase, transfer/withdraw money, and pay loan installments. The transactions are powered using Biometric, based on Aadhar Pay through Retail Distribution Service Points (RDSP).

 “My village is 30 km away from the city. The biggest issue we faced was the unavailability of banks and ATMs. We used to travel 2 km just to withdraw money. But now because of RDSPs, we can easily do the transactions, send money to my children studying in the city. I don’t have to worry now” says Fayaz, a farmer who does all his transactions through a Bharat Money Store in his village.

The whole concept has revolutionized the industry. They do not have to travel long distances to visit a branch, bailing on their jobs. They can now simply walk into a Bharat Money Store, show their aadhar card and scan the fingerprint, all in the vicinity of their village.

IndusInd Bank and BFIL understood the need for such facilities in rural areas. After all, understanding the need and providing an affordable solution at minimal cost using existing technologies is what customer experience is all about.

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Dun & Bradstreet Award – Best Use of IT in Customer Experience

Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it – Johann Wolfgang von Goethe

Rural Reach in the present and future is all about leveraging the big leap. The impact of technology being the key.

Technology is like a jigsaw puzzle, pieces of which, we use today to make that big picture

relevant, aimed at providing tangible benefits. Service Utilization is the driving force.

“Be a Possibilitarian” Nice new word right here. No matter how difficult things seem or actually are.

Cultural and Economic diversity, dispersed markets, where in even dialect changes every 60 km of geography, calls for an open mind and creative approach to engage rural consumers.

The on-ground activation is the last leg of efforts, first leg is usage and altitude study. The RDSP captures every aspect of potential customer. Rural consumers make most purchases within or in the immediate vicinity of their villages, usually buying from local retailer.

Merchants equipped with basic smartphone and software, creating hyper localized banking opportunity not only for locals, but also empowering underprivileged women, thus revolutionizing the direct rural reach. There are more working women in rural areas, than in urban centers.

Connected – Proactive – Empowered is the Mantra.

Instilling a pervasive, rural customer centric focus across the organization, requires building a strong organization, team and culture.

Technology addresses the need to put in place agile capabilities to gain and act on rural customer insights, inculcate the right mindset, leverage data, managing process, thus building trust at each stage off rural consumer experience.

Embracing a service driven mindset to entrench brand loyalty. Utility convenience and value for money with multifarious usage. Doing our bit to connect with tech savvy natives of rural communities, launching interesting features.

We believe in investing in technology to manage complexity and sharpen outcomes.

From Rural RDSP Touch points to Trust points………Prayas se Pragati – Our way of life.

We are happy to share, honoring our consistent endeavor, The “ Dun & Bradstreet Award – 2020” is conferred upon Indusind Bank –  BFIL, a winner    in the category “ Best use of IT in customer experience – using technology solutions to provide a suite of services”

  • BBPS and Biometric enabled online transactions (deposit, remittance, withdrawls) through our RDSPs (Retail Distribution Service Points)
  • whatsapp
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