Being amongst top 18 Public sector banks in India, Central bank serves 27 out of 29 Indian states and 3 union territories with its 4214 branches and 26 extension counters. Serving a million customers across India.
Central Bank experienced a single query, common to all its customers across India.. What is my account balance?
A query that has been consistent over past 102 years!
Available options and their Drawbacks
- Visiting Branch / ATM – Disturbed busy routine for a miniscule query
- Calling Branch – Distracts staffs work flow at the bank
- Sending ‘Balance Query SMS – Chargeable & demanded SMS literacy
- Net/Mobile Banking – Suited only for sophisticated urban masses with knowledge & access to superior technological devices
Double Ended Problem
Knowing account balance is vital for customers and the bank had strived to do its share to ease its customers by providing multiple ways to acquire it. But each mode had major drawbacks. Some demanded time & cost while the others required smart phones and sound knowledge of internet. All in all, bank & customers both were left unsatisfied.
We understood that the optimum solution would lie in ‘The service reaching the customers rather than the customer reaching for the service!’ We proposed a Mobile Solution Product: freebi – A missed call based service for businesses to connect with its customers
The service was initiated in September 2011 over the no. 92222 40000 for Balance Inq. / 92222 50000 for Last 3 transaction details for customers across India. The numbers were published as a new means to acquire up-to-date account balance information. With our freebi the process was as simple as ..
- Customer gives a missed call on 92222 40000, from the mobile number registered against his account at the bank
- The number is validated against the respective account by the system
- If found valid then the customer receives an SMS furnishing him with details of his account balance
The same procedure could be followed by calling on 92222 50000 to know last 3 transactions details
The result was astonishing. The service faired extremely well as it proved to be time & cost effective for customers and bank alike.
- Free Service: The service didn’t charge a single paisa from the customers
- Liberty: The service could be availed from any region across India
- 24×7: The banking hours weren’t matter of concern anymore
WIN-WIN Situation for CBI
Central Bank of India’s happiness knew no boundaries as it basked in the new brought success by VivaConnect’s freebi. It saved a million minutes of Central Bank’s employees which were earlier spent answering customers balance & transactional queries. The product helped the bank in ways more than one ..
- Analytic reports facilitated real time tracking of numbers with details of their origin
- Enhanced CRM for bank
- Efficient customer engagement product promoting loyalty
- Hits increased to approx. 1 Million/month
- More than 30,000 customers avail this service each day
Central bank of India was bestowed with prestigious Finnoviti Award 2012 from ‘Banking Frontiers’ for Innovation in banking products viz. ‘Information through Missed call’, followed by three other consecutive awards in the similar category