Project WAVE – Indian Bank

---

---

Video

---

See Presentation

---

Gallery

---

Case Study

Project Wave

Introduction:

Indian Bank’s digital transformation journey, branded as “Project WAVE” represents a significant shift towards providing innovative, customer-centric solutions. Covering a wide range of products on both the asset and liability sides. Targeting the tech-savvy millennial demographic, Indian Bank implemented an Omni Channel Platform that transformed the user experience across mobile and internet banking. Additionally, online account opening, digitized loan processing, AI-powered ADYA Chatbot, and the use of data analytics have enhanced service delivery, meeting millennial expectations for speed, convenience, and personalization.

Problems:

Their main goal was to address the shift towards digital banking, which accelerated post-COVID. They launched 84 digital products till Jun’24, streamlining processes through innovations. The project also targeted cost efficiency and profitability by digitizing services. They strengthened their infrastructure to ensure the safety of growing digital operations. Project WAVE positioned them to meet customer needs and capture new growth opportunities.

Solution:

Digital Lending platforms have been implemented. This platform automate loan approval processes, have reduced the time and effort. Establish strategic alliances with diverse fintech innovators to revolutionize financial services and drive unparalleled growth. Form transformative partnership with leading account aggregators to seamlessly integrate data-driven solution.

Challenges:

No major challenges faced in the execution of the project. Dependency on multiple stake holder was involved in the project. Availability of technical manpower to handhold initially and change of vendor in initial phase of project. There was an urgent needs in the post- pandemic banking environment.

Innovation:

This project directly addressed the most urgent needs in the post- pandemic banking environment. They saw a clear shift in customer behaviour, with growing demand for digital, contactless, and efficient banking services. They also launched 84 digital products till Jun’24 to serve a wide range of sectors. Additionally, this improve profitability by automating operations and reducing manual tasks. Project WAVE represented a holistic approach that aligned with both the immediate needs and long-term growth. The focus on cybersecurity upgrades was critical as well, given the increased risks associated with more online transactions. 

Outcomes:

In Jun’24, 90% transactions of the Bank are carried out digitally. Digital business of the Bank increased from ₹9116 Cr in Jun’23 to ₹36678 Cr in Jun’24. The number of mobile banking, internet banking, UPI users increased many folds. In Jun’24 quarter, there was 83% YoY growth in amount in Digital Retail loan against deposit. 2.6 times growth in digital MSME loan was also observed while 5.1 times growth in digital KCC was also observed in the same period.

Opportunities:

The Bank is continuously upgrading its technology infrastructure and introducing new digital platforms to enhance the bank’s operational efficiencies and customer experience. The Bank is currently working on several projects digitization process and product. These initiatives are aimed at enhancing the Bank’s competitive edge in terms of both business and operational capabilities.

Summary:

Project WAVE integrates services on a digital platform, ensuring seamless and efficient banking experiences. Notable offerings include Pre-Approved Personal Loans (PAPL), Digital KCC Renewals, Digital Term Deposits, and IND GST Advantage, all designed to enhance convenience and access for customers. Moreover, the Bank’s digital initiatives have focused on cost efficiency and profitability, automating services, improving accessibility, and collaborating with fintechs.

For more information, please contact:
Y Venkat at venkat.y@indianbank.co.in

---

(The content on the page is provided by the Exhibitor)