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IndusInd Bank has launched its mobile banking super app ‘INDIE’ through which it aims to add about 1 crore customers over the next three years, MD and CEO Sumant Kathpalia said.
The private sector bank is looking to increase its customer base to 4.5 crore from 3.3 crore now over the next three years, a large part of which will come through the mobile banking app.
“The bank’s focus is on acquiring a majority of mass banking customers through INDIE rather than traditional branches. In the next six months, we anticipate 70 per cent of our mass banking customers to be onboarded through this app,” Kathpalia said at the launch of the app.
The bank has already onboarded three lakh customers during the soft launch of the app, which was launched over a month ago, he said, adding that over 95 per cent of the incremental onboarding for credit cards, personal loans and deposits is digital.
This reflects a shift in the bank’s strategy to be customer-centric rather than product-driven, and from being a tech-enabled bank to being tech-driven. Despite this, the bank will continue to cap the share of unsecured loans at five-six per cent of the total portfolio, he added.
The INDIE app offers instant and flexible pre-approved credit lines of up to ₹5 lakh, a rewards program for customers, flexibility for customers to customise their rewards programme based on preferred brands, and special digital savings and fixed deposit accounts which offer interest of up 7.85 per cent.
It also offers security features such as a numberless debit card for one-time secured transactions, single-use virtual card, dynamic ATM PIN and Super OTP, and data and analytics-based personalised customer insights for tracking spends and payments.
In addition to adding new customers, the bank is also focussing on porting existing customers to the mobile banking platform, Kathpalia said, adding that the bank will also additional products and services such as home and vehicle loans, and a separate business platform for MSME and merchant clients.
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