Interview with Mohit Ganju, CMO for IndusIND Bank
PW: As a marketer what would you say are your current priorities?
MG: As a marketer, it is key to pay attention and constantly updating the following points:
1. Customer Data Management & Analytics
2. Social Media & Digital Communications
3. New product development
PW: At IndusInd Bank, how has technology played a role in customer acquisition or retention?
MG: Technology has played an important part in bringing to the front the “Responsiveness” theme identified by IndusInd Bank as a key driver of growth and customer satisfaction. Innovative services like ‘Choice Money ATM’ and ‘Cash-on-Mobile’ are built on strong technology platforms and have had a positive impact on both new customer acquisition and retention.
PW: How has technology played a role in new product development, market expansion or other areas?
MG: In the last couple of years technology allowed us to bring to our customers:
1. Choice Money ATM: A service which enables customers to choose the denomination(s) of currency while doing cash withdrawal from an IndusInd Bank ATM.
2. Cash-on-Mobile: Customers can transfer money to anybody (including themselves) irrespective of whether the beneficiary has an IndusInd Bank account or not; from their mobile banking application. The beneficiary can withdraw the money from any IndusInd Bank ATM without using his/her Debit or ATM Card.
With the growing advancement of technology across platforms (online, mobile etc), there is a growing need for banks to provide new advancements in services to their customers. Technology has helped us take banking to the interiors of the country and offer quick, safe & convenient banking solutions.
Choice Money ATM service is very popular not only with our own customers but also with non-customers. We were able to get a large number of non-customers choose IndusInd Bank ATMs for cash withdrawal as they get the benefit of choosing currency denomination. Having experienced this innovative service, many of these non-customers opened accounts with the bank to get the benefit of other innovative service.
Cash-on-Mobile service let’s IndusInd Bank customers transfer money to people who may not have any banking relationship at all. The beneficiary can withdraw money from IndusInd Bank ATM without using a Card.
PW: Do you have a separate budget for the IT component of marketing? And how aligned are the marketing and IT functions in the organization?
MG: I would not be able to comment on the budget allocation. Marketing & IT functions work closely on developing and executing these innovative services. It’s this close co-ordination that has helped us launch 5 innovative services in the last 18 months. Technology forms the backbone of these innovations and their seamless delivery is critical to the success of these in the market.