When a Bold Vision Collides with AI
Banks in the United States seeking to increase customer loyalty while meeting the challenges of digital transactions in the new era ushered in by the COVID-19 pandemic should look to HDFC Bank, India’s largest private bank.
India, the world’s largest democracy shares many characteristics with the United States. Importantly, both are populous countries with citizens who share a common desire to work hard, invest, and control their financial destinies. Like us, Indians also demand that digital transactions be available, reliable, and secure. As U.S. banks know, this is critical in attracting and keeping customers for life.
However, availability has changed for everyone. The proliferation of different devices and systems, a 24 hour-a-day work anywhere and anytime culture, as well as the recent pandemic induced lockdown has made any time, anywhere and from any device access a crucial issue. With 45% of its customer base active on its digital banking platform, HDFC Bank recognizes that making transactions secure, easy, and convenient is critical to acquiring and retaining customers.
The bank also realized that the digital transaction must mimic their customers’ relationship with the local bank manager, with highly-personalized digital experiences uniquely tailored to each individual. This also means allowing each individual to seamlessly access a transaction from any device and system whenever they chose. And it had to be an all-in-one solution that would enable HDFC Bank marketers to cross-sell and upsell over 100 products.
In 2017 HDFC Bank partnered with ZineOne to meet these objectives. The ZineOne Intelligent Customer Engagement (ICE) platform is an advanced predictive engagement tool used by major brands like Men’s Warehouse, The North Face, and more to help consumers make intelligent choices while shopping on their sites. It is also very adept at helping banks increase conversions and customer loyalty.
Using advanced Artificial Intelligence, Machine Learning, and Data Analytics, ICE learns the behavior of each visitor while they are in session on the site to show offers or information unique and relevant to that visitor. At the core of this process are the almost instantaneous collection and analysis of the visitor’s clickstream data activity. This Customer DNA™ technology learns from short-term behaviors, (often in five clicks or less) and then makes an attractive, relevant offer to the consumer based on these learnings.
Today, HDFC Bank continues to partner with ZineOne in its quest to provide its customers with superior digital banking experiences to assure them a reliable, available, and secure environment to manage their financial life. While we haven’t replaced their bank managers, we are offering the same high level of service for visitors during each digital transaction.