TheNFAPost Podcast

Chennai, NFAPost: Private sector bank RBL Bank, goes live with several contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19.

The bank is looking at an increased thrust on digital to offer new age facilities to its customers. It introduced a host of digital initiatives to ensure seamless, contactless and convenient banking experience. As social distancing is the new norm, it provides a range of services on WhatsApp with real-time updates, including information on account balance, credit cards, products and even opening of new digital account.

The bank also launched instant digital bank account opening from anywhere in India, with paperless onboarding, powered by Video KYC. It is also offering a virtual debit card in its mobile app enabling contactless transactions without the need for plastic cards.  

RBL Bank Head – Retail Liabilities and Wealth Management, Surinder Chawla, said, “Adoption of digital channels has grown by 98% during the year. Our digitally acquired savings account grew 4X during the lockdown period and we anticipate it to grow to 10X in the next quarter. We also expect the digital wave to continue as more customers realise the many benefits of banking on-the-go, especially given the need for safety and hygiene protocols in these times. We will continue our investment in technology and analytics to offer an enhanced service experience to our customers and also bring in more new age facilities.”

The bank’s recent initiative, its chatbot ‘RBL cares’, has responded to more than 1 million customer queries in a month in the lockdown period.

The bank has extended a robust and secured infrastructure through its digital channels like Mobile Banking, Internet Banking, Chat Bot and WhatsApp. Some of the additional contactless banking features include Tap & Pay, Scan & Pay, Debit and Credit Card control,  booking Deposits, investing in Mutual Funds, getting a loan and payment of taxes.

RBL Bank currently services over 8.49 million customers through a network 1,631 offices (386 branches & 1,245 BC branches) spread across 28 States and Union Territories.

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