TOMER EXPERIENCE ASSESSMENT FOR AXIS BANK SUBMITTED TO PROF. SAPNA POPLI FROM DEPARTMENT kK OF . BANKING AND FINANCIAL SERVICES 220601009 AYUSHI SRIVASTAVA 220601013 DEBAYUDH MUKHERJI 220601051 TUSHAR BHAGWATI PRASAD AGRAWAL 220601055 VAIBHAV TANEJA,About Axis Bank et ECC CER ME a Headquartered in Mumbai, Maharashtra, India SC oe ee ee Ca ate eee Peo eee es Extensive network: Over 4,900 branches and 15,953 ATMs across India De et eR oe Ret AER CU eee eee cy Cree ae Neetu ge ea Mission and vision: To be the preferred financial services provider eT Ste eae aA cel eu ee) CO aoe ue nat See caer eR Mee een Ue Re eC One Cero Ree aA eR S20) Eee EN CREED) Putas Reece Sep ae A SSSI eter A) ese)MAJOR COMPETITORS nn bet HDFC Bank Rank in India 1 Branches 8,300+ ATMs 19,700+ Employees 4.73 lakh Annual Revenue ($) 32.6 bn Operating Income ($) 9.91 bn Capital Ratio (%) 19.4 Market cari 150.87 bn Icicl Bank 2 6,000+ 16,700+ 1.57 lakh 25.8 bn 5.71 bn. 17.6 85.59 bn ‘Axis Bank 3 5,100+ 15,000+ 91,800+ 8.58 bn 5.81 bn 17.7 41.47 bn ome Kotak Mahindra Bank 4 1,850+ 3,150+ 73,400+ 7.5 bn 1.62 bn 21.8 44.3 bnService Excellence & Customer Experience practices specific to the BFSI sector Customer Centricity: Understanding and prioritizing customer needs and expectations is paramount. This involves «gathering customer feedback through surveys, analyzing data, and designing products and ‘services that cater to specific needs and preferences Personalization: + Leveraging customer data and analytics to offer personalized services and product recommendations, + Tailoring communication and marketing efforts to individual customer preferences and needs. Proactive Engagement and Communication + Implementing proactive communication strategies to inform customers about potential Issues, recommend relevant products, and offer personalized advice. + Emphasizing transparency and clear communication & being upfront about fees, policies, and potential risks. Use clear and concise language in all communication, avoiding jargon and technical terms. Customer Support Investing in training and technology to ensure that customer service representatives are well ‘equipped to provide responsive and efficient customer support through multiple channels, including phone, chat, email, and social media.SM ee Onno CeIn ec uns Cr ea ee ian eC OR ce CUM EU ee a Cette Objectives Pee ieee te Mle eee ee acd of th e Mie sent hue ulesoclcise naka satire’ EU Sue Ber NR Rec a eee a Or RUE neuen Aaa esy project RO as ee UC aac EE eae eM oe) To integrate the data from the four streams and present a Cen eee uE NSCUSTOMER TOUCHPOINTS FOR AXIS BANK Ca See ec + ATs: Avast network of ATMs for cash withdrawals, balance Inquiries, and some basic transactions SE te eo ree tis + Self-Service Kiosks: Some branches oer addtional kiosks for specific tasks like account statements, passbook fen as ey + Mobile App (Axis Mobile A comprehensive app for banking on the go, enabling fund transfers, account Ce ae eee + Internet Banking: Online banking platform for managing accounts, transactions, investments, and loans. + WhatsApp Banking: Send inquiries, equest statements, and even block lost card through WhatsApp. NN eee ee Seto eet ee ete ect reer + Social Media: Engage with Axis Bank on Facebook, Twitter, and Linkedin for updates, product information, and pees rt + Relationship Managers (RMs): Dedicated RMS for high-net-worth individuals and corporate clients for Sees Sree eee Cece + Website: Comprehensive website with information on all products and services, FAQs, and online forms. See eee cue ay ee Cee‘ods Bank calls its measurement framework the Customer Experience Index (CX nde), which ismanifested through the following bankiniatives: + Onboarding process + Time taken by the bank to connec after placing a equest * Application and documentation process + Awareness about key charges, features, and benefits Experience with the time taken to open an account/get card orloan tan sanctions and disbursements (applicable for asset products) Time taken by the bank to provide sanction CX Index or used by Axis decree aataen en esiedacimiei ‘Transaction experience at ATMs, branches, loan centres, and digital channels (Ongoing usage experience Service interaction experience at physical, gta, branch and RM channels, eye) 4Findings from Manager Tad ANCA Customers have a great experience opening @ new savings account at Axis Bank The staf is frien and efficient. ‘Some people are concerned about the security of online banking information wit Aas Bank Few customers have alleged unresponsiveness on Axis Bank’s social media channels wien they try to reach customer service ‘3xinerease in number of client interactions by RMs due to customer satisacton in esser time ‘Some people fel there is lack of transparency about certain fees and charges from Ais Bank. ‘Among the most important initiatives include launch o a revised and enhanced mobile banking version with Hyper personalization of customer experience, an introduction of new redesigned journeys for FD, Bll Pay, remittances, lending (Auta loans, Small Business loans and Gold loans) among others. Few people faced issues wth international transfers ‘xis Bank is currently looking to strengthen and build more granular measurements of the erical metres luhich capture customer voices, ike NPS, complaints, social media sentiments and various operational process effcleney metrics.Eee ee eT acheter peeled Tn on ote rounepiesenioursteneuconerinmveuenrnenrenn Findings from eve reeire e rire penal eave ion etenmeine ye een Tr Pesieranrroseeseceunennpe semnnre Sn eer nnenarre is Peete rere eee ere eer reece eastern Customer Interviews Higher time taken for processing written applications, sometines multiple requests need tobe submitted. customer's loan was rejected because of poor CIBIL score and the processing fees were not returned.Findings from Websites/Social Media Handles ‘+ As on ist March 2021, there were 70 passbook printing Kiosks and 286 cheque deposit Kiosks, in service, with both servicing 37.7 Lakhs and 415 Laks transactions respectively, lower than the previous year's transactions of 47.7 Lakhs and 67 Lakhs transactions respectively, * Introducing splay of denomination facil at ATMs beforehand ‘+ Positive increase in NPS nal the customer Journeys to 133 onthe baseline of 100, ‘60% reduction in required documents for onboarding new customers with 30 minutes of pre soeening versus day. ‘The implementation of this digtsation intative helped the bank reduce an average loan ‘approval time by nearly 75% while pushing the productiity by nearly 3 times of ts Relationship Managers (RM) ‘One customer complained about facing a fraud transaction, where the bank dd not take onus ‘and blamed the event through authorization > ovr@o 9Beet eee tea Sr eee enn nee ee eT andi Picaet tecenuar enna Findings from ore eens tt tenants Seeeeunets eet errant Mere rt e cre erent Pena ee eer Bank doesnot support UP mandate though UPHD, nabetopartipatein PO, unable toad funds a (Google Play Parent eee eee ne een De eee rene eet eed Store/, App Store) pores ee ee eect el eee ee eee eee era ea Negative Reviews Cee e ReFINDINGS AND RECOMMENDATIONS + Employees ae tiendly and customer-centric + Low cost POS compared to othe banks, resuting in opening of morre Curent A/C + Time to open new account hasbeen reduced + Axis Bankhasa generic problem of crashes and sloness observed after update inthe Ais Mobile app + Axis Bankis trying to address the customer concems through thelr website: tps /axsbank.com/webchatsupport + Axisislooking to investinadetional stat, implementa queuing system offer slt-sevice ‘options, expand branch hous, consider opening another branch + Lackof transpareney about fees and charges + High minimum balance requirements, with no zero balance account facty. + Higher wait tie in branch for cash withdrawal © Cheque authorizations routed through branch manager instead of through cashier even for small amounts This takes more tim. + Many people have dticuty navigating the Ais Mobile pp © The bank can consider conducting user testing wih seniors, simplifying interface, fering in-person o vido tutorials and considering voice-enabled banking options + Axisneeds to embrace data-driven personalization and segmentation © The bank needs to leverage customer data and analytics to segment customers based on needs and ite stages, develop targeted campaigns, product offerings, and financial advice tallored to each segmentTHANK YOU! 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