New Initiatives for FY 2022-23

Throughout the year, our unit conducted successful pilot programmes for lead qualification of new customers seeking housing, agricultural products, and Two-wheeler Loans. We also have effectively piloted Video KYC services, enabling seamless digital onboarding of customers for savings accounts and fixed deposits. Additionally, our phone banking resources have been prepared with IRDA certification for the sale of third-party products, which will be implemented in FY 2023-24.
Furthermore, our phone banking services now include the convenience of booking term deposits over phone calls, for existing customers. Leveraging the missed-call channel, our Phone Banking team collaborated with Branch Banking and the Marketing Team to effectively manage special campaigns for deposits, starting from the Independence Day through the festival season. Between August and September 2022, a total of 1,385 leads were converted from the Missed Call Campaign, resulting in a value of ₹ 45 Crores. Additionally, a print media campaign launched in November 2022, which led to the conversion of 1,350 leads, generating ₹ 40 Crores in deposits.

Customer Connect

To ensure continuous customer engagement, the Phone Banking unit conducted various Customer Connect campaigns, such as Customer Satisfaction Surveys and Welcome Calls for Liability and Asset products. These campaigns aimed to gather valuable customer feedback and requirements, which the Business/Products team utilised to develop suitable products and services.

As we remain committed to delivering an excellent customer experience, we are determined to introduce services that enable customers to conveniently bank with us, positioning Phone Banking as a primary business unit. These upcoming initiatives include:

Contribution to Business

Phone Banking consistently strives to support business teams and generate value for our Bank by acquiring all products (Assets and Liabilities) through our Inbound and Outbound channels. During this financial year, Phone Banking channel has generated 82,446 Leads which includes both deposits and asset products with a conversion rate of 25%. This cumulative effort amounted to a total value of ₹ 538 Crores for FY 2022-23.
In December 2022, Phone Banking successfully launched the ability to book Term Deposits over phone calls for existing customers. During the pilot phase, a total of 361 Term Deposits were booked with a value of ₹ 81 Lakhs. As we progress, this project will gain momentum and expand further.

Growing API Banking and Fintech Ecosystem Engagement

Our collaboration with the Indian Fintech ecosystem is growing significantly year on year, and we have partnered with various Fintech partners. In FY 2022-23, our primary objective was to stabilise our partnerships and co-create innovative products and business opportunities for our Bank's liability growth.

Our collaboration with the Indian Fintech ecosystem is growing significantly year on year, and we have partnered with various Fintech partners. In FY 2022-23, our primary objective was to stabilise our partnerships and co-create innovative products and business opportunities for our Bank's liability growth.

o grow in this ecosystem, we are collaborating with various Wealth-tech, Personal finance, and other new-age fintechs in the space of Neobanking and TSPs to establish a strong digital presence in the market.

To accommodate a wider range of use cases from the fintech industry, we have a dedicated portal for API banking: www.ujjivansfb.in/apibanking. This portal provides documentation for the entire stack of Bank APIs, allowing fintechs to build prototypes.

In line with our commitment to the fintech ecosystem, we have intensified our focus on liability, specifically targeting the Retail segment through our trusted partners. The portal offers a wide variety of APIs catering to KYC, Lending, Digital onboarding, Regulatory, Liability, and Cards.