IndusInd Bank on Wednesday unveiled its digital banking application, INDIE, and set a target of onboarding 10 million customers within the next three years. Sumant Kathpalia, MD and CEO, IndusInd Bank, highlighted the crucial role of the app in increasing the bank’s customer base from 33 million to an expected 45 million.
“The bank’s focus is on acquiring a majority of mass banking customers through INDIE rather than through traditional branches. In the next six months, we expect 70% of our mass banking customers to be onboarded through this app,” Kathpalia said.
Reflecting a shift from product-driven to customer-centric strategies, INDIE offers a range of customizable financial solutions tailored to individual customer needs. One such feature allows users to get an instant credit line of up to Rs 5 lakh, with the flexibility to choose only the amount they need. During repayment, customers also have the freedom to determine the term of their loan.
Moreover, the app features a transparent rewards program, where users can select their favorite brands from leading e-commerce platforms. For every Rs 100 spent, they can earn rewards of up to 3%, which can be redeemed directly through the app as cashback or redeemed for attractive offers and vouchers. The brands chosen can be changed at any time based on user preferences.
INDIE also offers a digital savings account with interest rates of up to 6.75% and fixed deposits that promise returns of up to 7.85%. In addition, the platform introduces stock brokerage services, where no brokerage fees are paid for the first ten days.
Kathpalia also indicated the bank’s future plans to introduce products such as home loans, car and scooter loans and a separate tailor-made application for the business segment.
Recently, IndusInd Bank reported a 21% YoY increase in advances to Rs 3.14 trillion for Q2FY24. In a related stock exchange filing, the bank recorded a 14% increase in deposits, amounting to Rs 3.59 trillion.