AU Small Finance Bank’s 24x7 video banking service makes banking easy, accessible for all

AU Small Finance Bank, has introduced a revolutionary new service called 24x7 Video Banking. This service allows customers to connect with a video banker in real time, 24 hours a day, 7 days a week, to perform a variety of banking tasks.

In an exclusive interview with Bizz Buzz, Uttam Tibrewal, Executive Director of AU Small Finance Bank, said that the 24x7 Video Banking service is "a major milestone in the realm of modern banking." He added that the service "offers customers unparalleled convenience, personalization, and security."

Since its launch, the 24x7 Video Banking service has been very well-received by customers. Tibrewal said that the service has received overwhelming support from customers across the nation. He added that the service has helped the bank to on-board more than 3.5 lakh new customers and maintain deposits of more than Rs 1,300 crore.

The 24x7 Video Banking service is secure and compliant with all applicable regulations. It uses advanced encryption, AI-powered facial recognition, geo-location tagging, OTP and signature verification, and video validation to protect customer data

What is AU Small Finance Bank's latest innovation, and how does it redefine banking services in India?

AU Small Finance Bank has introduced a revolutionary 24x7 Video Banking service, providing customers with a virtual, face-to-face banking experience through real-time video calls. This groundbreaking offering redefines banking convenience and personalization by allowing customers to engage with their bank anytime, anywhere and at their convenience, transcending traditional brick-and-mortar limitations.

How does AU Small Finance Bank's 24x7 Video Banking service work, and what kind of interactions can customers have through this platform?

AU Small Finance Bank's Video Banking service enables customers to connect with a video banker in real-time, like video conferencing. This platform facilitates a wide range of interactions, including real-time account opening and account service support, demographic updates, hassle-free financial transactions, loan, and credit card inquiries, as well as efficient issue resolution related to banking.

What security measures does AU Small Finance Bank employ to ensure the safety of customer transactions and confidential information within the 24x7 Video Banking platform?

AU Small Finance Bank places paramount importance on security within its Video Banking platform. It employs advanced encryption, AI-powered facial recognition, geo-location tagging, OTP and signature verification, as well as video validation. These stringent security measures ensure that every transaction and piece of confidential information remains safeguarded, instilling confidence in customers to engage with the platform securely.

How does AU Small Finance Bank's 24x7 Video Banking extend its services to a diverse range of customer segments within the Indian market?

AU Small Finance Bank's 24x7 Video Banking is designed to cater effortlessly to a diverse spectrum of customer segments. It addresses the unique needs of tech-savvy millennials, newcomers to banking, busy professionals, and senior citizens. This inclusive approach expands the reach of banking services, even to areas with limited infrastructure, thereby delivering a convenient and personalized banking experience to a wide range of customers. Most importantly, our rural customers have found this service to connect with the bank at their convenience and talk to another human face-to-face, albeit digitally, very useful and trustworthy as compared to various other banking apps.

What impact does AU Small Finance Bank's Video Banking have on enhancing nationwide banking experiences, especially during holidays and weekends?

AU Small Finance Bank's Video Banking ensures round-the-clock, face-to-face interactions with customers, even on holidays and weekends. Earlier we had this service only from 8am to 8pm, however, based on our customers’ feedback and looking at their convenience, we have now extended this service to 24x7. This underscores the bank's commitment to enhancing nationwide banking experiences by providing accessible and convenient services, contributing to a paradigm shift in modern banking.

How has the response been to AU Small Finance Bank's Video Banking platform since its inception?

Since its introduction, AU Small Finance Bank's Video Banking platform has received overwhelming support from customers across the nation. The tailored convenience and personalized support it offers have resonated well, with a growing number of users embracing the platform. Notably, services such as starting new Savings Accounts, Current Accounts, Credit Card relationships, service-related resolutions, financial transactions, and end-to-end relationship management have been particularly sought-after. Additionally, we have also been successful in on-boarding more than 3.5 lakh new customers on the bank opening their accounts and maintaining deposits of more than Rs 1,300 crore since the launch of our Video Banking.

Could you elaborate on AU Small Finance Bank's role as a pioneer in the Small Finance Bank sector and its journey towards becoming India's largest Small Finance Bank?

AU Small Finance Bank holds the distinction of being India's largest Small Finance Bank and a Fortune India 500 Company. Its journey began in the hinterlands of Rajasthan, and today the bank operates from more than 1,000 touch-points and has a deep understanding of rural and semi-urban markets. This insight has been instrumental in building a robust business model that facilitates inclusive growth with 60 per cent of our lending being in rural and semi-urban India and 89 per cent of our loans being retail in nature. With over 28 years of retail-focused and customer-centric operations, AU Small Finance Bank has established itself as a reliable institution, serving 4 million plus customers across 21 States and 3 Union Territories.

Could you provide some key financial indicators and highlights of AU Small Finance Bank's operations as of June 30, 2023?

As of June 30, 2023, AU Small Finance Bank boasts impressive financial indicators, including a net worth of Rs 11,379 crore, a deposit base of Rs 69,315 crore, gross advances of Rs 63,635 crore, and a balance sheet size of Rs 91,583 crore. The bank operates across 1,038 banking touch-points, serving over 41.3 lakh plus customers. Its employee base of 28,446 is dedicated to maintaining the bank's high standards of service.

How does AU Small Finance Bank's digital-first vision align with the introduction of the 24x7 Video Banking service?

The launch of AU Small Finance Bank's 24x7 Video Banking service is a testament to the bank's digital-first vision. By providing an accessible, virtual branch-like experience, the bank empowers customers with unparalleled accessibility and convenience, ushering in a new era of modern banking.

What sets AU Small Finance Bank apart from its competitors, and how does it continuously strive for excellence in its offerings?

AU Small Finance Bank differentiates itself by consistently striving for excellence in its offerings. Its commitment to innovation and customer-centricity, as evidenced by the Video Banking platform, showcases the bank's dedication to providing cutting-edge solutions that cater to evolving customer needs. The bank's legacy, marquee investors' trust, and high external credit ratings from major agencies like CRISIL, CARE Ratings, and India Ratings further underscore its position as a leader in the banking industry. In conclusion, AU Small Finance Bank's 24x7 Video Banking service marks a significant milestone in the realm of modern banking, offering unparalleled convenience, personalization, and security to customers. This pioneering approach reflects the bank's commitment to enhancing nationwide banking experiences and signifies a paradigm shift in the way banking services are delivered.