Category : Best Innovation – Finance (Innovation in Banks)
Innovation Title : Self Service Card Currency Control
Organization : Eastern Bank Ltd.
EBL has been a bank that thrived on innovation backed by Digital technologies over the years. During pandemic, all the banks witnessed a significant change in customer behaviour in terms of availing of banking services. Gradually customers started using banking apps to perform fund transfers and various bills payment as well as avail various banking services. While the services were always available for customers initially, it was only during an adverse situation when customers needed service and gradually witnessed the convenience that came with it. As a result, the number of transactions which took place through Digital Channels saw significant growth. EBL’s contact centre received over 10000+ monthly calls from customers regarding various credit card services, especially credit card foreign part enabling and limit conversion, which required customers to wait in call queues and consumed the time of customer executives to perform the operations. This area required a shift in terms of attaining operational efficiency from a bank’s standpoint.
■ Creating a service relevant to customers’ needs and market demand.
■ Making customer’s life easier so they can avail services instantly without any dependencies.
■ Offer a new service to the industry and was not explored by any other banks.
To cater to EBL customers’ requirements, EBL self-service credit card control where a customer can instantly enable or
disable foreign part and set foreign transaction limits for their own card. This automation would ensure banks’ operation as well as ensure customers’ convenience.
■ Considering the unique nature of the services and their significant demand in the market, as well as making necessary
adjustments through the core product team, EBL provided necessary requirements to the technology team to kick off the project.
■ After a successful user acceptance test and getting all the necessary clearance, the service was finally live Value Addition
■ The service added significant value to EBL’s Digital Services as EBL has a massive presence as well as a reputation in terms of credit card services
■ Digital enablement of the service has given more power to the hand of customers.
■ Previously, instant card block service was introduced in Sky banking; with the foreign part enable/disable and limit
conversion service being available on Sky banking, the service is now offering a complete bundle of instant credit card
services available for customers, further justifying EBL’s major customer portfolios requirement.
Result and Impact
■ EBL became the first ever bank in the country to introduce this service for credit cardholders in Bangladesh.
■ The service reduced over 50% of card service-related calls in the very first month, further helping service efficiency.
■ Provided customers with an extra layer of security and given them control over their cards.
■ The service helped EBL become the highest-rated Bangladeshi financial app on Google Play Store in December.
■ The introduction of the service has made EBL a premier brand in terms of Digital Banking services for credit card
■ The service became very popular among customers who travel abroad.