Digital Standalone FD Qorus Banking Innovation Awards 2023

Business Problem:  In general, any customer who wants to park his money for deposits must open a savings account.  Over the period, it has been observed that customers are preferring zero balance savings accounts. In view of these emerging customer demands, customers would want to open a standalone FD.  At present, digital journey for New-To-Bank (NTB) customers who want to open FD online at attractive rates is available. Objective:  To create a seamless experience (minimal steps and minimal documentation) for retail customers for purchasing deposit products of the Bank  Increase the average product holding per customer and deepen the relationship with the Bank.  Reach out to more customers so that they can gain from higher interest rates offered by the Bank.  Offer digital services without investing in Brick and Mortar. Target Audience:  Resident of India  Millennials and Gen Z segment  Metro, Tier I and Tier II locations  Salaried segment for Tax Saver Deposits Details of the innovation  The standalone Digital FD is a singular journey without the need to open savings account.  The process is hassle-free as there is no documentation involved: (1) Scan the QR code or go to the link to start the journey. (2) Choose FD (tenure, amount, Express, auto-renew options) (3) Provide Aadhar and PAN card. (4) Complete Video KYC (5) Fund your FD.  Features of Digital FD:  Open Architecture: Option to receive payout in RBL account or any other account.  Booking of FD in 7 minutes compared to traditional channels where it takes 7 days to book standalone FD.  FD Calculator  Embedded Sachet Insurance  Straight through Video KYC  Offering 4 products in one-go  No need of Savings Account