IndusInd Bank launches digital banking app, aims 10 mn customers in 3 years

IndusInd Bank unveiled its digital banking application, INDIE, on Wednesday, setting a target to onboard 10 million customers within the next three years. Sumant Kathpalia, MD & CEO of IndusInd Bank, highlighted the app's pivotal role in boosting the bank's customer base from 33 million to a projected 45 million.

"The bank's focus is on acquiring a majority of mass banking customers through INDIE rather than traditional branches. In the next six months, we anticipate 70% of our mass banking customers to come onboard through this app," Kathpalia mentioned.

Reflecting a shift from product-driven to customer-centric strategies, INDIE provides a suite of adaptable financial solutions tailored to individual client requirements. One such feature enables users to obtain an instant line of credit up to Rs 5 lakh, with the flexibility to choose only the amount they need. During repayment, customers also have the freedom to set their loan tenor.

In addition, the app boasts a transparent rewards programme, wherein users can select their favourite brands from leading e-commerce platforms. For every Rs 100 spent, they can earn rewards up to 3%, redeemable as cashback directly via the app or exchanged for enticing deals and vouchers. The chosen brands can be altered anytime based on user preferences.

INDIE also offers a digital savings account with interest rates of up to 6.75% and fixed deposits promising returns as high as 7.85%. Moreover, the platform introduces stock broking services, waiving off brokerage fees for the initial 10 days.

Kathpalia also indicated the bank's future plans to introduce products like home loans, car and scooter loans, and a separate application tailored for the business segment.

Recently, IndusInd Bank reported a 21% year-on-year increase in advances, reaching Rs 3.14 trillion for Q2FY24. In a related exchange filing, the bank noted a 14% surge in deposits, amounting to Rs 3.59 trillion.