About the Transformation
The bank leveraged the growth potential that a platform like WhatsApp offers by making its services available on it and responding to customer queries with Union Virtual Connect (UVConn). UVConn gives its retail customers personalized banking services, at their preferred time, place, and in seven languages. The bank made key services available to the users, including door-step banking, lending, deposits, and grievance redressal amongst others, and cater to customers’ inquiries related to accounts, cheque books, and lockers.
A Robust Technology for Increasing the Bank’s Digital Footprint
The bank opted for Finacle Conversational Banking and Remote Banker that allowed them to create, configure, and manage bots using GUI to create conversational flow for the users on any popular chat platform. The bank is now enabled with:
- Channel Agnostic Chat Interface – UVConn is currently integrated with Bank’s WhatsApp business number and can also be extended to other chat messengers such as Facebook Messenger, Signal, and Telegram.
- Self-service Transactions – The bot supports both non-financial service requests and query resolution.
Success Highlights
- Onboarded 5,17,901 customers and received 16,45,040 enquiries within 7 months of its launch
- With Conversational Banking, the bank offers 16 auxiliary services and 6 enquiries
- Customers can safely connect with the bank’s official number via the end-to-end encrypted WhatsApp messaging interface Union Bank of India with added levels of authentication like OTP, MPIN, and more
- Finacle Remote Banker is agnostic to any messenger interface and thus enables the bank to extend conversational banking experiences to other popular chat messenger platforms as well
A. Manimekhalai,
Managing Director & CEO, Union Bank of India
It has always been our endeavour to build lasting relationships with customers by offering simple, fast, and contextual banking solutions and experiences with improved convenience. In line with this vision, we have introduced this service on WhatsApp, one of the most popular instant messaging applications in the world. Our retail customers can execute a host of their banking requirements on their own, without visiting a branch, instantaneously and securely. With Finacle Conversational Banking and Remote Banker, we can now tap into the growing prominence of social media in everyday life. We expect this simple and convenient form of banking to add immense convenience to our customers and hope to see its rapid adoption in the months to come.
