IndusInd Bank aims to acquire 10 million customers in three years through digital channels as it increases focus on digital banking. The private lender on Wednesday launched a financial super-app ‘INDIE’ which will help it to acquire new customers.
“ We plan to acquire 10 million new customers in the next three years. We would move from mass banking acquisition on the branches also to be acquired through INDIE. In six months from now, 70% of mass banking customers should come through INDIE,” said Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, addressing the press conference held to launch the app.
IndusInd Banks client base stood at around 35 million at the end of June this year, with close to 2,606 branches and banking outlets and 2,878 ATMs spread across the country.
“In the realm of digital banking, we foresee a fundamental transformation over the next few years. We anticipate that a meaningful part of our business will come from digital channels across retail individuals and micro and small enterprises in the next three years” said Kathpalia.
The app, he said, leverages advanced analytics to provide personalised insights to its customers and offers many industry first features including ultra flexible products that users can personalise as per their needs.
The private lender has posted strong numbers in the fist quarter. Its balance sheet stood at Rs 4,66,993 crore as on June 30, 2023 as against Rs 4,10,100 crore as on June 30, 2022 marking growth of 14%.
Deposits as on June 30, 2023 were Rs 3,47,047 crore as against Rs 3,02,719 crore, an increase of 15% over June 30, 2022. Current Account-Savings Account (CASA) deposits increased to Rs 1,38,440 crore with Current Account deposits at Rs 49,343 crore and Savings Account deposits at Rs 89,097 crore. CASA deposits comprised 40% of total deposits as at June 30, 2023.
In FY2023, the bank prioritised deposit growth by incentivizing granular retail deposits to create a stable and cost-efficient deposit book.