IndusInd Bank deploys miRevenue for Service Charging of Retail Liabilities Product Offerings

IndusInd Bank, a leading bank in India, has deployed miRevenue suite for innovative service charging capabilities across the retail liabilities product offerings.

The miRevenue suite enables the bank to launch dynamic relationship based offerings and provides the ability to charge for services based on a range of attributes including the ability to group customers and provide benefits. The rules based platform enables IndusInd Bank to create products and packages with quick time to market and also provide individualized pricing at the customer and account level.

The deployment of miRevenue at IndusInd Bank and integration to the existing systems was undertaken in a structured and seamless manner thereby enabling the roll out of the offerings in a phased manner.

R Chandran, Managing Director –India said, “We are thankful to IndusInd Bank for partnering with Zafin Labs and selecting award winning miRevenue platform as their go-forward strategy to address the needs for a robust and proven dynamic pricing platform. The successful deployment of miRevenue within the bank under very tight timelines is a testimony of the maturity of the miRevenue platform and superior domain expertise of the Zafin Labs team. We look forward to working closely with the bank on other customer centricity initiatives of the bank.”

About IndusInd Bank

IndusInd Bank, which commenced its operations in 1994, caters to the needs of both Consumer & Corporate customers. It has a robust technology platform supporting multi -channel delivery capabilities. The Bank enjoys a patronage of 2 million customers and has a network of 224 branches and 533 ATMs spread over 180 geographical locations in 28 states and union territories across the country. The Bank also has Representative Offices in Dubai and London.

The Bank believes in driving its business through technology. It has multi-lateral tie-ups with other banks providing access to more than 21000 ATMs for its customers. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and three major commodity exchanges in the country – MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for tea auctions at Kolkata, Siliguri, Coonoor, Kochi, Coimbatore and Guwahati. In a pioneering initiative in ‘Green Banking’ project, the Bank became the first bank in Maharashtra to open a solar-power ATM. Subjects like sustainable development, social responsibility and climate change are fast becoming part of the corporate vocabulary and IndusInd is at the forefront of this change in the Indian banking sector.

The Bank received a series of awards commencing with the prestigious ‘Technology Bank of the Year-2009’ award in the private and foreign bank category from the Indian Banks’ Association (IBA). It has also been recognized as the Bank with the Best Credit Quality in FE India’s Best Banks, a publication brought out in support by Ernst & Young, reflecting the robustness of Bank’s credit assessment systems. Recently, CRISIL has reaffirmed its P1+ rating of IndusInd Bank’s fixed deposits and certificates of deposit program. This reflects significant improvement in its asset quality. The rating also factors in the Bank’s resources and earnings profile, and capitalization levels. In a significant development for the Bank, credit rating agency ICRA Ltd. has upgraded the long term ratings for its Tier II Bonds programme. ICRA has upgraded the Lower Tier II Bonds rating of the Bank to LAA- (pronounced L double A minus) rating with stable outlook from LA+ (pronounced L A plus) rating with stable outlook. ICRA has also upgraded the Upper Tier II Bonds rating of IBL to LA+ rating with stable outlook from LA (pronounced L A) rating with stable outlook.

www.indusind.com

About Zafin Labs

Zafin Labs provides solutions that enable “Customer Centricity” with a focus on revenue generation and recognition, catering exclusively to global financial service providers. Zafin Labs’ miRevenue product suite enables loyalty management, dynamic relationship pricing and revenue capture capabilities with complete transparency and compliance. Zafin Labs miRevenue suite has been recognized by industry leaders for its innovative capabilities, including FT –The Banker technology award. Zafin Labs has offices in Canada, Germany, Dubai, and India. For more information please visit us at www.zafinlabs.com