Video KYC launched by IndusInd Bank for credit card and savings account customers
IndusInd Bank has made it easier for their credit card and savings account customers with the integration of a Video KYC platform and has expanded its scope to a great extent with this move. The facility of Video KYC will make it easy for new customers who are looking to open a savings account or for the customers who wish to apply for a credit card.
The new facility will enable the bank to get customers on board with the help of a video-based interface and this will help replace the current procedure of physical authentication of documents, etc. This facility will enable customers to complete all bank formalities to open a savings account without any requirement of physical interaction or visitation to banks.
The bank has implemented a video-based KYC format for credit card applicants as well with BankBazaar. This will be a complete shift to the digital interface for credit card applications and procedures claiming it to be the first in the Indian banking industry.
Country Head of Consumer Banking, IndusInd Bank, Soumitra Sen has mentioned that IndusInd Bank has been a frontrunner in using various innovative technologies to make the lives of their customer easier. By supporting and advocating video banking, the bank is also looking to cater to the financial needs of customers through various banking solutions and Video KYC would be one such solution which will simplify the lives of customers.
IndusInd Bank’s Nexxt Credit Card – Truly a Next Gen Credit Card
IndusInd Bank’s Nexxt credit card is more than just a regular credit card. It features a swipe button that allows the user to switch between three different options.
Pressing The first button or the EMI button would allow the user to purchase products on EMI; the second button or the Rewards button enables payment with reward points and the third button or the Credit button is to use the card as a normal credit card.
Whenever a button is pushed, a light would glow reflecting the choice made by the user. When the EMI button is pushed, the cardholder needs to purchase any product worth at least Rs.2,000 and select the loan tenure - 6, 12, 18, or 24 months. To redeem reward points, the user must have accumulated at least 500 reward points.
The Nexxt credit card is accepted across all the merchant outlets across India. Hence it can be used as a credit card across the country.
To apply for the Nexxt credit card, the applicant must have a monthly income of Rs.50,000 and above. Such applicants would get a credit limit of Rs.80,000 to Rs.1 lakh considering any other debt obligations.
IndusInd Bank Ties Up With PAYBACK To Launch Co-Branded Credit Card
IndusInd Bank has partnered with PAYBACK to launch a co-branded credit card that would allow customers to earn PAYBACK Points on all transactions carried out with the card.
Furthermore, the 'IndusInd Bank PAYBACK Credit Card' would also allow additional PAYBACK Points for transactions carried out at over a hundred online and offline PAYBACK partner brands. Customers would be able to redeem the accumulated points on categories like travel bookings, dining, shopping, entertainment, etc.
The 'IndusInd Bank PAYBACK Credit Card' is powered by Visa's 'payWave' technology that makes it a contactless card. This feature allows users to make payments at merchant locations with just a mere tap of the card on the POS machine.
Customers would be able to earn 5 PAYBACK points on every Rs.100 spent on retail categories, 5 PAYBACK Points on every Rs.100 on dining, and 20 PAYBACK Points for every Rs.100 spent on entertainment and movies.
Moreover, customers would earn 2 PAYBACK points on every Rs.100 spent on all other expenses except fuel annual and monthly bonus rewards of 2,000 and 500 PAYBACK points respectively.
The Interactive Indusind Bank Nexxt Credit Card With Special Buttons
After the innovative Duo Card, IndusInd Bank has introduced yet another modern-age credit card that comes with special buttons. These special buttons light up depending on the mode of the payment that customers opt for. These modes are EMI, pay by credit, and pay by reward points. The EMI is further divided into tenures of 6, 12, 18 and 24 months.
To process the payment, you just need to decide the mode and then push the corresponding button on the card and a glowing light indicates the success of your payment. This special credit card is the first of its kind in the country. Also, it comes loaded with multiple offers and benefits for the customers.
There’s also the Priority Pass Membership that gives access to over 700 premium national and international lounges. Users of the Nexxt Credit would also enjoy fuel surcharge waiver on fuel transactions at all fuel stations across the country. Using this card, customers have can get rid of the hassles of converting their purchases into EMIs by calling the customer care or logging in to their net banking account.
IndusInd Bank launches India’s first interactive credit card
IndusInd Bank has launched India’s first interactive credit card that enables users to avail some of the most sought-after features like the facility to select the EMI option through the press of a button. The Nexxt Credit Card primarily offers three benefits to its users through its interactive buttons.
While executing a transaction at any Point of Sale (POS) terminal using this card, users will get the option of paying through credit, EMIs, and using accumulated reward points. For users going for the EMI option, there are 4 tenures - 6, 12, 18, and 24 months to choose from. All these can be availed by the mere press of a button on the credit card.
The payment mode chosen by users will be indicated by the LED lights on the card. The bank says that one of the major benefits of this card is that now customers don’t have to call the customer care or use their net banking facility to convert their transactions into EMI or to redeem their accumulated reward points. IndusInd Bank had tied up with the US company Dynamics Inc. to create the card.
IndusInd Bank Launches India’s first interactive credit card
The first interactive credit card of India has been launched by IndusInd Bank. Named ‘Nexxt Credit Card’, its biggest highlight are the three buttons that give the user the feature of converting their credit card spends into EMIs. Users also get the option of paying via the reward points accumulated on the card and also of paying via credit.
Customers may choose the tenure of the EMIs from 6, 12, 18, and 24 months. After the recent launch of the two-in-one card which can be used both for credit and debit purposes, IndusInd Bank hopes that this new card would help them enhance the experience of using a credit card for their customers.
The bank is confident that using this card, customers’ dependency on its call centres would drop as now they can easily convert their purchases into EMIs. Depending on the button pressed by the customer, a coloured LED light gets activated. IndusInd Bank has tied up with US-based Dynamics Inc. to create the card.
Indusind bank Launches India’s First Debit Cum Credit Card
IndusInd Bank has come up with some genuinely exciting news for the debit and credit card users in the country. The bank has launched a duo card that comes with two EMV chips and serves both credit and debit purposes. This is the first time the nation is witnessing anything of this sort.
Grossly slashing the hassles of carrying two distinct debit and credit cards, the new two-in-one card accommodates two magnetic stripes and two EMV chips. The prime motive is to add to the ease and convenience of the customers while dealing with common banking processes.
Particularly focusing on the young tech-savvy customer section, the duo card comes loaded with exciting offers on entertainment, travel, and lifestyle segments. The company also hopes that this special card would benefit their reward points program by assisting the customers in consolidating their reward points.
IndusInd Bank Premium Valuation to remain the same
Backed by healthy loan growth, steady increase in fee and good asset quality, IndusInd Bank has reported 25 per cent plus net profit year-on-year. IndusInd Bank’s earnings per share grew to 23 per cent in September 15’. The bank has shown impeccable performance in a variety of segments including the credit card segment. IndusInd Bank has also scaled up in terms of CASA (Current Account Savings Account) ratio which currently stands at 35 per cent. The bank is all set to widen its network to 1,204 branches which is expected to help its low-cost CASA deposits franchise.
In coming times, IndusInd bank is expected to grow strong on improving credit outlook, branch expansion plans and aggressive capital raising ability. IndusInd bank is also expected to gain from the increase in credit demand for commercial vehicles which contributes to over 16 per cent of its loan book.
RBS Sells Bullion Financing Business to IndusInd Bank
The Royal Bank of Scotland is reaffirming its decision to bid adieu to its customer facing concern in India, with the latest sale of its bullion financing business to IndusInd Bank. Before this, RBS has sold its influential credit cards, mortgage and commercial banking business to Ratnakar Bank in August 2013 and its entire line of retail banking business to HSBC in 2012. Currently, the bank is left with only ten branches spread across eight Indian cities and the prospect of the inevitable, complete exit of RBS from Indian shores is looming large with each passing day.
IndusInd to Acquire Jewellery Financing Business from RBS in India
IndusInd Bank, a leading player in the Indian banking industry promoted by the Hinduja group is all set to buy the lucrative diamond and jewellery financing business from Royal Bank of Scotland (RBS) in India. While the monetary terms of this deal have not been disclosed, what is known, is, that the loan portfolio of RBS in this segment is worth around 4,500 crore which includes business from the clientele it acquired from ABN Amro. This transaction is subject to regulatory approvals.
This deal will add great value to the existing portfolio of diamond and jewellery financing business of IndusInd. Once this transaction is sealed and approved, employees of RBS working in this division will be transferred to the payroll of IndusInd.
RBS seems to be in a rush to sell off its existing business verticals in India since its parent organisation in UK was given a govt. bailout post the 2008 financial crisis. Prior to this, RBS had sold its credit card portfolio, mortgage and commercial banking businesses to Ratnakar Bank in August 2013.