Thrissur-headquartered South Indian Bank (SIB) has partnered with customer engagement technology provider MoEngage to automate marketing processes and improve its regulatory compliance.
Under the agreement, SIB has opted to implement the vendor’s customer data and engagement platform, which features advanced campaign automation, encrypted PII storage, AI-powered analytics, and cross-channel messaging capabilities.
The flagship solution will enable SIB to segment customers based on behaviour and attributes while maintaining regulatory adherence, ultimately reducing manual processes and enhancing personalised communication across mobile and offline channels.
SIB states that it will look towards “re-engaging inactive customers through targeted campaigns for dormant user activation” with the technology, adding that the partnership will also focus on “app-related engagement capabilities, including driving retargeting for drop-off cases, engaging customers through in-app messaging plans, and driving higher adoption of app-based banking services”.
The bank reveals that these functions had previously been powered by a combination of external marketing technology and an internally-developed customer data platform, admitting that “the manual efforts needed from the brand’s data science team to export, upload, run campaigns, and then delete confidential user data made the whole process slow”.
Established in 1929, SIB provides a full suite of banking services for corporate, personal, business, and agricultural loan segments in India, claiming that around 98.20% of all transactions are completed digitally.
In light of its agreement with MoEngage, the bank states that it is “proactively forging partnerships and alliances to unlock new market opportunities”. Current technology deals include Light Information Systems for conversational AI and CashLink Global Systems for card solutions.
Source: https://www.fintechfutures.com/
