DFCC Bank upgrades Virtual Wallet with relevant features to enhance user experience and meet present and future customer needs
September 11, 2020
Digitalization is the new trend, and it is evident that the future is brimming with promising prospects. The start of the new decade arrived with a major setback in the form of a global pandemic. This left banks with an ultimatum of either going digital, or risk their clients well-being in exchange for long-term sustainability.
The need to move to a more digital banking model has been talked about for almost a decade, but COVID-19 has made the need for reduced operational costs and improved digital experiences more important than ever.
DFCC Bank was able to adapt fast, since it has been in the forefront of extending digitalized solutions for its beloved customers. The recent innovation of DFCC Bank comes in the form of an upgraded virtual wallet with mobile banking features. Vice President of Digital Strategy for DFCC Bank Dinesh Jebamani shared the potential and future prospects made possible by the ‘virtual wallet’ while shining light on the other arrays of digital solutions offered by the bank.
How far has DFCC Bank come in the digitized world?
DFCC Bank has a rich heritage enriched with 65 years of experience within the banking sector. Over the years, DFCC Bank has given significant emphasis on the importance of digitalization as well as customer convenience and the relevance of these aspects for the customers. DFCC Bank was the first bank to launch a mobile virtual wallet in year 2015 Thereafter, in year 2018 DFCC Bank launched the payments and cash management solution for its corporate customers “DFCC I-Connect”. In January 2019 the bank launched the first interactive credit card statement for credit card customers. The statement helps track expenses – monthly, last 3 months and provides a spend wise analysis, segregate debit, credit, international and local transactions.
In terms of digitalization, DFCC “MySpace” concept introduces ATMs, CRMs, Cheque deposit kiosks and Pay-and-Go machines where customers can perform Cardless / Card based cash deposits, withdrawals, credit card payments, bill payments, cheque deposits etc. DFCC Bank is one of the few banks which does not charge a fee when bank customers use same for cash withdrawals’ in DFCC ATM/CRM machines. Providing value addition for its customers is the essence of DFCC Bank’s existence.
The bank has been heavily focused on digital transformation for the past two years. DFCC Bank believes in collaborations. The virtual wallet is a product developed due to collaboration/ partnership with DFCC Bank own subsidiary Synapsis; which is a reputed FinTech in Sri Lanka. The Mobile Teller “M-Teller” service enables bank staff to visit customers and collect their daily cash collections and this service again is offered free of charge.
DFCC Bank is venturing on a continuous journey down the digitalization route; developing new solutions with new partners and a continuous improvement mindset. The future of the customers will forever be etched on the conscience of DFCC Bank. The vision is to be accepted as the most customer centric and digitally enabled bank by year 2025.
What are the unique features of a DFCC Virtual wallet?
The DFCC Virtual wallet is currently a dynamic and novel product and facilitates multiple functionalities and facets. The channel is a wallet with inbuilt mobile banking features in one single product. A newly designed interface was introduced last year where the customer has the choice of using the product in a language of their choice; either in Sinhalese, English or Tamil. This gives an engaging interactive experience. During the past five months we have added more than 15 new features to add value to existing and new customers to use the channel. This was made possible due to the dedication and commitment of our staff and external partners.
The virtual wallet facilitates a plethora of useful features such as checking balances of customers Current / Savings Accounts, interest rates, maturity dates on fixed deposits and loan balances, due date. Customers can also add there DFCC credit cards (Primary and Supplementary) and view credit card details, card number, limit, available balance, minimum payment due, payment due date, card status, cashback rewards value, view credit card transaction details and credit card statements of the last 3 months.
Transfers are enabled providing customers to transfer funds within own accounts, to third party DFCC accounts or any other another bank accounts via CEFT and option to add CEFT account transfers to favorites, pay other bank credit cards via CEFT. Further customers can download or share the CEFT transfer confirmation receipt to beneficiaries.
Customers also have the option to top up the wallet and make bill payments to mobile and telecommunication service providers, utility services, insurance providers, send money to mobiles and request monies, further cardless withdrawal feature is enabled where customers can withdraw cash from nearly 135 DFCC ATMs and 45 CRMs island wide.
How does this wallet enhance customer convenience?
The virtual wallet is offered free of charge. It is very simple to use and understand and available in customers preferred language Further the app can be downloaded from both Playstore and Apple iStore. We have introduced multiple on boarding options for new and existing customers.
New to bank customers can download the app and use the apply now feature to onboard themselves, further use the demo version to self experience the product.
Existing customers can contact the call centre or use their own debit card to self onboard.
Customers can perform peer to peer transfers, favorite payments, option to add nicknames, add funding sources, and also make voice commands to check balances.
Further customers do not need to maintain a bank account to avail the service and provides financial inclusivity.
What are the digital banking products offered by DFCC Bank?
DFCC Bank has developed its digital strategy roadmap for the coming years. These strategies keep evolving with new trends and technologies. The bank has categorized its digital strategy offerings into digital channels, digital payments, digital operation and digital services. A plethora of products have and will be launched under those 4 pillars.
Digital channels include a selection of unique products. The DFCC Bank website has been revamped and re-launched with novel features such as online application to open savings and Special deposit accounts, credit cards, interactive calculators, location services. The site is integrated with DFCC Chatz (Chatbot , live chat and video chatz ),. Furthermore a prominent credit card comparison page which makes it easier for customers to select their preferred credit card and digitally apply for same. A new feature which permits customers to add their promotions to their Google calendar has been introduced recently to ensure customers do not miss out on relevant credit card offers.
The CRMs of DFCC Bank permits customers to perform cardless /cardbased cash deposits and withdrawals from a single unit. That CRM service has been expanded to 45 locations and and recently bank collaborated with Lanka IOC and introduced 8 off site CRMs at their fuel stations allowing 24/7 access to customers at these locations. Cheque deposit kiosks have been developed and launched in four locations, and will further expand to additional 11 locations soon.. DFCC Bank partnered with Megapay and introduced Pay-and-Go machines in 25 locations where customers can walk in and top-up their mobile phones and pay upto 55 different billers.
DFCC Bank also relaunched “Mobile Teller” – doorstep banking service offered by a staff representative, who accepts real time cash deposits via a mobile device. This offers customers the option of completing cash deposits at their preferred location provided it’s within a 20 km radius from the branch that offers the service. New features will be introduced to add more value to customers in the future through this channel.
Digital payment options have also been introduced recently and DFCC Bank was the first to introduce DFCC Pay integrated with Lanka QR and JustPay.
The digital services have been enhanced drastically during recent years. The SMS alert service has been upgraded to encompass a wider array of customers and now, the service covers junior savings and teen account holders. Customers can interact with the DFCC chat bot in a language of their preference, either on Facebook Messenger, Viber or in the website. If the inquiries are complex for the chat bot to handle, the customer will be directed to a live chat with a call center agent. A new normal feature that was introduced post lockdown is DFCC Video chatz where customers can interact via video to a call centre agent.
How does DFCC Bank feel about digital banking taking over the routine brick and mortar system of banking?
The “new normal” of banking is quickly moving from branch-heavy, product-centric organizations with legacy technologies and cultures to consumer-centric organizations with more personalized solutions that can be delivered seamlessly.
Customers will be given the option of interacting with digital banking channels or a traditional bank branch. The overall experience and personalized solutions offered will be the key differentiator. The future would be a hybrid channel where there will be perfect synergy between the brick and mortar and digital banking channels. The branches shall continue to remain in different sizes and formats offering tailor made solutions and advisory services.
What is DFCC Bank’s vision for the future of its customers?
DFCC remains focused on the overall value proposition it delivers to customers – with relevance and personalization. We continue to monitor banking trends both here and overseas, and leveraging evolving technology to improve our products and services.
We will be committed to enhancing functionalities, creating utility value to increase adoption and ensuring that the products and services are customer centric. The Bank is proud to spearhead unique digital innovations that help revolutionize digital banking and provide convenience to customers. DFCC Bank is forging ahead strongly on the digital path and drawn up an exciting road map to roll out more digital innovations that bring unmatched convenience for its customers.
The vision is to keeping everything simple, provide convenience and strive to remain customer centric. Customer experience and personalization is key to DFCC Bank’s Digital strategies , and we will continue to build up on enhancing said experiences.