IndusInd Bank introduces ‘INDIE’, an innovative customer oriented digital banking app with multiple industry-first offerings

Posted on Wednesday, October 4th, 2023 | By IndusInd Bank

• A digital banking app that offers personalized experience and ultra flexible products that users can personalize as per their unique needs. Customers can get instant access to funds through a flexible line of credit, returns of upto 7.85% on fixed deposits with the flexibility of paying through FD when balance runs low and choose / create their own rewards program.
• The app symbolizes a fundamental shift from being product centric to customer centric. Customers get an integrated experience across payments, lending, and deposits with a unified rewards program.
• The app also boasts of several cutting-edge security features such as Numberless debit card, single-use virtual card, dynamic ATM PIN and Super OTP
• INDIE by IndusInd Bank has already received an overwhelming response from the customers within a month of soft launch with over 3 lac customers

Mumbai, October 04, 2023: IndusInd Bank today introduced a hyper-personalized financial super-app named ‘INDIE’. INDIE is a new mobile banking app from IndusInd Bank that offers a completely differentiated experience to customers who are digitally savvy and looking for a superlative digital experience. The app leverages advanced analytics to provide personalized insights to its customers. The app offers many industry first features including ultra flexible products that users can personalize as per their needs. The app aims to usher in a revolutionary new way to bank and make finance easier, safer and much more engaging than traditional banking apps.

INDIE offers unique ability to personalize the customers’ financial products. For instance, INDIE offers an instant line of credit of up to Rs. 5 lac which is ultra flexible unlike a standard personal loan. Customers can choose the amount required and take only as much as needed each time, and pay interest only on what they take. This app also offers the most transparent rewards program, that allows its customers the flexibility to choose their preferred brands out of top e-commerce brands earn upto 3% rewards per Rs. 100 spend (1 reward point valued at ₹1) on brands of their choice. The rewards can be redeemed for cashback right from the app or for exciting deals or vouchers and customers can even change the brands selected by them as per their needs on ongoing basis.

At the same time, INDIE also offers the best of IndusInd Bank such as choice of account number, a high-interest-bearing savings account which provides upto to 6.75% p.a. return, fixed deposits that offer exclusive returns of up to 7.85% p.a. Customers can even link their fixed deposits to savings such that customers can simply pay with fixed deposit when savings balance runs low and keep enjoying high returns of FD otherwise.

INDIE also brings many industry-first safety and security features, such as numberless debit cards so that the customers’ card details are not exposed on the customers’ physical card, single use disposable virtual debit cards for transactions on lesser-known websites where the customers don’t want to leave their card details, dynamic PIN for ATM/POS transactions against the typical static pin and a ‘Super OTP’ feature that allows users to access one-time passwords even in low network zones.

The strong data and analytics engine of the app powers smart payments and customer engagement such that the customers get smart reminders basis their transactions to pay their bills on time or keep their account balance to prevent bounce of recurring payments. It keeps track of expenses, provides intelligent insights of monthly spends against budgets and accordingly proposes relevant tips to save more or products to meet any emergency needs.

The ICC Men’s Cricket World Cup 2023, which is set to be the biggest Cricket World Cup ever, starts on 5 October with the tournament final at the world’s largest cricket stadium in Ahmedabad on 19 November.

Speaking on the announcement, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank,said, “We are delighted to introduce ‘INDIE’, a revolutionary hyper-personalized super-app designed to empower our customers with an all-in-one digital financial solution. INDIE is another step towards accelerating the Bank’s digital strategy 2.0 enabling a seamless and intelligent banking experience addressing the evolving needs of modern consumers. INDIE is not just an app; it’s a financial ally, helping our customers navigate their financial journey with ease, intelligence, and security.”

Ms. Charu Sachdeva Mathur, Head – Digital Banking & Strategy (Existing Business), IndusInd Bank, said, “Considering the changing dynamics of the customer expectations in terms of their digital banking needs, we believe INDIE was certainly the need of the hour. Hyper-personalization of the financial solutions to cater to the ever evolving banking needs of the customers is another step in our constant endeavor to further strengthen our digital banking offerings. INDIE offers best of both worlds with the trust and heritage of IndusInd Bank and cutting edge technology to create a superior and differentiated experience for customers.”

About IndusInd Bank:

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on June 30, 2023, IndusInd Bank has a customer base of approx. 35 million, with 2606 Branches/Banking Outlets and 2875 ATMs spread across geographical locations of the country and covering 1,38,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empaneled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

RATINGS

Domestic Ratings:

• A1+ for Certificate of Deposits
• CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds
• CRISIL AA for Additional Tier 1 Bonds program
• CRISIL A1+ for certificate of deposit program / short term FD program
• IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research
• IND AA for Additional Tier 1 Bonds program by India Ratings and Research

International Ratings:

• Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service

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