Nilesh Mhatre has over 25 years of extensive exposure to diversified technologies in the banking and financial services domain. Currently he is associated with HSBC as CIO India, and also provides IT governance support in the APAC region, including Sri Lanka, Mauritius and Bangladesh.
HSBC has embarked on an ambitious target to accelerate its card growth. Credit Card being the riskiest offering, it is one of the most profitable business for every financial institution. But new card acquisition is a costly and time consuming affair. To achieve the ambitious growth objective and overcome constraints around acquisition, HSBC decided to transform the cards acquisition channel with a streamlined card acquisition journey. The bank launched a publicly available website for its credit card acquisition which is accessible for the customer and the staff.
A customer can validate through the real-time Aadhar and PAN verification. The income documents are also validated real-time through an online income verification service. Basis the submission, the application carries out checks related to credit score (CIBIL), World Check, Blacklist and generate real-time decision whether to accept or reject. For the approved applications, the system shares a tentative credit limit. At the end of the journey the information captured by customer is transformed into an application form which is signed using Aadhaar-based eSign service.
With Project Rocket, turnaround time from application-to-approval has significantly reduced from 15 Days to two Days. It is a one-stop solution for card acquisition for both customers and sales agents. The end-to-end business process automation, along with third-party integrations such as Aadhaar-eKYC, PAN-eKYC, income document validation, etc., has also reduced customer acquisition costs.