Empowering employees, Delighting customers

Analyst Day 2022

November 24th , 2022

SIDDHI
Empowering Axis colleagues to engage seamlessly with customers,
in a boundary less office

Axis Bank Document Classification

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 Enablers

IMAGINE if I…
08:00 10:00 11:00- 16:00- 17:00-
hrs hrs 16:00 17:00 18:00
hrs hrs hrs

…get nudges …my supervisor

...wake to a pre- …can prepare for …can have holistic,
customized to my can review each
planned calendar of each interaction needs-based
requirements and interaction and
customer through readily conversations with
preferences to provide immediate
interactions available insights instant gratification
maximise my coaching
that are contextual
performance
(prioritized and personalized (app native
(coaching through
meetings) (talking points) journeys)
(nudges) reviews)

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 PRESENTING

SIDDHI
/ˈsɪdē/

1. complete understanding; enlightenment.

2. a paranormal power possessed by a siddha

Siddhi is a coach that empowers Axis colleagues

to engage seamlessly with customers, in a
boundary less office

Axis colleagues get ‘Axis in the palm of their hand’

through an intelligent, proactive, personalised and
comprehensive solution

Axis customers benefit from even more

meaningful interactions, with instant gratification,
anytime, anywhere

Source: Oxford dictionary Axis Bank Document Classification

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Experience Siddhi…

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All capabilities required for Axis colleagues to operate seamlessly
are built into Siddhi; continuously optimized through nudges

Customers: View Customer 360, provide talking points, traverse end to end
journeys for onboarding and servicing

Business: Review portfolio indicators, provide insights to optimize

portfolio performance, analytics-generated leads

Nudges
Performance: View performance for each KPI, comparison vs peers,
AI driven ideas for performance improvement, incentive predictor

Team: Evaluate team performance, system enabled supervisory reviews,

nudges on coaching interventions to enhance skills

Office: Pre-booked and self-created appointments for the day, access office
tools, collaborate with colleagues

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Siddhi is built using best practices of modern technical
architecture and reimagines the front to back functions beyond
traditional product processes to make it device agnostic
ML-driven Nudge Framework Modern technical architecture
Prioritization
Delivery Personalization
Prioritization Delivery
• Cloud Native • Google Analytics
Customer DataData Response
• Mobile 1st approach • Agile Development
Customer Response
Transaction Sales
Transactions
s Conversions • Microservice Pattern • Elastic Cache
Non-Transaction
Non-Transaction User Feedback
feedback Siddhi: • API Gateway • End to end encryption
Data
a boundaryless
office

~35+ systems integrated under single App

150+ APIs used
• Statements • Leads • Statements • Transaction • Schedules • Inward • Debit Card • Customer
• TD/RD • Meetings • Account Journeys • Training & • Outward • Credit Card 360
Journey Details • Statements Evaluation • Offers
Core Mutual Learning Cards Data
CRM Lending Learning Remittance Cards
Banking Funds Mgmt Systems Lakes

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Personalisation is driven through self-optimizing ‘nudges’; impact
being tracked for every nudge

What is a nudge? How is a nudge executed? How will self-optimisation happen?

A nudge is event Personalisation variables

based, requires 2. Nudge 3. Colleague built into a ML engine*
1. Event occurs selected & views nudge
action, aims for a
broadcasted and acts • Customer segmentation
measurable
outcomes and (life stage, occupation,
collects feedback banking behavior)

A nudge library of 60+ 5. Outcome

6. Prioritisation 4. Nudge is • User profile
nudges (onboarding, and feedback
logic updated closed
servicing, regulatory) collected (vintage, experience,
has been created as a preference/ feedback)
starting point
Example:
• Business impact per
Prioritization is done Event Nudge Impact nudge per user
leveraging customer
Customer has received a Explore customer’s investing + 100% higher (clicks, leads,
segment
large credit needs and open TD conversion conversions)
characteristics and
excepted impact
Relevant learning module +X % increase
Colleague is X% below
triggered; Supervisor nudged in KRA 1
target on KRA 1
to coach through joint calling performance*

* Work in progress Axis Bank Document Classification

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MVP 1 live at scale with MVP2 and MVP3 under development;
roadmap envisages coverage of the entire bank

Phase MVP 1 MVP 2 MVP 3 MVP 4 other roles…

Roles Premium Banking Branch Banking Retail Assets Wholesale Bank …

RMs colleagues Sales teams RMs

Colleagues
covered ~3,100 ~25,000 ~17,000 >800 …

2H FY’23 FY’24
Go-live Live TBD …
(WIP) (WIP)

Siddhi will be progressively rolled out to all colleagues across the Bank

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Siddhi is unique and difficult to replicate, be it by Fintechs or
conventional banks

Rapid delivery 18 months to launch; Initial concept to final product delivery took 18
9 months per MVP months; new MVPs to be rolled out every 9 months

Agile team from 150 colleagues; ~100 Cross-functional teams comprising ~80+ full time
10+ functions man years of effort resources dedicated to building Siddhi

MVP-led >15 sprints per MVP Agile set-up, with MVP driven delivery approach
approach

Complex,
35+ systems, 150+ Cutting edge technology seamlessly stitched together
future-fit
APIs, cloud native
technology

Machine- 200+ customer/ RM segments; Building intelligence through data and analytics, Machine
learning driven dynamically self-optimised Learning engine at the core
hyper-
personalisation

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Significant impact* is already visible at scale, with high advocacy
from colleagues and customers

Colleague testimonial
~15% additional leads generated/day …been trying to meet an affluent customer for months...got
a call suddenly to meet within 1 hr…was able to use Siddhi
Customer 360 to prepare while in taxi…met customer, gave
statements through Siddhi on the spot…led to Rs 1.5cr MF
>35% higher lead conversions being opened on Siddhi...

>35% higher Term Deposit conversions Customer testimonial

…very impressed with your quick & prompt…execution
of this task, in spite of it being almost midnight back
~20% higher Mutual Fund conversions home in India. I think in less than 2 minutes I got the FD
number.

(for FD opening at midnight for a customer based in Brazil who did not
have access to IB/MB)
*Based on 500+ Siddhi RMs vs. non-Siddhi users)

Note: 85% colleagues are logging in everyday

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The end state vision is for…

• …every colleague (sales, service, back office)

to … …Now…
• …receive a personalised, continuously
optimising experience based on their individual IMAGINE the impact
behaviors, preferences and performance… when all Axis colleagues
become
• …enabled to execute all customer Siddhi-enabled!
(onboarding, servicing) and internal journeys
(coaching, learning)

• …on their handheld mobile device that is

available 24 X 7

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SPARSH
The Customer Obsession Program at Axis

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Being Customer Obsessed: Reading and Riding the ‘winds of change’

Banks not strategically prioritizing CX

as per Global Banking & Customer experience benchmarking report1 –
amongst Banks surveyed, 83.9% agreed that CX offered a competitive
edge, while 60.9% considered it a primary differentiator. Yet just 17.4%
agreed that CX is a crucial part of their strategy

Consumers build trust and preference differently

new generation of consumers build trust based on the quality,
responsiveness, and consistency of their experience
Sparsh
75% of customers in the World Retail Banking Report 2022 opined that they are the Customer Obsession
attracted to FinTechs’ seamless services
Program at Axis

Great customer experience drives all metrics

Great customer service metrics will translate to great operational, financial
and shareholder metrics2

Consumers are:

3.5x 5.1x
more likely to purchase from a more likely to recommend an
business after a positive organization after a positive
customer experience customer experience
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We began the Sparsh journey with an extensive ‘Outside-In’ effort;

Voice of 12,000+ 75+

Customer Customers surveyed to Customers interviews and FGDs
generate insights for qualitative insights about
starting position
+
Global
50+ 10+
CX-leading Indian & Global
Benchmarks Global CX experts
companies evaluated for
engaged
benchmarking
+
Voice of 40+ 200+ 100+
Senior leadership interviews Front-line Employees polled to
Employees across CBG, Burgundy and employee insights finalize common purpose
Branch banking through ~10 FGDs statement
+ From Behaviour
to
Multiple road-tested
Analytical global CX frameworks
Insights Mindsets leveraged to generate
insights
Fear

+
20+ 20+ 80+ 5+
Brainstorm Brainstorming Participants in Leaders and front-line Sessions to define
sessions with Common Purpose employees across 3 behavioral shifts
Sessions workshop conducted and key
Mancom and WOW workshops
business heads with Disney Institute interventions
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studied 20+ global best-in-class organizations for potential areas of
customer delight;

Key learnings from journeys of global best-in-class players

This is a multi-year journey
TD Bank
Revolut DBS went from one of the lowest rated banks (on customer satisfaction) in 2009 to
winning awards for being one of the “Best Managed Bank in APAC” in 2013 to
“World’s Best Bank” in 2019
Commonwealth Bank
It is important to design and launch a few “tentpole” journeys
Citi
China Construction Bank operates a branch entirely staffed by robots
ICBC DBS RBS runs Bank on Wheels to allow for doorstep banking

Zomato Changing the organizational culture to include CX is crucial

Capital CBA - High focus on frontline training and education; rolled out skillBUILDER, an
amazon online coaching tool for frontline to build their CX capabilities
One ABN
Amro Organizations should concentrate on resolving customer complaints
buy buy Clustered customers for systematic understanding of their experiences/
Disney Baby
complaints and transformed key journeys around these

UBER Regular measurement and monitoring helps with sustenance

TD Bank - Leveraged LEI (Legendary Experience Index) to set an internal bar on

Monzo Apple behavior and this was included in all employee scorecards

Fixing the hygiene issues is imperative

CBA redesigned branches to improve CX, leveraged technology to revamp core
banking system, improved mobile and smartphone apps

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and created our Customer Credo and 4 Building Blocks under Sparsh

Aspiration: India’s most customer obsessed bank, ranked #1 on NPS

Build institutional Embedding delight across

capabilities 4 1 businesses
Omnichannel, Complaints & Voice of began with Burgundy, Branch, CBG
Customer, Transparency
We delight
customers and
fulfil their dreams
through smart
Measure and act on banking everyday Create 85k+ delight
Customer Feedback advocates
Launch of NPS, Axis Promise, Select 3 Embed 4 STAR behaviours; change
Business & Operating Metrics 2 management at scale

Continuous improvement Cycle

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Setting up Sparsh, in line with best-in class globally, with focus on
sustenance
Distinctiveness program with
Board & CEO sponsorhip

Sparsh Board set-up with 9

senior leaders, monthly
cadence and empowered to
make the aspiration a reality
✓ Shift to NPS from satisfaction
Role-modelling measurements – unit and resource level
✓ Customer Call Listening rituals
✓ Granular tracking and analytics led
✓ Voice of Customer Analytics and
Central insights for Complaints; along with a
Customer Data Lake set-ups for insights Listening to Sustenance
central RCA unit
and themes Customers Sparsh through
Measurement
✓ Sparsh Ekyam – instutionalising listening
Team ✓ Tracking Axis Promise across critical
customer journeys
and recognizing internal customers

Execution ✓ Outside-in measurements around Brand

and Social Media
Agile way of working through
15+ Sparsh Pods and 100+
Sparsh Architects across
Products, Businesses and
Distribution set-ups

Creating a common belief on

Customer Obsession

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STAR: 4 Sparsh behaviours to create a …and make them a way of
common understanding of customer life at Axis through Rituals
obsession…

Start by listening – Listen to customers, internal and Pulsate – getting ready to serve customers
external, understand their needs; and design tailored a redesigned positive, energizing morning huddle conducted
solutions by all branches daily:

Take charge – Take ownership for outcome of activities

we’re involved in, and take help from others to deliver Runs from 9:00am to 9:20am every morning, Pulsate
agenda and content directly projected onto all branch TVs

Always keep promises – Proactively work towards

remembering and delivering to customers, as promised

Raise the bar – Use external benchmarks to level set

and aim for excellence in everything we do

…helps start the day on a positive note as a team…

…better equipped to serve customers from 9.30…
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Creating common belief across the Bank, one of its kind mass
program across global banks prioritizing CX
85,000+ Colleagues

1000+ 200+ Days NPS measured at Branch,

Customer facing touch RM and PB Agent level
Cascade sessions done by Sparsh of Pulsate sessions now
points Change leaders across Branches, done across 4800+ branches
Phone Banking, CBG centres and more everyday

20+ 120+
Back-Office Hours of operations design STAR and Sparsh Cascade
workshops with entire sessions done across all back-
leadership team offices

12+ Sparsh Days 4 Inspire Series 15+ WOW Workshops

Product & - Full day measurement and sessions with global experts across Branch, CBG, Burgundy,
Design customer voice focused from Amazon, Apple, defining Horizon-1 of delight
immersion sessions Starwood and more… initiatives

Top 2 days Sparsh Change NPS and Complaints Defined Rhythm of

Story by MD & CEO deep dives every week Customer and Internal employee
Team Design workshop
interactions per month
with Mancom and
business heads

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Axis Promise: Unique to Banking, express service
guarantee of 6 hours
Tentpole on service

~46% of Burgundy customers called-out timely

& transparent delivery of service requests as delight

>96% of requests processed

within 6 hours over 6 months

96%
91%
What customers …to creating
hear today… moments of delight 77%

To know more, Call us at 1800- Real-time tracking on your app;

xxx We will call you if anything goes
wrong

No stated promise Industry-first Promise of delivery Diagnosis Alpha Testing Current Levels
within 6 hrs

Something went wrong, please Service guarantee on lapse

re-submit

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From limited …to delight and transparent tracking on
functionalities… digital platforms

Real-time Absolute Predictive Live connect to

tracking on transparency messaging on RMs and in
IB/MB for > 14K with expected progress of the Siddhi
request types date/time of request
closure

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 Omnichannel: globally best-in class aspiration, taking
hyper-personalisation to its next level

First step of Tech and data architecture design done

Scale of Omnichannel

Overarching governance mechanism 25 channels

KEY
ELEMENTS Institutional memory; Cross channel portability One view to all purchases

42 systems
360 view and seamless and requests
interactions with continuity

33 events
Called Axis Phone to report Submitted my Account
my card loss activation form at the Branch
Amazon like Single ‘Track
CUSTOMER my Order’ capability
DELIGHT Axis App alerted me to
Axis App alerted me to get
the new card in a single click upload a document I missed
confirmation
11 use cases

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 NPS movement over baseline
NPS

Baseline1 Oct ’22 Movement

Last one year of the Retail Bank 100 118 +18
journey has
propelled us in the Branch NPS 100 120 +20
right direction on
Highest NPS score across
getting more Burgundy 100 105 +5 liabilities segments

customers as SA – Onboarding2 100 113 +13 Journey level focus

VCIP NPS movement highest
promoters
Largest service touch-point for
Phone Banking 100 123 +23 card customers

Insight led complaint reduction is

Credit Cards 100 117 +17 the focus

CBG3 100 103 +3 Part of Wholesale NPS

1.Q1 scores baselined to 100 for these businesses/journeys on NPS

2.Onboarding scores refer to scores across Paper, BYOD and VCIP processes
3.CBG latest NPS is till Aug ‘22 25
Thank You