English
JapaneseSUCCESS STORY
SBI Cards & Payment Services Limited
Transforming Customer Lifecycle Management Through Compliance Automation and Digital Product Innovation
Company Name
SBI Cards & Payment Services Limited
Industry
Financial Services / NBFC
Impact
Created a Future-Ready Customer Lifecycle Platform
Application
Web Application
Background
SBI Cards & Payment Services Limited is one of India's leading credit card issuers, serving millions of customers through a diverse portfolio of payment and financial products. As part of its ongoing digital transformation journey, SBI Cards sought to modernize critical customer lifecycle processes while expanding its portfolio of value added services through its enterprise CRM platform. To support evolving business objectives, SBI Cards initiated strategic programs focused on enhancing customer experience, strengthening operational governance, improving regulatory compliance, and enabling new revenue-generating offerings for its customer base.
Challenges Faced
Business Challenges
INITIAVTE 1: ACCOUNT CLOSURE TRANSFORMATION
Regulatory Compliance Risk
Manual account closure processes created challenges in meeting regulatory timelines and maintaining compliance at scale.
Limited Digital Service Experience
Customers relied on contact centers and traditional service channels for closure requests, increasing effort and operational overhead.
Customer Retention Challenges
The absence of structured retention mechanisms resulted in missed opportunities to engage customers before closure decisions were finalized.
Process Inefficiencies
Manual verification, settlement, and communication activities introduced delays, inconsistencies, and operational risks.
INITIAVTE 2: Health Protekt Plan (HPP) Lifecycle Management
Regulatory Compliance Risk
Manual account closure processes created challenges in meeting regulatory timelines and maintaining compliance at scale.
Limited Digital Service Experience
Customers relied on contact centers and traditional service channels for closure requests, increasing effort and operational overhead.
Customer Retention Challenges
The absence of structured retention mechanisms resulted in missed opportunities to engage customers before closure decisions were finalized.
Process Inefficiencies
Manual verification, settlement, verification, and communication activities introduced delays, inconsistencies, and operational risks.
Solutions
INITIAVTE 1: ACCOUNT CLOSURE TRANSFORMATION
Digital Account Closure Journey
Enabled account end-to-end closure capabilities across digital channels, providing customers with a seamless and consistent experience.
Automated Validation and Decisioning
Introduced real-time eligibility and balance validation mechanisms to improve process accuracy and prevent downstream exceptions.
Intelligent Retention Framework
Embedded personalized retention strategies within the closure journey to improve customer engagement and reduce avoidable churn.
Workflow Automation and Customer Communication
Automated settlement activities, notifications, and compliance-related processes to improve operational efficiency and customer transparency
INITIAVTE 2: Health Protekt Plan (HPP) Lifecycle Management
Insurance Lifecycle Enablement
Established a comprehensive platform supporting enrollment, renewal, servicing, cancellation, claims, and dispute management processes.
Automated Renewal & Retention Management
Implemented intelligent renewal workflows with automated retries and continuity controls to improve customer retention.
Partner Ecosystem Integration
Integrated CRM, payment processing, and insurer platforms to support seamless policy administration and information exchange.
Customer Service & Governance Framework
Introduced structured workflows for dispute resolution, claims tracking, communication management, and operational governance.
Business Outcome
INITIAVTE 1: ACCOUNT CLOSURE TRANSFORMATION
INITIAVTE 2: Health Protekt Plan (HPP) Lifecycle Management
RBI Penalties Avoided
₹45 Cr+ saved through full compliance with mandated account closure timelines.
Customer Retention Growth
74,000 customers retained through automated retention journeys.
Digital Adoption Improvement
73% of account closure and retention interactions handled through digital channels.
Retention Rate Improvement
4.3% increase in retention performance compared to the previous process.
Faster Process Turnaround
80%
reduction in closure processing
time
Annual Revenue Contribution
₹3.6 Cr projected annual revenue generated through policy enrollment growth.
Policyholder Retention
80% customer retention through structured renewal management.
Customer Conversion Performance
15% policy conversion rate achieved.
Customer Satisfaction Improvement
25% increase in customer satisfaction.
Operational Efficiency Enhancement
15% improvement in process efficiency through automation.
