Next example: suppose a customer comes to your website requesting dollars or pesos or some foreign currency, will it make sense to tell him about trav

£mancial organisations are concerned that might work. I find that when I am dealing with something like subscriptions then they have their own norms. There are organisations that will accept a letter from a bank or the address on the statement as a standard address proof, but many people will not. I would say the second part is a little more difficult.
Manoj: Any other opinions on how an address change can be done?
Dr Ravish: In many branches, we have up to three generations managing accounts at out bank. So address change becomes a herculean task. So on an experimental basis, in select branches, we have begun a process. We have printed a small chit asking for the name, telephone number and latest address and we are requesting the customers to hand over the chit to the customer desk at their nearest branch. So whenever the customer visits the branch or we call him, we can automatically take it as a KYC.
Asha: Giving a letter as a change of address is not enough. It also requires a documentary proof of address. So the bank itself is not the referral point of that proof. We also depend on another proof to update the address. The KYC norms of RBI states that there are documents that need to be asked for when updating address change. If it a borrower, then we will have his residence proof vetted with a personal visit. This does not exist when it's a liability product.
Manoj: South Indian Bank is planning to go in for business intelligence system for marketing activities. How do you see your KYC data get up-to-date?
Kannan: For address change, the prerequisite is the correct address maintenance. I think today the information is either incomplete or incorrect. The core banking solution are more related to transactions. Even though any core banking would like to capture the address line, the street name and all related information, the operator may put a dot and move on to other fields. So address details are either incomplete or inaccurate. Once the address is noted into the system, then only can we think of how we handle this address change. So when it comes to the address change in the system there are certain mechanisms like sending a bill to the customer or sending a statement requesting to inform the bank about any address change in future, etc. It becomes the responsibility of the customer to inform the bank about any change in address. So when we receive the address change it ca be put into the system - only thing is that in core banking not much importance is given to this. That's when we resort to CRM with customer intelligent solution where all this data will be transferred to the datawarehousing solution which we are thinking of in South Indian Bank. The data will be transferred there and then comes the process of de-duplication where the same customer may have accounts in multiple branches. So we need to consolidate that statement. Once the data is in place then all your cross-selling, upselling, budgets and financials, customer and risk intelligence, all that will naturally fall into place. So/ I think the biggest challenge when you go in for datawarehousing is to keep all the data accurate, and maintain the data.
Poojari: We use more emails nowadays than addresses, particularly for NRls. It is cost-effective also. The address that you are recording is losing importance for marketing purpose.

Manoj: Next example: suppose a customer comes to your website requesting dollars or pesos or some foreign currency, will it make sense to tell him about travel arrangements, offer advice on weather and health. Should banks be trying to collaborate with other organizations or other websites that offer up-to-date information on such matters? What do you think about banks being proactive rather than just offering the forex and closing the deal?
John: Our site is updated daily. As for NRls, they contact us through email.Ourinternationalbankingdepartment, ie, a cell exclusively for RIs, and we advice them and help them out. Suppose they want to invest in foreign currency, so that kind of advice is given by the NRI cell.
Taneja: Forex inquiry from a customer is an invitation to engage. The customer is telling you that he wants a transaction where the bank can play direct as well as indirect roles. You can ask him his travel plans, the reason for the travel, travel and health insurance, etc. You can have a tie-up with a travel services portal and then offer the customer a discount if he uses that. You can make him an attractive offer by suggesting that he use the card and avail of some discounts during his stay abroad. For banks like us, this is an exceptional transaction, which a small percentage of your customers will do. It clearly tells you that the customer has the potential to grow the relationship far beyond what you have now.
PK Nair: Why can't we use remittance services to offer advisory services as to where customers can invest their money? One of the banks is slowly starting to look at the internet as a channel to offer advisory services. Federal Bank has a tie up with Geojit. They use each other's services. They are cross-selling and upselling. This is creating an integrated chain.
Manoj: What about Bank of Baroda? You have the largest number of overseas branches among Indian banks?
Poojari: As far as circulation of information is concerned, we have a system of collecting all the data, particularly the email addresses, create a group and periodically send whatever development is taking place in the bank, especially information that is not related to the bank, such as remission of stamp duty on purchase of land. Although the bank is not concerned with this, we percolate this down to the NRls. Even NRls are well informed now. They know where to invest. It's only because of recession that they are parking their funds temporarily in some account and always looking for some avenue of investment. For that investment, we have separate divisions which help them,