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Banking and Technology together – a great asset

Banking is a term in everybody’s life nowadays. For some, it would be a small term but looking at its scope it is beyond expectation. With the advent of technology, banking has reached new heights and changed the perception of the whole world. Today, technology and banking form a great combination and is a great asset for the community. Technology has helped banking operations in several ways making the operations easier and quicker. Banks today are porting their applications on client server architecture or web-based platforms. For example, the clearing application has moved on from traditional manual processing to image based processing where cheque images are captured and kept for future use. CTS, or Cheque Truncation System, is one of the initiatives for cheque clearing and technology has helped to achieve it. This has led the banks to reduce the processing time of cheques manually and users are also at ease while meeting the clearing timings.

With the growing use of internet and technology, customers can access their account information on netbanking application and even carry transactions in the form of NEFT, RTGS, funds transfer etc. They can now open fixed deposits and recurring deposits accounts using the netbanking interface. They can even view their debit card and credit card transaction details in the financial summary block. It is a complete interface and has really reduced the printing of passbook in bank branches and led to paperless initiative.

ATM is of another utility which is of great advantage to the customers. They can withdraw cash from anywhere. Even if they don’t have cash in their pockets, they are not without cash. They can even get the account information in the form of mini statements at the ATM booths.

Debit cards and credit cards have changed the way transactions are carried out by customers, especially their shopping. They just swipe the cards at the POS terminals after their shopping. They can buy right from  pins to LED TVs to laptops to desktops using this facility.

PAYMENT GATEWAY

A payment gateway is another invention. It is an e-commerce application service that authorizes credit card payments for e-businesses and online card payments. It is the equivalent of a physical POS terminal located in most retail outlets. For example, CCAvenue and CitrusPay are the most used payment gateways by e-commerce ventures. In India, nearly 85% of Indian e-commerce merchants avail the services of CCAvenue. If you already have a website, you can also integrate CCAvenue shopping cart for free. Citrus Pay aims was to simplify online payment and make it quick and effective while following all safety protocols.

As mobiles become ubiquitous, banks too transformed their operational capabilities using mobile apps. People can now access most of the information on their mobiles and tablets. Applications like Paybyzapp by HDFC Bank, IMobile by ICICI Bank and TouchID by Axis Bank are some of the applications where customers can operate their  accounts and perform transactions instantaneously. The customers can buy movie tickets, compare and book flight tickets and hotels, pay bills, recharge mobile, DTH and data card.

Touch ID, the mobile app from Axis Bank is a one touch authentication for transaction for customers using IPhone 5S and higher. One the fingerprints is authenticated; customers can authenticate transactions by either TouchID or m-pin.

BANKING APPS

Now banks are not only dependent on apps for branch operations, but there are features like video branching. A video branch is a service offered exclusively by IndusInd Bank for  its customers. By using this service, the customer can connect with the branch manager, relationship manager or with its centralized video branch executive. This service covers all banking services, which are currently offered on IndusInd Bank Phone Banking. Additionally, the bank’s customers can also do financial transactions like opening a fixed deposit or recurring deposit account or transferring funds through NEFT, RTGS.

Investment is an important aspect both from the bank’s as well as the customer’s perspecitve. The bank provides facilities for customers to invest in equities and mutual funds through their demat and trading platforms. The customers can buy and maintain their portfolio at their own convenience.

SECURITY

Security is one another critical area for banks where also technology has helped a lot. Take for example systems like OTP and its integration with mobiles. Customers can use them to validate and authenticate their transactions without having to remember passwords.

The technological advancement has led the banks to process the customer data in an efficient, secure and effective manner. Customers are relieved of standing in long queues in branches and the bank is also relieved of the unnecessary crowd in the branches. The use of technology has enabled banks to develop applications irrespective of operating system and memory architecture.

Public sector banks like State Bank Group, private sector banks like HDFC Bank, ICICI Bank and Axis Bank are some of the banks focusing on technology and making the best use of it to satisfy the customer needs. In the span of 5-7 years, these banks have also been able to increase their customer base with the use of technology to service their customers in a better way.

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