The Rajasthan headquartered bank has improved its mobile application with more services:
Fingrowth Cooperative Bank, a multi-state co-operative bank having 22 branches in Rajasthan and Gujarat, is providing efficient services in upgraded technological environment with superior ambience to maintain strong relations with customers. The bank has been organizing customers’ meet at branch level at regular intervals to spread awareness about use of digital facilities.
It has been an endeavour of the bank to make them aware of electronic modes of payments like UPI, mobile application, RTGS / NEFT and IMPS to inculcate habits of digital payments. Sunil Pamecha, Managing Director, updates: “Our bank has recently added one on-site ATM, bringing the total to 5 ATMs. One cash recycler (CR) machine has also been installed at one of the branches of the bank to facilitate cash deposit by the customers. Our bank branches are very well equipped with office equipment of latest technology, security system, smoke detectors and security camera etc.”
Digital Services, Use Up
Fingrowth UCB has been an early adopter of technology. The bank offers mobile banking (IMPS, RTGS and NEFT), net banking (view only), E-Commerce, and UPI. In order to achieve the digital objectives, the bank is regularly updating customers over SMS, display on notice board and website for change in policies, products, procedures and other information related to the customers. In the process of transformation, the bank has initiated steps for introduction of digital payment channels with enhanced operational efficiency. The bank has also filed an application with RBI for RTGS / NEFT direct membership and transactions to provide remittance facility 24 hours a day.
The bank offers its customers platinum Ru-Pay EMV chip debit card with features of e-commerce and access to major airport lounges in India. The mobile payment gateway supports RuPay debit card transactions and customers can now pay their utility bills, payments to merchants all over India through e-com facility. It has also implemented positive pay system. It had issued 10,000 cards by March 2022 and will further increase cards beyond 12,000 by the year end.
The bank recently increased the fund transfer limit from Rs0.1 million to Rs0.3 million per transaction and Rs0.2 million to Rs0.5 million per day. Sunil explains: “We have improved and updated mobile application operationalized during the current FY with more services. Monthly IMPS, RTGS and NEFT transactions through our mobile app has crossed Rs700 million in August. The transactions per month through mobile application have crossed an all-time high and the value is further likely to be up as we move ahead in the current FY.”
Vendors, Team, Cyber Security
Fingrowth UCB has opted for core banking solution on ASP basis from C-Edge Technologies. The bank does not need a large team of IT officials. Management of data centre and DR site is the responsibility of the ASP. All fully EMV compliant ATMs are on-site and access is available from 7 am to 10 pm as such 24 hours security not provisioned. Biometric authentication as second factor for core banking access to internal users had been implemented during 2019-20. The bank has Perto brand ATMs and daily transactions are over 500. ATM cards printing are outsourced to C-Edge Technologies, its CBS vendor. BSG IT Soft provides BI AML & KYC software. BRIMS is provided by C-Edge Technologies for MIS. Data de-duplication is software based.
The bank has strengthened its technology base. It has been complying with cyber security standard prescribed for level 2. Sunil informs: “There is an IT team of 6 persons, who are experts in software development and hardware management. Ratio between capex and opex is 2:1. We have implemented cyber security measures to check online fraud. Our bank has initiated all prescribed cyber security measures/safeguards to do away the cyber frauds. Improved operational efficiency can increasing the credibility of an organization.”
IT Plans For Current FY
Fingrowth UCB has devised an IT plan for 2022-23. The bank wants to add more branches in Rajasthan and Gujarat subject to RBI permission. Recently one branch at Udaipur has been approved and allotted, which shall be operationalized by the end of 2022-23. Sunil reveals: “We are targeting to install on-site ATMs at more branches of the bank. We will also increase the number of cash recyclers in the current FY. We are also aiming for implementation of net banking facility for our valued customers after permission from RBI.”
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