From the traditional banks, the new age banking has come a long way offering some exiting solutions from the technological aspect. Read on to know more…
Banks in India has come a long way and is now offering exiting solutions from the technological aspects. Banking customers have been provided with the service of downloading the wallet app, submitting Aadhaar and Permanent Account Numbers for the Know-your-Customer, visit a Café Coffee Day outlet for biometric verification for your bank account and Singapore-based DBS bank will do the rest for you. Most of you would be surprised to know that DBS bank’s mobile-based customer support uses Artificial Intelligence (AI). Actually, a bot answers to your questions. Since, about 90% of the customer queries are standard which don’t need human interference. And of course, the customer can also choose to chat with an executive. Since it’s a mobile-only banking, the bank does not provides a cheque book. But the customers are provided with a debit card.
If one goes with the trend, consumers are keen to adopt newer technologies. ICICI Bank officials say that customers are rapidly adopting digital banking solutions and also give them feedbacks for the improvisation of technology based banking. ICICI Bank has attracted transactions worth ₹ three lakh crore (₹ three trillion) on its digital platform in financial year 2015-2016. In January 2016, the ICICI mobile banking app, iMobile, has recorded transactions worth over ₹ 10,062 crore (₹ 100.62 billion). The bankers say that the customers are inclined towards Digital banking as they want instant service and information at the finger tips.
Traditional Phone Banking
One of the largest customer base in India is there are a billion people in India has cellular connections. Of these, only a quarter of them use smartphones and the rest of them use the traditional feature phone. Taking this into consideration, YES bank has tied up with a Taiwan-based tech firm Taisys, to offer banking transactions on feature phones with no Internet connectivity. All that a feature phone based banking customer has to do is apply a sticker on the SIM card, which then enables a menu for banking transactions which includes payments and fund transfers. The service works on text message.
Merchant Payments using Sound Waves
YES Bank and HDFC Bank have tied up with UltraCash, which provides the technological solutions that allows user to make payments through mobile phones without the use of data or any special hardware. UltraCash processes payments through sound waves. All that a user has to do is to open the app, enter a passcode and take the phone near a merchant’s device. After receiving the invoice, the user will need to enter another password and the mobiles authenticate the transaction using sound waves. One of the key benefit using this banking solution is that you don’t have to rely on Internet connection or additional hardware to make payments.
ATM Cash Withdrawal using Fingerprints
Recently, DCB Bank launched a service where you can withdraw cash from ATMs using your fingerprint without using the traditional based ATM card and PIN. For availing this service, the customer has to link the Aadhaar to your bank account. Once this service is activated, all that a customer has to do is to enter your Aadhaar number and use fingerprint rather than a PIN to withdraw cash at the ATM terminal. DCB Bank is in the process of upgrading all their traditional ATMs with the biometric based authentication transactions along with the regular card and PIN-based service.
The author is a Senior Editor at Bitstream Mediaworks.
He has an active interest in IT Security.