5 New Technologies That Could Revolutionize The Indian Banking Sector

If one were to tell a banker from the 1990s that by 2016 a vast majority of banking transactions would be handled digitally, the chances of them laughing hysterically was a real possibility. Such is the extent at which technology has grown that nearly every aspect of human life has undergone a massive revamp.

In this article, you will find 5 most of the best trends that will revolutionise the way we look at banking.

• Unified Payment Interface (UPI):

National Payments Council of India (NPCI) along with the RBI introduced the UPI in a bid to make India a cashless society and in turn into a digital nation. Through this network, money can be transferred between two bank accounts with the use of smartphones. The most revolutionary aspect of this system is that unlike NEFT or other such online payment methods, individuals don’t need IFSC codes or net banking credentials to make payments. Currently, UPI apps are available for most of the banks in the country for android smartphone users.

• Cloud Banking Systems:

We have all seen how cloud networking systems have improved the techverse. Much the same way, a cloud banking system is also in the pipeline in the country. What this service will do is decrease the data transfer costs while also being extremely responsive to customers’ and the markets’ needs. Currently, banks like HDFC, IDFC, Kotak Mahindra, and ICICI Lombard have adopted the cloud infrastructure provided by Microsoft while plenty others are contemplating the same.

• Internet of Everything (IoE):

In case you don’t know what Internet of Everything is, you should know that it is basically the internetworking of vehicles, physical devices, and buildings. The main idea of IoT is to embed these items with software, sensors, electronics, and network connectivity to enable the collection and sharing of data. To put it in simpler terms, IoT is a proposed idea wherein everyday objects have network connectivity to help with the seamless transfer of data. A number of institutions like RBL and ICICI Bank among others have started with the use of biometric scanners and the like to significantly improve customer experience.

• Robotics:

Imagine a robot assisting you with never-seen-before consistency for any and all of your banking related queries. That’s what this idea is all about. Presently, ICICI Bank has deployed over 200 software robots across various branches to help take care of repetitive tasks. The bank also has plans to increase the number to 500 by the end of this fiscal year. Besides ICICI Bank, HDFC Bank too is looking into the introduction of robotics into their operations.

• Blockchain Technology:

Indian banking industry is growing at an unprecedented rate but still maintaining a database of basic details are becoming tougher by the day. This is why a number of banks are partnering to invest in blockchain technology which is basically a database which stores regularly used data like E-KYC and AML (Anti-Money Laundering) details in blocks. Muthoot Finance and Yes Bank are two financial institutions that are currently working to get this system operational.

There you have it. The introduction of these five technologies in the country would not just improve the state of banking, but revolutionise by the way we bank. 

Dena Bank Intends to Water Down Govt Share to 52 percent

State-managed lender Dena Bank has come to a decision to get its board’s support to water down its government share to 52 percent. The bank has notified the exchanges. The government as of now owns 65 percent equity in the bank. The goal is to escalate equity capital of the bank by bringing down government holding up to 52 percent, on procuring required authorization from the government. 

HSBC to Shut Down Private Financing Biz in India

HSBC Bank

Hong Kong and Shanghai Bank Corporation (HSBC), headquartered in London, has made a decision that shocked many; to close its private banking business in the country by March 2016. This was decided after a tactical evaluation of the international private banking operations in India. This marks more development in the HSBC group approach to streamline business and bring viable growth. 

Public and Private Sector Banks Awarded at The Times of India Event

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News about Federal and Vijaya Bank

Federal Bank: 1250th Branch Opened and Vijaya Bank: Opened New Branch in Visakhapatnam

1) Federal Bank Opens 1250th Branch:

One of the country’s largest private lenders, Federal Bank, recently opened its 1250th branch in Sasthamangalam. An on-site ATM was also released along with the bank.

Federal bank offers an array of banking solutions like deposits, accounts and loans to cater to the ever-growing needs of Indians. 

Allahabad Bank and Canara Bank- Latest News

Allahabad Bank: Trade News and Canara Bank: New CEO News

1) Allahabad Bank Trades More:

Allahabad Bank is trading at INR 77.95, up by 2.10 points or 2.77 percent from its former closing of INR 75.85 on the BSE as of now. The scrip released at INR 75 and has affected a high and low of INR 78.90 and INR 74.65 correspondingly. 

Andhra Bank to Hold Credit Camp Week from 25 Sept to 2 Oct 2015

Andhra Bank has organized a mammoth credit camp week on 25^th September 2015. It will end on Gandhi Jayanti (2^nd Oct). This camp is for the paying out of SHISHU loans specified under the PrimeMinister Mudra Yojana (PMMY) scheme. No security or assurance could be applied for during the camp term as mentioned by the bank’s deputy manager, Mr. S Trinath Sridhar. 

New CEO of Bank of Baroda

Bank of Baroda awaits their new CEO Mr. P.S. Jayakumar. Bank of Baroda is a public sector bank which is based in Mumbai and provides a variety of financial products and services to its customers. Some of them include deposits, loans, debit and credit cards and fund transfers using IFSC codes. Currently, B.B. Joshi is the only executive director on board full time.

Top 10 Advantages of an IFSC Code

IFSC Code:

IFSC Code is an alpha numeric code that have contributed a lot in our lives to make it comfortable and at par with the race of life. With the growing complexities of life, we have entered into a phase where we have to compete daily with the fast moving world. In the race of said competition, we do not get time to fulfill our certain obligations like visiting bank to get the transactions done, going for shopping goods and many more obligations in a line.