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Technology and the changing face of Banking Sector

Group Members:-

-Neha Rewale

-Neha Aranha

-Hirni Mewada

-Pooja Lotankar

-Pooja Kadam

RUSTOMJEE BUSINESS SCHOOL

Introduction to Banking Technology

• The term “Banking Technology” refers to offer better banking services to its customers in a secure, reliable and affordable manner , In order to have a competitive advantage over the other banks.• Entry of new banks resulted in a paradigm shift in

the ways of banking in India. The growing competition, growing expectations led to increased awareness amongst banks on the role and importance of technology in banking.


Cont.. Information technology is one of the most

important facilitators for the transformation of the Indian banking industry in terms of its transactions processing as well as for various other internal systems and processes.

Definition of E- banking

E-Banking is defined as the automated delivery of new and

traditional banking products and services directly to customers through electronic, interactive

communication channels


E -bankingElectronic banking (E-banking) is

a generic term encompassing: internet banking telephone bankingmobile banking

In other words, it is a process of delivery of banking services and products through electronic channel such as telephone, internet, cell phone etc.


Cont.

, “The new generation banks showed the way and others had no option but to follow the tech infusion to retain and attract profitable customer.”

The improved connectivity and falling cost offered by leased lines provided a booster to inter-branch automation.

With centralized infrastructure and numerous connectivity options, banks started exploring multiple delivery channels like ATM, Net-banking, Mobile banking and Tele-banking thus driving down cost per transaction.


Products and service offered:

PRODUCTS SERVICES

1.Automated teller machine 1.Telegraphic transfer

2.Smart card 2.Internet Banking

3.Credit/Debit card 3. Fund transfer

4.Cash dispenser 4.Tele Banking

5.Electronic clearing service

6. Electronic fund transfer

7.Anywhere Banking

8.Bill payment

9. Mobile banking


Functions of E- banking:


Mobile banking

Khaayal aapka


Mobile Banking System

A system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or tablet.

The earliest mobile banking services were offered over SMS, a service known as SMS banking.

Advancements in web technologies such as HTML5, CSS3 and JavaScript have seen more banks launching mobile web based services to complement native applications.


Mobile banking services

Account information◦ Mini-statements and checking of account history◦ Access to loan statements◦ Access to card statements◦ Insurance policy management

Transaction◦ Funds transfers between the customer's linked accounts◦ Check Remote Deposit◦ Paying third parties, including bill payments and third

party fund transfers Support

◦ ATM Location◦ Check (cheque) book and card requests

Investments◦ Personalized alerts and notifications on security prices◦ Real-time stock quotes


Future functionalities in mobile banking

Mobile Banking functionality would enable customer connect across entire customer life cycle much comprehensively than before.◦building relationships, ◦reducing cost, ◦achieving new revenue stream will

transform to enable new objectives targeting higher level goals such as building brand of the banking organization.

PersonalizationIt would be expected from the

mobile application to support personalization such as :◦Preferred Language◦Date / Time format◦Amount format◦Default transactions◦Standard Beneficiary list◦Alerts

Mobile Banking Security Tips

• Use Official Bank Apps When Possible.• Be Careful of What You Download.• Avoid Banking While on Public

Network.


Mobile Banking features and benefits

• Register in less than 5 minutes.• Safe and secure.• View your statement quickly .• Quick Balance.

.


M-PESAM- Pesa is a mobile-phone based money

transfer and micro financing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania.

It has since expanded to Afghanistan, South Africa, India and in 2014 to Eastern Europe.

M- Pesa allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.


Cont..The service enables its users to:deposit and withdraw moneytransfer money to other users

and non-userspay billspurchase airtime


BITCOINSoftware Based online payment by

Satoshi Nakamoto.Form of Payment for Products&

Services.What makes it different from normal

currencies.CreationWho Prints it.


Characteristics of BITCOIN

It is Decentralized.It’s easy to setup.It’s anonymousIt is completely transparent.It is fast.


RUPAYWho initiated it?Benefits of RUPAY card.RUPAY EMV


RUPAY for farmers.

Also provides unified Kisan Card issued by banks across the country.

PUNGRAIN pays commission agents through RUPAY Debit Card.
