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Technology and the Changing face of Banking Sector

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Presentation on Subject Management Information Systems MMS Semester 1 with Team Members-Neha Rewale,Neha Aranha,Hirni Mewada,Pooja Lotanakar,Pooja Kadam.

Text of Technology and the Changing face of Banking Sector

  • 1. Technology and the changing face of Banking Sector Group Members:- -Neha Rewale -Neha Aranha -Hirni Mewada -Pooja Lotankar -Pooja Kadam RUSTOMJ EE BUSINESS SCHOOL

2. 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. RUSTOMJ EE BUSINESS SCHOOL 3. 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. 4. 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 RUSTOMJ EE BUSINESS SCHOOL 5. E -banking Electronic banking (E-banking) is a generic term encompassing: internet banking telephone banking mobile 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. RUSTOMJ EE BUSINESS SCHOOL 6. 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. RUSTOMJ EE BUSINESS SCHOOL 7. 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 RUSTOMJ EE BUSINESS SCHOOL 8. Functions of E- banking: RUSTOMJ EE BUSINESS SCHOOL 9. Mobile banking Khaayal aapka RUSTOMJ EE BUSINESS SCHOOL 10. 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. RUSTOMJ EE BUSINESS SCHOOL 11. 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 RUSTOMJ EE BUSINESS SCHOOL 12. 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. 13. Personalization It 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 14. Mobile Banking Security Tips Use Official Bank Apps When Possible. Be Careful of What You Download. Avoid Banking While on Public Network. RUSTOMJ EE BUSINESS SCHOOL 15. Mobile Banking features and benefits Register in less than 5 minutes. Safe and secure. View your statement quickly . Quick Balance. . RUSTOMJ EE BUSINESS SCHOOL 16. M-PESA M- 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. RUSTOMJ EE BUSINESS SCHOOL 17. Cont.. The service enables its users to: deposit and withdraw money transfer money to other users and non-users pay bills purchase airtime RUSTOMJ EE BUSINESS SCHOOL 18. BITCOIN Software Based online payment by Satoshi Nakamoto. Form of Payment for Products& Services. What makes it different from normal currencies. Creation Who Prints it. RUSTOMJ EE BUSINESS SCHOOL 19. Characteristics of BITCOIN It is Decentralized. Its easy to setup. Its anonymous It is completely transparent. It is fast. RUSTOMJ EE BUSINESS SCHOOL 20. RUPAY Who initiated it? Benefits of RUPAY card. RUPAY EMV RUSTOMJ EE BUSINESS SCHOOL 21. RUPAY for farmers. Also provides unified Kisan Card issued by banks across the country. PUNGRAIN pays commission agents through RUPAY Debit Card. RUSTOMJ EE BUSINESS SCHOOL