Which Technologies Do Public, Private Sector and Foreign Banks Need to Adopt ? – teknospire
06
Sep

Which Technologies Do Public, Private Sector and Foreign Banks Need to Adopt ?

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BanksandTech

What could be the list of financial services for a child? Well, hypothetically he could use all, but necessarily he just needs a bank account/fixed deposits for his savings. Hence, most of the banks offer a minor account that allows parents to open in the same bank. Well, this may be a marketing strategy for a bank but it needs to offer what customers need. In a similar fashion could we be optimistic for rural banks that are struggling to lure customers to offer AI or IoT solutions? Indeed not, hence @Teknospire we bring to you specific innovations that are needed by a bank based on their categorization.

Types of Banks in India

During my adolescent days, I assumed any word that has “bank” suffixed to it, is a bank with similar features. Until recently my perception about them changed. Do you guys know we have seven different types of banks operating in India. Well, take a look –


Banks and Technology

Banks and Technology

  • Technologies Needed by Public Sector Banks
Banks
Examples of Bank
 Who is the Target Audience
What Technology They Should Adopt to
How a Technology Would Help the Banks
Public Sector Banks
 1. State Bank of India
2. Punjab National Bank
3. Bank of Baroda 		Open to all, varies from urban to rural people Tech-savvy to technotard HNI to BPL individuals

 1. Branchless Banking DIY Banking corners like e-corners launched by SBI or e-hut by IDBI bank to access banking anytime.
2. Mobile App Launch of banking services via Mobile App and Internet helps customers in availing services anytime from anywhere across the globe
3. Data Analytics and Business Intelligence Structuring and organizing the data with intelligent algorithms could help customers in planning their financial portfolio or could get a better picture of their spending’s.
4. e-KYC acceptance Reducing carbon footprints would help the mother earth but also would speed up the process of basic services like Opening Account or Loan Reimbursements
5. Quick Funds Transfer via IMPS, NEFT, RTGS With technology advancement like UPI based payments or IMPS, funds transfer is instantaneous and could be accessed from anywhere anytime.
6. Use of Biometrics Biometrics would help in reducing fraud and identifying potential security threats.
7. Cloud Technology With data increasing at an exponential rate, physical servers may not be enough to handle them. Hence cloud technology could help users in providing flexibility with no compromise in security.
8. Robotics to enable DIY banking/Improved Customer Service How about Robotics helping in mundane jobs like segregating and assign numbers to customer who come to banks? Could help in basic queries like My account balance? Or mini-statements?
9. e-banking Enabling Banking services via internet would help customers accessing banking from anywhere anytime.
10. Plastic Money Issuing of credit cards/debits cards could enhance digitization and a way to go cashless.
11. Remote Banking With remote areas/rural areas not having enough bank branches services like Agent Banking, ATM, PoS or e-corners could add to get more customer satisfaction and business to banks

  • Technologies Needed by Private Sector Banks
Banks
Examples of Bank
 Who is the Target Audience
What Technology They Should Adopt to
How a Technology Would Help the Banks
Private Sector Banks
 1.ICICI Bank
2. HDFC Bank
3.Axis Bank

 Open to all but is a preferred choice to individuals –
– From corporate sector
– Looking for customer oriented services

 1. Mobile App Launch of banking services via Mobile App and Internet helps customers in availing services anytime from anywhere across the globe
2. Video Conferencing Enabling Video conferencing to your customer could help in building trust and they could get quick query resolution.
3. Data Analytics and Business Intelligence Structuring and organizing the data with intelligent algorithms could help customers in planning their financial portfolio or could get a better picture of their spending’s.
4. e-KYC acceptance Reducing carbon footprints would help the mother earth but also would speed up the process of basic services like Opening Account or Loan Reimbursements
5. Quick Funds Transfer via IMPS, NEFT, RTGS With technology advancement like UPI based payments or IMPS, funds transfer is instantaneous and could be accessed from anywhere anytime.
6. Use of Biometrics Biometrics would help in reducing fraud and identifying potential security threats.
7. Cloud Technology With data increasing at an exponential rate, physical servers may not be enough to handle them. Hence cloud technology could help users in providing flexibility with no compromise in security.
8. Robotics to enable DIY banking/Improved Customer Service How about Robotics helping in mundane jobs like segregating and assign numbers to customer who come to banks? Could help in basic queries like My account balance? Or mini-statements?
9. Plastic Money Enabling Banking services via internet would help customers accessing banking from anywhere anytime.
Issuing of credit cards/debits cards could enhance digitization and a way to go cashless.
  • Technologies Needed by Foreign Banks
Banks
Examples of Bank
 Who is the Target Audience
What Technology They Should Adopt to
How a Technology Would Help the Banks
Foreign Banks
 1.HSBC Bank
2.Citibank
3.Commerzbank

 The Target audience for these banks are –
1. Corporate Firms
2. HNI individuals having operation overseas
3. NRI individuals

 1. Wearable Devices With a wearable device, banks could get information in real-time. Just for example if you went to a car dealer, the banks could help you in choosing the best financing options.
2. Mobile App Launch of banking services via Mobile App and Internet helps customers in availing services anytime from anywhere across the globe
3. Video Conferencing Intelligence Enabling Video conferencing to your customer could help in building trust and they could get quick query resolution.
4. Data Analytics and Business Intelligence Structuring and organizing the data with intelligent algorithms could help customers in planning their financial portfolio or could get a better picture of their spending’s.
5. Cloud Technology With data increasing at an exponential rate, physical servers may not be enough to handle them. Hence cloud technology could help users in providing flexibility with no compromise in security.
6. Robotics to enable DIY banking/Improved Customer Service How about Robotics helping in mundane jobs like segregating and assign numbers to customer who come to banks? Could help in basic queries like My account balance? Or mini-statements?
7. Plastic Money Issuing of credit cards/debits cards could enhance digitization and a way to go cashless.

This post is part one of the series, in the upcoming post we would cover Cooperative Banks, Regional Rural banks, Payments banks and Small Finance Banks. Our post would also talk about the fintech firms in India, their different banking solutions serving as technology partners to many banks.
Stay Tuned!

References:

Payments Bank
List of banks in India
Grameen_Bank
What are Payment Banks? Why India Needs Payment Banks?
All you need to know about small finance banks
What are small finance banks and payment banks? How are they different from commercial banks?
Here’s how top 5 Indian banks use technology
Banks collaborate with new age fintech companies for rural banking