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Sunday, 21 June 2015

The nitty- gritty of banking tech


We have stood in those queues with tokens in our hands, waited to with draw or deposit cash, transferred cash trough demand drafts and have got our passbook updated from time to time. All these banking activities still do exist but to a minimal rate. My uncle used to the work in the bank I clearly recall him tallying accounts in long ledger books. Now he uses technology to do the same, which he claim is faster and error free.
These days, with the advancement in technology, online banking has caught up really well. With our busy schedules we need to pay our bills, transfer money to our parents who are overseas. Online or Mobile banking has carved a path.
Technology has changed the business world in India and has helped to serve just what we want i.e. more flexibility in retail and banking. Banks now offer at the finger tip services. From creating a new account to taking a loan, banks give online options to their customers. Customers have to just sync their mobile numbers with the bank, download an app and viola! Your banking work is done. More over banks provide message details of all transactions.
Here are few customer specific essentials for a safe banking:
Customer Friendly: Online banking and mobile banking are indeed customer friendly as the serve the purpose of every customer. One can feed a friends’ or family members account details and easily transfer money instantly. Pay loans, bills, credit card payment in just one click, convert payments to EMI’s, schedule payments and save transaction details.
Information Security: With cyber crimes seeking around corners banks follow high security systems. Since all important details such as card numbers, security pins, passwords are at stake. Banks ensure that all customer details are secure. Time and again we are reminded by the bank that our details are meant to be secure and not to be shared with anyone. Our debit and credit cards have EVM chips to ensure complete security when swiped at POS terminals.
Payment gateways: With the bloom of e-commerce and e-retail, banks have provided secure payment gateway options to e-commerce companies. Banks offers net banking and payment through cards. Only secured and verified gateways are tied up with banks. Every bank has either OTP (one time password) or a security password verified by Visa or Master
Banking has become simple and it is at the tip of our fingers with technology. With the shift to the Internet, the traditional brick is becoming superfluous. Banking tech is here to stay.