Role of Tech in Banking

7/29/2019 Role of Tech in Banking

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Mehr Malhotra

Roll No. 032

ROLE OF TECHNOLOGY IN BANKING



The term “Banking Technology” refers to the use

of sophisticated information and communication

technologies together with computer science to

enable banks to offer better services to its

customers in a secure, reliable, and affordablemanner, and sustain competitive advantage over

other banks.

DEFINITON



Over 100 Million house holders had no formal access tocredit.

Nearly 600 million new accounts to be opened.

Out of 6,25,000 villages there are bank branches only inabout 30,000 villages.

The cut throat competition

increasing expectation of customers

The arrival of foreign and new private sector banks with their superior technology based services

THE NEED…



DIMENSIONS OF BANKING TECHNOLOGY

3 Important dimensions:

1. The use of appropriate hardware .

2. The use of advanced computer science algorithms

3. The quantification, measurement, mitigation, and

management of all the kinds of risks that banks face



Greater Productivity, Profitability and Efficiency

Faster service and Customer satisfaction

Convenience

Flexibility

24x7 operations

Space and Cost savings

BENEFITS…



TYPES OF TECHNOLOGY

ATMs

Mobile Banking

Telebanking

Internet Banking

Call Centers

CBS

SWIFT



ATMs

Ease of Use

Location

Saves Time and Effort

Mutual Benefit



Internet Banking

View balances

Pay bills

Transfer funds

Set up recurring bill payments

or transfers

Monitor investments

View CIBC VISA* accounts

Order cheques

Open RDs/ FDs



Telebanking

Perform financial transactionsover the telephone

Open For Longer Hours.

Reduces the cost of handlingtransactions



Mobile Banking

Higher probability of Use

Convenience

Lower Cost and Effort vs. Net

banking

On the Go Banking

All Time Alerts



Call Centers

Dispenser of Information

Outsourcing

Customer Service Requirements

24x7 operations

Space and Cost savings

Return On Investments



Centralized Banking Solution [CBS]

Using CBS, customers can

Access their accounts from any branch, anywhere

Makes banks prepared for current as well as future

requirements.

Decrease the risks arising from solutions requiring multiple

components and multiple vendors.•

Access Customer-centric services on a 24x7 basis

Improve the returns via seamless integration of software and

hardware services.

Provide a greater choice through the availability of an array of

technolo ies



Society for Worldwide Interbank Financial

Telecommunication (SWIFT)

A financial-industry-ownedcooperative organization.

Provides secure, standardized

messaging services and

interface software to 7,650

financial institutions spread

over 200 countries.

Offers the financial services

industry a common platform of

advanced technology andaccess to shared solutions

through which each member

can communicate with its

counter party.



SWIFT …

SWIFT works in partnership with its

members to provide low-cost,competitive financial processing

and communications services of the

highest security and reliability.

It contributes significantly to the

commercial success of its members

through greater automation of the

end-to-end financial transaction

process, based on its leading

expertise in message processing and

financial standards setting.



THE END

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