Valuable technologies to make bank branches more effective


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Technology alone will not solve issues or create advantages. It needs to be completely integrated within the organization in order to secure the acceptance of the final users.

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Valuable technologies to make bank branches more effective

  1. 1. Valuable Technologies to Make BankBranches More EffectiveUniversal Banking Solution System Integration Consulting Business Process Outsourcing
  2. 2. The 21st century will bring about all-embracing by technology. With consumers becomingconvergence of computing, communications, more demanding, banks have no choiceinformation and knowledge to radically change but to integrate existing solutions withthe business of banking. The growth of high different customer-centric technologies tospeed networks, coupled with the falling cost enable self-enquiry at in-branch terminals,of computing power, is making possible remote PC banking, anytime banking atapplications undreamed of in the past. Voice, ATMs, 24x7 telebanking and so on. Indata, images, and video may now be transferred addition, they can also consider offeringaround the world in microseconds. electronic banking in various forms, as described below:Not only has technology transformed theinternal accounting and management systems A service in which the bank providesof banks, it has also fundamentally changed corporate or high value customers withthe delivery systems they use to interact with Graphical User Interface (GUI) software ontheir customers. a personal computer, enabling them to query financial transactions and accounts,However, the quest for newer and better make cash transfers, order cheque books, etc.technologies continues as worldwide, banks A service, which allows business customerslook for ways to meet the challenges and to transmit the text of letters of credit,opportunities of a rapidly-changing environment. bills and business transactions in computer-They recognize that without the right technology, readable format to the bank using Electronicthey cannot hope to remain globally competitive. Data Interchange (EDI) technology.Technology Transformation of Banking An electronic cash management system, which enables corporate customers toVarious technologies have made an enormous consolidate cash from multiple locationsimpact on banking organizations and their and deposit it through a dedicated kioskemployees and customers, by enabling the provided to them.following and more: Facilities such as NEFT and RTGS, which• Immediate access to critical account, customer enable electronic funds transfer between and transaction information bank accounts.• A variety of online transactions, such as funds transfer, issuance of standing instructions and B. Benefit to Banks bill payment Technology has brought several advantages• Online / telephonic complaint registration, to banks including a wide range of inquiry service requests and response facilities to help develop their business, terminals to enable staff to respondIn short, technology has streamlined business immediately to customer queries withoutprocesses and created an efficient customer having to consult the ledger-keeper,service environment to give banks vital automatic and prompt execution of standingcompetitive advantage. instructions and MIS reports on the due date and fast and up-to-date transferTechnology-led Benefits in Detail of information between interconnectedThe major benefits of banking technology are computerized branches and controllinglisted below: offices, to enable speedy decision making.A. Benefit to Customers C. Benefit to Bank Employees Customers have benefited from the Technology has increased employee increase in banking competition wrought productivity through automation of Valuable Technologies to Make Bank Branches More Effective
  3. 3. cumbersome and time-consuming jobs When a customer walks into the branch, a such as account balancing and interest greeter ascertains his requirements and due calculations and printing of covering checks the availability of a suitable advisor, schedules, deposit receipts, pass books / over a touch screen terminal. The system pass sheets etc. It has made signature either directs the customer to the advisor verification easier by enabling staff to immediately, or tells him how long he retrieve signatures from their respective might have to wait. If the customer agrees terminals. Technology has also reduced to wait, he is issued with a service receipt, duplication through single-point data entry which reconfirms the waiting time. The linked to customer ID, and improved system also informs the advisor about the compliance with Anti Money Laundering customer’s requirement, to enable him standards and other regulatory norms by make the necessary preparations. tracking transactions closely. This technology improves the experienceEmerging Technologies of customers by directing them to the right personnel, thereby ensuring that theyBesides the above, there are a number of don’t waste time in the wrong queue. Itemerging technologies, which could potentially also eases the load on tellers, who are onlyraise banks’ effectiveness even further, in supposed to process routine transactions,future. Three of these are described below: but often end up answering queries or directing customers to other personnel.A. Wireless Terminals Finally, this technology also improves the cross-selling effectiveness of the branch. Wireless Terminals, mainly used for processing Credit Card transactions, transmit C. Brickstream® digital data between computer devices over short distances using radio frequency Brickstream offers physical retail outlets a energy. The terminals can transmit card solution to measure customer behavior data over a cellular or satellite network. and convert that information into actionable business insight. Using Brickstream’s The terminals transmit purchase related technology and patented software, retail information to a radio tower, from where businesses – including banks – can it is routed to the processor, which in understand how long customers are turn passes it to the issuing bank. After made to wait within their premises and checking the validity of the card and what they do in that time. Banks can availability of funds, the issuing bank use this knowledge to improve service sends an authorization number to the and sales strategies and ultimately, processor. This information is then sent to customer experience. the terminals. The entire transaction takes about 8 to 12 seconds, depending on Brickstream employs stereovision technology network coverage and traffic. to capture 3D images, which are more versatile and accurate than the 2D images Wireless terminals save time, increase created by monocular cameras. The sales and reduces operating expenses. self-contained camera units, which combine Being lightweight and small enough to fit the image capturing mechanism with into a pocket, they are an ideal tool for Brickstream’s patented software are rugged business persons who are constantly on enough to withstand sunlight and crowded the move. environments. What’s more, the units cost less to install than traditional equipmentB. Q-Matic and also bring down the Total Cost of Ownership by eliminating the need for data Another solution called Q-Matic, helps collection hardware on-site, and streamlining manage customers inside the branch. installation and maintenance. Valuable Technologies to Make Bank Branches More Effective
  4. 4. D. Surface Technology When core banking applications are accessed over the cloud, it becomes easier If surface technology were to become a to prepare cross-country or cross-company fixture in retail banks, customers and bank reports, make inter-company accounts executives would be able to sit across when there are several entities, and do a small tabletop screen and browse content branch reconciliation. Cloud technology over it using touch. Surface technology is also increases business automation by expected to enhance customers’ experience improving interface with other systems. and level of trust by making it easy for them to search and uncover information on Deriving Greater Value from Technology financial issues. In order to earn adequate return on their A customer interested in a certain product investment in expensive new technology, banks advertised in the branch could download need to use the new systems to do more than information about it using an NFC equipped deliver information and basic services. For phone, and take it to the surface table, instance, they must leverage the systems to which would extract the information and sell additional products like insurance or enable him to explore the product in detail investments, or reduce the cost of service over its touch screen surface. delivery by employing channels such as video or web conferencing. Surface technology not only makes the entire information gathering process more They must also ensure that the intended efficient but also allows customers waiting benefits of technology actually flow to customers to meet branch staff to use their time by measuring performance and customer more productively. satisfaction regularly, and aligning their technologies to their product offerings. TheE. Cloud Computing support of the right technology provider is critical to this endeavor. With cloud computing, banks no longer need host software applications within That being said, technology alone will not solve their walls. For a fee, specialist vendors issues or create advantages. It needs to be provide a complete package of hardware, completely integrated within the organization in software and services that banks can order to secure the acceptance of the final users. access on demand and pay for based on actual usage. The cloud brings many advantages, including lower capital Author investment, quick implementation, scalability, Sridhar Gowrinathan improved service levels and automation, Senior Consultant besides freeing up the banks’ IT and Infosys Limited human resources. Valuable Technologies to Make Bank Branches More Effective