10 Public Sector Banks Merge Today That Are Integrated Based On Technology- Tempemail – Blog – 10 minute

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As we enter April, 10 public sector banks will be merging today making it one of the biggest consolidation in banking history. In 2019, the government had announced that there will 4 bigger banks by consolidating 10 banks which brings the public sector bank count to 12 from 27. Here are the ‘Mega-Merger’ details: 

Oriental Bank of Commerce (OBC) and the United Bank of India will join Punjab Tempemail Bank (PNB) making it the second-largest bank after State Bank of India (SBI). 
Union Bank of India will be merging with Andhra Bank and Corporation Bank
Allahabad Bank and Indian Bank will come together
Syndicate Bank will merge with Canara Bank

Tech integration: Prime focus for this wave of merger
While the first wave of banks involved a geographically based integration, the second wave is focusing more on the tech integration based consolidation. During the Mega-Merger announcement in August 2019,  Finance Minister Nirmala Sitharaman had emphasized on making the banks stronger and placing trust in ‘next gen’ technology features. She said that this would ensure that there is no disruption for customers due to the integration of fintech operations in these banks. 
This list of this merger was drafted once the banks were selected based on one bank having a larger capacity, second having the technology-driven capacity and ascertaining the deposit franchise of the third. 
Canara Bank and Syndicate Banks came together since they worked on iFlex core banking system and similarly, Allahabad Bank and Indian Bank merged as they used BaNCS. 
For the other mergers, Finnacle CBS Platform was used to make two sets of 3 banks merging into one for better management. 
Learnings from first wave merger
The first wave of mergers among Bank of Baroda, Dena Bank, and Vijaya Bank gave a healthy insight into what were the major challenges faced during the merger. Integrating technology was one of the biggest since there was a serious mismatch in their operating system. 
Not just operating systems, some analysts pointed out that banks would take at least 2-3 years to stabilise technologically. The integration would involve the website, application, IVR, data and analytics from all banks, and doing all this while ensuring cybersecurity. 
While most banks will have the same software, backend integration is where most tech companies would have to help out. 
Summing up: Technology is of utmost importance to banking operations

More Efficiency: There is an evident increase in efficiency once technology is involved which means the customer is served better. 
Sorting Information: The bank will have a stronger hold on internal operations since all systems will be updated with information making it easy to sort information. 
Cost-saving: There will be a major cost reduction since manual work will become automated and also floor space will be reduced. 
Accurate: Cheque clearances, passbook entries, branch reconciliations and other functions will be faster and correct.
Internet: The internet also helps banks carry put other functions such as customer service and internal communication effectively.

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Woolworths pushes banks, govt to raise tap-and-go limit from $100 to $250 – Finance – Hardware- Tempemail – Blog – 10 minute

Woolworths has asked the government and banks to raise the limit of contactless card transactions from $100 to $250 to prevent hundreds of thousands of customers interacting with PIN pads during a pandemic.
CEO Brad Banducci told ABC Radio’s Drive program yesterday afternoon that the idea had been raised during a 1.30pm meeting yesterday by the Supermarket Taskforce.
Formed by the Department of Home Affairs earlier this week, the taskforce aims to break the retail logjam with “representatives from government departments, supermarkets, the grocery supply chain and the ACCC” on the body.
Banducci saw raising tap-and-go payment limits as important and believed previous barriers to doing so would fall away.
“We’re encouraging tap-and-go [bcause] the less touchpoints there are, the less risk there is of course in the store,” he told ABC Radio.
On the current $100 limit without needing to use a PIN, Banducci said: “This is an issue we raised at the supermarket government taskforce at 1.30 today. 
“We’ve asked the government to work with us to see whether we can raise the limit to $250 actually, and if we did that, there would be 350,000 less physical interactions required between our customers and a PIN pad.”
Banducci did not immediately quantify the time period that 350,000 number referred to.
“I’m not saying we’re going to [raise the limit] but it is one of the things that we’ve raised the financial institutions as well as the government [as] just another small measure that will help,” Banducci said.
However, quizzed on whether he thought authorities were receptive, Banducci said: “I think we’re really coming together as a community and as a society over the last week. 
“It’ll happen – in my view it’s just a question of when. 
“It’s a question of hours or days.
“We’re not in the ‘if’ anymore, which I think is very pleasing.”

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5 Technologies That Banks Are Banking On- Tempemail – Blog – 10 minute

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If there is one industry that is consistently growing, it is the technology sector, and the banking sector is making the most use of it. Banks and financial services possess the highest power in the economy- handling money. 
The sector has allowed itself to transform digitally in the past decade and 2020 seems like the year where technology and banking come together in full capacity. 
As per reports, banks are the ones that spend maximum on technology than any other industry which explains why they get the best of the services. They spend approximately $150 billion per year just to get the right technologies. Since 2009, banks are having the best years in the stock market. 
While some technologies are more spoken about than others, to understand what are the trending technologies in banking, one must look at technologies that banks are investing in. It might come as a shock that chatbots and machine learning technologies aren’t actually garnering as much investment, these technologies are: 
5 Technologies That Banks Are Banking On: 
API
Application Program Interface or APIs have already seen a 35% deployment in financial institutes that are community-based. For banks and financial institutions to survive, they need to be quick to integrate partners’ data or products and can’t stretch that activity for 10-12 months Another challenge is the amount of time that partnership processing takes since it involves negotiating legal matters, pricing, revenue sharing, etc. 
APIs are quick with their speed, personalization, and agility. On the personalization front, partial stack fintech and full-stack banks are all integrated through APIs. 
Cloud Computing
Moving to the cloud has been a great experience not just for banking but for other industries as well. Close to a quarter of financial institutions are investing in computing technologies in 2020 and around 40% of the other is believed to have already done it. 
The banking industry needs cloud technologies to support the requirements of adoption AI which requires a lot of data. Another development would be in moving to analytics which would also need cloud infrastructure to enhance the capabilities. 
Digital Account Opening
The most popular and most relevant investment banks have made is in DAO technology where more than half of the banks are either setting up a new system or replacing one in 2020. The one thing that banks need to identify is how to get the digital account opening process right. After having moved to digital technologies, they also need to make the regulations easier for people to access the portal. While auto-filling the basic information is great, banks need to make their identity verification more stringent. Once this is done, a digital account opening would see a major elevation in 2020. 
Person-to-Person Payments
There are at least 40% of banks that are looking to upgrade or modify their P2P payment procedures. The biggest advantage of P2P Payments is the convenience and speed of using it. With just a click of a button, funds can be transferred from one person to the other. Since we are moving towards a cashless economy, most of us don’t carry cash. Hence, banks investing in this technology and making it a part of their app would be at a big benefit. 
Video Collaboration or Marketing Tools
Few reasons why banks would invest in video technology are- speeding up the decision-making process, more productivity, higher product innovation and of course, better customer experience. Banks are also investing in marketing tools to better their services and be at par with their competitors at least if not ahead of them. Videos bring in a more human element that gets work done better. 
Concluding…
The digital revolution, while being a great push for banking services, also invites more competition. The coming year will also be a challenging one for banks in terms of interest rates, political climate, and discount brokerages. Investing in the right technology might help them sail through. 

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US lawmakers seek to curb Huawei’s access to US banks – document – Finance – Security – Telco/ISP- Tempemail – Blog – 10 minute

US lawmakers plan to unveil a bill on Thursday that could be used to block Huawei Technologies Ltd from accessing US banks for certain transactions, in a bid to thwart the Chinese telecoms giant amid frustration over the failure of prior sanctions to curb its business.
The bill, with sponsors including top Senate Democrat Charles Schumer, Republican Senator Tom Cotton and House Republican Mike Gallagher, would ban US firms from taking part in “significant” transactions with foreign companies that produce 5G telecommunications technology and engage in industrial espionage.
If the bill were passed and Huawei designated, the company would be shunned by US banks in certain dealings with customers worldwide, since most dollar payments clear through US financial institutions.
“It is time for the Trump administration to take swift and forceful action to block Huawei from accessing the US financial system,” Schumer said in a statement, adding that allowing China to dominate global 5G networks through Huawei poses a threat to national security. Huawei did not respond to a request for comment.
The legislation is part of a broader campaign to crack down on Huawei, the top producer of telecoms equipment, since the company has continued to thrive despite American sanctions.
Citing national security concerns, the Trump administration placed Huawei on a blacklist known as the “entity list” last May, forcing some firms to seek a special license to sell to it.
But under current rules, key foreign supply chains remain beyond the reach of US authorities, fueling a push within the Trump administration to impose tougher regulations on the company, as Reuters revealed in November.
That effort appears to have stalled, as US authorities on Wednesday again postponed a high-level meeting on the matter, sources said, amid deep divisions between China hawks and doves in the administration.
“The entity list is not getting the job done,” Gallagher said, in describing the goals of the legislation.
Still, Gallagher acknowledged that policy differences in the Trump administration could pose challenges to imposing the proposed sanctions on Huawei. “I’m sure there will be a debate in the White House … but my hope is to convince [the President] it is necessary in order to at least fight Huawei to a draw on 5G and preserve the hope that Western firms can compete for 6G and beyond,” he said.
The legislation has plenty of exemptions, such as carve-outs for Huawei to continue engaging in transactions related to 3G and 4G and to participate in international standards setting bodies. It also gives the US president the authority to grant waivers of up to 90 days at a time.
But with no clear definition of “significant” transactions, banks would struggle to implement the rules, in the face of stiff civil and possibly even criminal penalties for violations, sanctions specialists said. That would compel regulators to develop their own more concrete definitions, they added.
“The legislation would result in a much more complex web of prohibited and permitted transactions that would be relatively challenging for an agency to implement and likely very difficult for the regulated public, particularly the banks, to follow,” said Matthew Tuchband, a former Treasury official.
It is not the first time US officials have mulled the concept for addressing Huawei. The White House considered a more sweeping ban on Huawei’s use of the US financial system last year, Reuters reported, though that plan was ultimately shelved.
The US government has brought criminal charges against Huawei, alleging theft of trade secrets, bank fraud, violations of US sanctions against Iran, allegations the company has denied.
Additional sponsors of the bipartisan legislation include Senators Rick Scott and Chris Van Hollen, as well as members of Congress Ruben Gallego, Liz Cheney and Chrissy Houlahan.

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ACI Worldwide launches advanced ML capability to reduce payment fraud for banks and their customers- Tempemail – Blog – 10 minute

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ACI Worldwide has announced the launch of its new Incremental Learning technology – an innovative industry-first approach to machine learning that will enhance fraud protection for financial institutions and their customers. ACI has filed a patent application for its ‘Incremental Learning’ technology, which is being implemented in machine learning models within ACI’s fraud prevention solutions, including Proactive Risk Manager, which delivers enterprise fraud management capabilities for financial institutions and intermediaries.
ACI’s ‘Incremental Learning’ technology represents a significant advancement over current machine learning models that need to be retrained as fraud patterns change. Incremental Learning models are able ‘to think for themselves’ and make small adjustments on an ongoing basis to ensure they remain relevant, even as fraudsters and genuine consumers change their behaviors.
“Traditional machine learning models in many cases are not sufficient to stop fraudsters in their tracks. As fraudsters become more sophisticated, we need to continuously advance our models to beat them at their own game,” said Jimmy Hennessy, director of Data Science, ACI Worldwide, adding, “Our global data science team has created a game-changing piece of machine learning technology that can be seamlessly integrated and future-proofs the precision and operational efficiency for over 5,000 institutions protected by our solutions today.”
“We are the first vendor globally to roll out the new Incremental Learning technology across the merchants, payments and financial services sectors,” commented Fabian Gloerfeld, head of Payments Intelligence, ACI Worldwide, adding, “The new capability is a realization of ACI’s multi-year investments and will further enhance our sophisticated fraud monitoring and prevention solutions to help customers to dramatically reduce payments fraud.”

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How women can whiz between roles and stand out professionally: HDFC Bank’s Smita Bhagat- Tempemail – Blog – 10 minute

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Smita Bhagat, Country Head, Government & Institutional Business, E-Commerce & Startups, HDFC Bank Limited, believes that technology is imperative for modern day banking. An accomplished banker in all respect, “Do not quit,” is what she says as she moves on to pick up her first and most directed advice for working women folks and then nails at some more including, “it is important to be very honest with your parents, children, in-laws and others who are help to you at your domestic chores, explain them your position and stance, if you do this it is unlikely that they wouldn’t appreciate.”
“There are innumerable women who leave their jobs in their middle age as that comes across to them as the most challenging period. During this time the children are growing up and needs attention and parents are gaining age. Thus, the responsibilities increases manifold and its here where I always tell that it is important to build an supporting ecosystem around which unmistakably includes domestic help as well.
HDFC has tied up with the Government of India which has more than 3.5 lakh Common Service Centres. “Now, our entire integration with them to source banking products is on APIs. We have integrated our APIs with CSCs technology platform and loan sourcing is on Fintech APIs, some of the loans are sourced as lead API and some are sourced as complete end-to-end happens,” she informs.
“Today, if we do not use tech we cannot reach out to such a large network in the country. Thus in 25 years we have established more than 5300 branches and we will have 25000 BCs (banking correspondents) by another three to four months,” she states, adding, “Now with such a large network we won’t be able to be connected without technology. In bank, we use AI, data analytics and other technologies depending on the segment it is directed to. 35 per cent of our unsecured loans happen in 10 seconds basis flow based credits and we are not dependent on only one technology.”
HDFC’s information portal offers information related to tuition or fee payments. It also helps in finding the right teachers and right classes, etc. It has also developed standard solutions to offer value added services basis the feedback from the customers.
“Our tech team including the BTG Team and ISG Team works with several startups depending on the customer requirements. For instance, we engage with agri-tech startups for working in agricultural space and  with Human Resource (HR) startups for developing solutions in the HR space. We work with startups in collection space also for collections and this has proved to be very useful because we have seen that many customers are not willful defaulters but they forget to make timely payments, thus we use technology to assist them and avoid such concerns. Whether it is the MSME segment or the payments section, all of them are customised. Tech can only benefit if you customise basis customer requirements,” she stresses.
“If our country has to grow we need to reach out to the rural areas,” asserts Bhagat. “For this mission too, we have tied up with various startups and Common Service Centers (CSC). Today, if someone starts doing regular banking we will be in position to give better credit and allow these consumers to do better business. Tech also helps us to extend value added services to these consumers in non-urban locations. I believe tech is helping in areas where physical banking is not as dominant. If banks leverage this opportunity it will help the entire country,” she informs.
Are rural people aware of banking with the use of tech?
“I was in Manipur sometime back and travelled to Thopal (an interior village in Manipur) where I interacted with several Village Level Entepreneurs, to my amusement I found them to be as aware as anyone in the A-class cities. Today knowledge is available everywhere. There are around 70 – 75 per cent CSCs in the rural areas and people there are learning through YouTube. Today the shift is largely towards e-learning,” she concludes.

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Tencent-backed WeDoctor invites banks to lead US$1 billion Hong Kong IPO, sources say – Benchmarking Change- Tempemail – Blog – 10 minute

WeDoctor will push ahead with a Hong Kong listing and invite pitches from investments banks next week to lead an IPO valuing the Chinese healthcare platform at up to US$10 billion, two sources with direct knowledge of the matter said.
The Hangzhou-based company, which is backed by Tencent Holdings Ltd and Goldman Sachs, could look to raise up to US$1 billion in the IPO, and could be among the first major Hong Kong listings since the coronavirus outbreak began.
WeDoctor has invited investment banks in Hong Kong and mainland China to a ‘beauty parade’, which will be held via video conferencing and in person at the company’s offices for bankers located in China, three sources said.
The company’s new chief financial officer John Cai, who is set to join from WeDoctor shareholder and strategic partner AIA where he was chief executive, will take part in the discussions from Hong Kong with bankers in the city.
Founded in 2010 by artificial intelligence expert Jerry Liao, WeDoctor has more than 210 million registered users mainly in China for its online appointment booking, prescription and diagnosis services. It is also linked to about 3,200 hospitals and 360,000 doctors.
The planned float, which will likely take place in the second half of the year, will include its core business – online healthcare services, one source said. It is considering whether to exclude some units such as cloud-services from the IPO.
WeDoctor declined to comment on its IPO plans.
The deal would be a sign that Hong Kong’s equity capital markets, which have been battered by a coronavirus-led slowdown, are set to regain some confidence in the second quarter of 2020.
WeDoctor raised US$500 million in a private funding round in May 2018 which valued the company at US$5.5 billion at the time.
It is among a spate of technology-driven firms looking to shake up China’s overburdened public healthcare market, with increasingly affluent consumers willing to pay for ways to get more convenient access to doctors and health services.
Its move also comes two years after rival Ping An Good Doctor, formally known as Ping An Healthcare and Technology Co Ltd, raised US$1.1 billion in an IPO, but saw its shares later tumble as investors worried about its high valuation.

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Zabo Raises $2.5M to Connect Cryptocurrency Accounts To Banks- Tempemail – Blog – 10 minute

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Zabo, which enables any financial services company to connect to their customers’ cryptocurrency wallets in a few lines of code, today announced it has raised $2.5 million in new funding. The round was led by Moonshots Capital with participation from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory and others. The investment will be used to expand Zabo’s engineering and grow its customer base.
“Cryptocurrency is quickly becoming a mainstream asset class. Unfortunately, FinTechs, banks and brokerage firms have been very challenged to provide services, in part because their current technology doesn’t support cryptocurrency. This comes at a time when the next generation of customers, who prefer to own cryptocurrency more than shares in stocks like Disney and Netflix, are in the process of selecting their primary financial institutions. Zabo gives financial services companies the tools to build compelling products around cryptocurrency in order to serve this new generation of customers,” said Alex Treece, Co-Founder and President at Zabo.
Zabo’s technology is used in a variety of financial services applications, including personal financial management, investments, digital banking, tax software and decentralized finance (DeFi).
“Despite being on a path to touch billions of customers and be an asset class measuring in the trillions of dollars, cryptocurrency is very underserved relative to other financial services. This is partly because connecting cryptocurrencies, wallets, and exchanges to the traditional financial system is highly technical and complicated. Zabo solves this by dramatically reducing the complexity. We enable leading financial services companies to swiftly and easily integrate into hundreds of leading cryptocurrency wallets with just a few lines of code,” said Christopher Brown, Co-Founder at Zabo.
“Zabo has put together an impressive team and have been experts in the cryptocurrency and blockchain space for years. They have built an incredibly important piece of technical infrastructure that will enable cryptocurrency financial services to touch billions of people. We’re excited to support the team to bring cryptocurrency to mainstream financial services,” said Craig Cummings, General Partner at Moonshots Capital.

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European Banks Sitting on �1tn “Mountain” of Bad Debt – Blog – 10 minute

A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers.Businesses serve as a form of economic activity, and are prevalent in capitalist economies, where most of them are privately owned and provide goods and services allocated through a market to consumers and customers in exchange for other goods, services, money, or other forms of exchange that hold intrinsic economic value.
Businesses may also be social non-profit enterprises or state-owned public enterprises operated by governments with specific social and economic objectives. A business owned by multiple private individuals may form as an incorporated company or jointly organise as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”

In recent decades, states modeled some of their assets and enterprises after business enterprises. In 2003, for example, the People’s Republic of China modeled 80% of its state-owned enterprises on a company-type management system. Many state institutions and enterprises in China and Russia have transformed into joint-stock companies, with part of their shares being listed on public stock markets.
Wall Street, New York, NY, United States of America

Business process management (BPM) is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. It promotes business effectiveness and efficiency while striving for innovation, flexibility, and integration with technology. BPM attempts to improve processes continuously. It can therefore be described as a “process optimization process.” It is argued that BPM enables organizations to be more efficient, effective and capable of change than a functionally focused, traditional hierarchical management approach.

Great things in business are never done by one person. They’re done by a team of people.

Many businesses are operated through a separate entity such as a corporation or a partnership (either formed with or without limited liability). Most legal jurisdictions allow people to organize such an entity by filing certain charter documents with the relevant Secretary of State or equivalent, and complying with certain other ongoing obligations. The relationships and legal rights of shareholders, limited partners, or members are governed partly by the charter documents and partly by the law of the jurisdiction where the entity is organized.
Business Discussions
Generally speaking, shareholders in a corporation, limited partners in a limited partnership, and members in a limited liability company are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate “person”. This means that unless there is misconduct, the owner’s own possessions are strongly protected in law if the business does not succeed.
Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. The terms of a partnership are partly governed by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located.

I love those who can smile in trouble, who can gather strength from distress, and grow brave by reflection. ‘Tis the business of little minds to shrink, but they whose heart is firm, and whose conscience approves their conduct, will pursue their principles unto death.

No paperwork or filing is necessary to create a partnership, and without an agreement, the relationships and legal rights of the partners will be entirely governed by the law of the jurisdiction where the partnership is located.
A single person who owns and runs a business is commonly known as a sole proprietor, whether that person owns it directly or through a formally organized entity. Depending on the business needs, an adviser can decide what kind is proprietorship will be most suitable.
Some businesses are subject to ongoing special regulation, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can affect many businesses.
Stock Graphs.
Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education, or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing. Local jurisdictions may also require special licenses and taxes just to operate a business.

The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.

London Street View.
Businesses often have important “intellectual property” that needs protection from competitors for the company to stay profitable. This could require patents, copyrights, trademarks, or preservation of trade secrets. Most businesses have names, logos, and similar branding techniques that could benefit from trademarking. Patents and copyrights in the United States are largely governed by federal law, while trade secrets and trademarking are mostly a matter of state law. Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors.
Many countries are signatories to international treaties concerning intellectual property, and thus companies registered in these countries are subject to national laws bound by these treaties. In order to protect trade secrets, companies may require employees to sign non-compete clauses which will impose limitations on an employee’s interactions with stakeholders, and competitors.

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Federal Bank’s ‘Fed-e-Studio’ Expected To Churn Out More Revenue – Tempemail – Blog – 10 minute

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‘Information technology and business are becoming inextricably interwoven’, says Bill Gates. Seems that banks have been an admirer of the same too, which is why more and more banks are making a transitional shift to become digital.
Going by the same, Jitesh PV, Head Digital Banking at Federal Bank shares his thoughts over digitisation, and how technology has been the flag bearer over the days. He shares his views on the special facilities provided by Federal Bank, the way forward, and a lot more in an e-interaction with Express Computer’s Gairika Mitra.
Edited excerpts:
Digital banking has been in vogue for quite some time. How is Federal Bank offering a different route in this regard? 
Today, digital banking is a hygiene in Federal Bank as we have put in place digital solutions for all processes, services, and products. These solutions are meant to derive value for end users by making their life hassle-free and comfortable.  We utilize RPA for automating recurring processes and currently, 120 plus processes are running on RPA. We are using enterprise Office 365 and services like One Drive, Yammer, Teams etc., to ensure that our people are connected 24 x 7 wherever they are. This has eliminated the need to be physically present in the meetings or carry laptops everywhere. We have solutions for every segment of customers, be it retail or corporate, and choices too like Mobile or web or host to host services. We are working on a whole new set of advanced technologies like AI, BlockChain, etc. and collaborating with multiple partners to keep ourselves ready for future challenges.
Working towards achieving compelling track records, we have come up with a very mature API Banking platform that can allow our partners to connect with and create innovative products for customers. We are already working with a partner on offering ‘no tension gold loans’ to our customers so that they can avail loans from the comfort of their homes. Another partner is helping us in improvising the Microlending area by disbursing around 2000 loans a month. All of this is done with the help of our Plug and Play API Gateway. By now 92% of our eligible accounts are opened through digital channels and 80% of our transactions are completely digital. We are trying to make efficient use of digitalization to become the ‘FIRST CHOICE’ bank in the country. 
How do you think would ‘Fed-e-Studio contribute to the growth of Federal Bank?  
At present a customer can do almost everything without going to a branch through our digital channels. Still the first transaction in digital banking is always very important and therefore, Fed e-studio is launched to provide customers who are walking into branch a digital experience within the branch premises. As we progress, Fed e-Studio will act as a customer servicing point which will assist customers to do self-service, buy mutual funds, avail loans and apply for loans, etc. This will help the Bank to enhance its presence across the country with limited infrastructure and resources while making most of the services available 24 x 7. 
Could you elucidate on the special facilities of ‘Fed-e-Studio. How time-saving and convenient would it be for people? 
Fed e-studio is a self-service Banking kiosk, enabling customers to do faster transactions. We plan to offer all services in the kiosk in phases. Currently, we have NEFT, IMPS, RTGS, Cheque Deposit, Cheque Request, ATM card request, Profile update, statement printing, deposit cheques, and many more services that a customer can perform by himself, given that the customer is properly authenticated. Take the case of a CTS cheque deposit, in Fed e-Studio, the customer can deposit a cheque in 90 seconds and the customer gets a copy of the cheque also as a receipt. This goes directly into the clearing. Overall, we save on the time of the customer as well as the branch. 
Recently in the Union Budget, the Finance Minister has thrust on the technology sector, including an 8000 crore mission on Quantum Computing. How do you think would technology reap its benefits in the banking sector? 
Banking is the backbone of the economy and the ecosystem is trying hard to bring more efficiency in the system. Embracing new technologies will help Banks to process transactions faster while enhancing the experience of all the stakeholders. Every transaction can become real-time, batch processing would become a thing of the past and banks would be able to save on cost and improve their cost to income ratios. 
Is Federal Bank looking forward to embarking on infusing advanced technicalities? If so, what are they like? 
Federal Bank has always been in the forefront of technology adoption. Presently, we are working with technologies like Robotics, AI, ML, Blockchain and cloud computing. We are already working with Ripple, IIN, Corda, BIC, etc., as far as blockchain technology is concerned. We have also launched our own block-chain based cross border remittances. We are also investing in our API banking capabilities to make it the ‘First Choice’ platform for Fintech partners and corporate clients. 
Talking in terms of revenue, how do you think numbers would surge up using ‘Fed-e-Studio? 
Fed e-Studio is launched to complement the branches and we expect most of the branch transactions to move to self-service. Branches can now spend more time per customer, focus on customer acquisition, and cross-selling/upselling products and services. Fed e-Studio will also have the capability for payments and investments in-built, as we move ahead and this is expected to bring more revenue for the Bank.  
 

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