Today, in India, when a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. As of Feb 2011, Indian Banking industry has 70,462 ATMs and 5,65,542 POS terminals. The value of debit card POS transaction from Mar 2010-Feb 2011 was 75,326 crores and the value of debit card ATM transaction during the same period was 10,90,053 crores. The size of credit card POS transaction was 75,328 crores. (Source: RBI). Given this huge volumes of electronic transactions in India banking, the value at risk for banks would be humungous when the customer zero liability protection policy gets introduced. It’s high time the banks secure their electronic channels with adequate measures to monitor, detect and prevent fraud in real-time. Read on..
Tagged: Real-time banking technology
Employing a customer experience strategy in a bank without having customer analytics in place is incomplete in itself. A good customer analytics solution can not only benefit the bank in terms of improved customer loyalty but also help the bank steer way ahead of its competition.
Today’s business applications have given the bank users so much choice so that they have no idea what and where they have to be looking to sell to their customers. Banks require a tool which would revolutionize the industry the same way Google did to the World Wide Web – an application which brings relevancy to the forefront and takes data crunching to the back-ground.