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
People are talking in real-time, to each other and so Brands better be on their toes as well to keep up with this new consumer-producer’s pace! What is the response? Simple, technology! If consumer power increases with the ability to be real-time, so should employees/users. Instances of powerful real-time technology especially in Banking are perhaps limited in current usage to select communities like Traders. What about the average Joe at the Branch teller counter? Brands and reputations can just as easily be destroyed due to a simple clerical error or a bad mood even!