Banking industry is taking convenience to a whole new level.
Technology fads are fast shaping and replacing the traditional banking model. The foot-falls in branches have decreased tremendously and still heading for a downfall.
It's about time RBI would remodel it's norms on branch licensing and divert it's regulatory focus more towards other channels like mobile and Internet technologies.
Mobile technologies are providing their customers efficient Options like e-wallets(google to release in July) with near field technology. All you need to do is wave your phone on a swipe terminal and your transaction is processed. Alternatively,Square Inc has also introduced card readers through which customers with blackberry or iPhone can authorise credit card transactions.
With the advent of cloud computing, we save up on actual server space and virtualisation helps conserve resources. One of the interesting applications of Cloud which targets audiences at the base of the consumption pyramid is MX Share by MoVirtu technology.
With so much technology revolution, we are safely doing away with the concept of RMs, tellers, queuing at the branches, etc. Now you have your Bank in your pocket..
Technology fads are fast shaping and replacing the traditional banking model. The foot-falls in branches have decreased tremendously and still heading for a downfall.
It's about time RBI would remodel it's norms on branch licensing and divert it's regulatory focus more towards other channels like mobile and Internet technologies.
Mobile technologies are providing their customers efficient Options like e-wallets(google to release in July) with near field technology. All you need to do is wave your phone on a swipe terminal and your transaction is processed. Alternatively,Square Inc has also introduced card readers through which customers with blackberry or iPhone can authorise credit card transactions.
With the advent of cloud computing, we save up on actual server space and virtualisation helps conserve resources. One of the interesting applications of Cloud which targets audiences at the base of the consumption pyramid is MX Share by MoVirtu technology.
With so much technology revolution, we are safely doing away with the concept of RMs, tellers, queuing at the branches, etc. Now you have your Bank in your pocket..
3 comments:
I wonder how long its gonna take for this concept to become reality here in India. Looking at some merchants still asking for 2% transaction charges from customers, I consider cards have failed to take on these people. RBI needs to regulate the existing non-cash transaction infra, Rs. 5 per NEFT transaction looks illogical. And worst is the way Indian banks calculate interest on loans, simplify it.
cheers,
Ashish Nikhar.
Hey.. very technical..Nice.
You can actually come to L2 support...
If you say that this is in conceptual stage for India,then you may refer to technology infrastructure being the main hurdle for this to become a reality.
However, the transaction fee levied by RBI for NEFT(not exceeding Rs.5 /txn) is only for the txns originating at branches. Branches are anyways a costly channel and schedule of charges is separate for this channel. Infact we do not charge remitters when the txns are done online..
As for Loans,I think Indian Banking industry may be conservative and stringent for its customers but atleast our banking model is reliable and rigid such that there is no global financial meltdown due to practices like the West.
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