Why Financial Institutions Must Bank on Money Transfer Systems?

Financial institutions have begun stepping into the digital world and are no more limited to direct and physical banking methods. With platforms like mobile and internet, banks and credit unions have started adapting innovative concepts like the money transfer systems. These systems offer ease and convenience to both the banks and their customers. Money transfer…

Financial Inclusion in India – The Rise of Business Correspondent Model

In January 2006, the Reserve Bank of India issued a set of rules enabling banks to utilize two classes of middlemen for the banks and financial institutions to serve the unbanked or under-banked population with basic financial facilities – Business Correspondents (BCs) and Business Facilitators (BFs). Under financial inclusion schemes, the BCs represent bank as…

Do Banks Really Know What Customers Want?

Are the Indian banking customers happy with the services being offered? What are the reasons behind their satisfaction or dissatisfaction? How do bank managers foresee the future of Indian banks? These are questions every financial institution must ask themselves before serving the modern day customers. In the recent times, banking services are an outcome of…

Analytics in Banking: A Beginner’s Guide

The face of banking industry has changed tremendously over the years, predominantly after 2008’s economic crisis. Cost of compliance, regulatory reforms and risk management needs careful attention for simplifying business functions. Modernised tools for getting intelligent understanding on key business areas are much-needed. But, no matter how much it is streamlined, the banking industry will…

Digital Innovation in Banking: Is it just the beginning?

Innovations in technology are transforming the way banking and financial services are offered to customers. Financial institutions have been successful in innovating almost all areas of banking – wholesale and retail banking, payment systems, loan and fund management, mortgages and securities, compliance, risk management etc. Computerization, which may be considered as a baby step to…