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Banking which is still not able to provide its services for many in the
country, is trying to innovate time & again to make sure that
financial services is provided for all, and in a way helping India to
have a stronger economy. With this in mind Internet banking and mobile
banking made it convenient for customers to do their banking from
geographically diverse places. Banks also sharpened their focus on
rural markets and introduced a variety of services geared to the
special needs of their rural customers. So, let us discuss here and
understand the need for innovations in banking to create greater value
for customers and enhanced efficiency for the banks.
Posted by: Swati Raut
Activity: 120 referals , 8 comments, 2531 views
These days banks are having a difficult time deciding on the ATM locations under the new regime which allows all accountholders charge-free access to third-party ATMs for minimum of 5 times and 10,000 being the highest amount where one can draw. Banks have to choose locations where they get a proper mix of transaction from their own as well as from customers of other banks. According to Pradeep Sen, MD of NCR, banks are mining data on customer addresses and ATM usages to determine ideal locations for installing ATMs. Banks are using the ATM usage data to optimise their ATM operations. This will entail them in identifying ATMs that the banks customers access frequently and relocating the ones that are used very sparingly. A bank has to pay an inter-bank fee of around Rs 20 for every transaction that its customer makes at another bank’s ATM, this will prove to be an additional income generator for banks with large ATM networks. There was also new technology which was unveiled The...