Tag Archives: Banking Services

Your Bank knows where you are and what you will do next

 

In this era of ATM Cards, Credit Cards, Mobile banking and Internet Banking, your bank can know where you are.

However, there were few Banks which were integrating the data, and analyzing it, for greater consumer preference insights.

In India, Indusind Bank has taken the lead to micro track its customer’s location and offer customized recommendations.

The Banks aim is to offer personalized, location-based recommendations, that too in real time.

To offer these services, Indusind Bank is relying on a new technology developed by IBM Research-India.

The customer has to opt for this service. On opting for this service, the IBM tool starts cross-referencing the user’s locations with the user’s activities and provides useful insights. Over a period of time, as the user’s history is built-up, the emails and mobile alerts become more targeted.

IBM Research – India has developed a new technology that connects people with contextual information.

The technology is embedded within the bank’s various channels – Internet, ATM, SMS, phone and branch – as part of a wider overhaul of its front office aimed at improving personalisation. Hence, the tool will start its work, the moment the customers touch any bank channel.

What interests me is that this tool can be part of the fraud-monitoring activity too. Any out of the way transactions can instantly be flagged for immediate attention of the monitoring team.

This new offering by Indusind Bank is to better anticipate, respond to and capitalize on future events quickly and ahead of its competition

 

 

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Yes Bank – IMPS live on Internet Banking

 

In the last week of February 2013, Yes Bank has gone live for IMPS transactions via its Internet Banking Module.

Yes Bank is one of the Pilot Banks of IMPS, and it was part of the IMPS network way back in November 2010.

Over the years, YES Bank has launched majority of IMPS Sub-products vis

a)    IMPS using Account No and IFS Code launch on  30/11/2012

b)   IMPS-Merchant Payment Service launch on  28/08/2012

The chief advantage of IMPS on internet banking is the higher transaction limits.

To encourage its IMPS registered customers, YES Bank had widely publicized the IMPS Promotion Campaign which was held between 1st Dec, 2012 – 31st Dec, 2012

The highlights of the campaign are: – For Every Transaction & unique IMPS user

Additional Rewards

 

•  Rs. 5 per unit for each unique IMPS user

•  Re. 1 for every successful P2A* transaction

•  Rs. 5 for every successful IRCTC transaction

•  Rs. 250/- e-bay voucher on every 2 successful transactions

 

 

White Label ATMs (WLAs) in India – Guidelines

 

 

RBI on 19 October 19, 2012, announced the extension of the last date for submission of authorization requests for setting up White Label ATMs (WLAs), till 31st December, 2012.

As per DPSS.CO.PD. No. 2298 / 02.10.002 / 2011-2012 dated June 20, 2012,  prospective White Label ATM (WLA) operators were required to approach RBI for seeking specific authorization within four months from the date of issuance of the circular.

The extension of date was in view of the situation at the ground level. Prospective WLA operators had to multiple tie-ups in place, before they could approach RBI for the necessary authorizations.

The main difference between WLAs in India and abroad is that in India, the cash inside the ATM is the responsibility of the Sponsor Banks and not of the WLAs.

This is primarily to minimize complaints regarding a) shortage of cash b) menace of fake notes etc. As this is different from the normal practice, new innovative solutions have to implemented by the prospective WLAs.