Month: January 2018

Effective Features Of Breeze Mobile Banking

blogger /

One of the most interesting things about technology is that when developers introduce different applications to the public, they mistakenly believe that the more features and the more complex the features, the more impressed customers will be. Unfortunately, many uninformed consumers are sucked into buying products because they are loaded with what appear to be incredible and robust features. However, these people soon discover that all the fluff is just that, meaning the features are usually over-rated and rather than making the experience smoother, they actually make things more complicated and time-consuming.

When Standard Chartered Bank developed Breeze, the online and mobile banking solution that runs on iPhone and iPhone, they wanted bank customers to have a genuine, user-friendly application with features that added true value to the overall experience. The final product rolled out to beta testers in Singapore and Malaysia achieved the banks goal.

However, for the primary features seen on other mobile banking applications, the bank developed Breeze so these were enhanced. In addition, Breeze provides bank customers with new features, one in particular called eCheques, which is the worlds only electronic check processing system. Along with these features, Breeze has something unexpected in the form of functional but also fun features.

Some of the standard features that have been made more robust on Breeze include things like viewing account balances and transferring funds. Along with the new eCheques feature, Standard Chartered Bank also incorporated an ATM finder, which makes it possible for people to find the closest ATM anywhere needed in a matter of minutes. Instead of making unnecessary phone calls or driving around aimlessly, the information can be pulled up using Breeze with no effort at all. Standard Chartered Bank will also be introducing new features as time goes by to meet growing customer demand.

The entire online and mobile banking application enhances the customers banking and financial experience but the designers and developers added a few fun features just because they were just that fun. When people look at the enhanced conventional features, the revolutionary features, the future features, and the fun features, it is clear that Breeze is unlike any other mobile banking application ever created.

One of the fun features is the background of the iPhone when Breeze is downloaded. During the day, the background is bright, sunny skies that represent daytime but then at night, the background changes to a dark sky filled with shiny stars. Although the application is not necessarily something that adds value, it is fun.

Another fun feature of the Breeze application is the ability for users to personalize their accounts by using different icons, colors, and even avatars. Some people appreciate the ability to add a little personality into the way their account appears while others are not as concerned but either way, this feature is fun. Then one of the most interesting features is moving money by shaking the iPhone. Standard Chartered Bank wanted customers to enjoy the experience with Breeze while also having a mobile banking solution that would save time and effort when managing accounts.

Banking At The Doorstep The Business Correspondent (bc) Model

blogger /

Business Correspondent Model is very interesting .Let me start from the basics of BC. Business Correspondent (BC) is an intermediary between the customer and the bank and is a full-service outlet that does not provide as expansive a financial offering as mainstream banks do, but sell all their products (saving accounts, deposits, loans, remittances and insurance products).

FINO has proudly led the approach of making BC services available in India. When FINO began its journey in 2006, its envisaged role was to provide financial inclusion technology to regional entities like MFIs/LFIs. We had thought that these entities would provide a new dimension to the Indian banking system by acting as BCs for regulated financial entities. Surprisingly this did not happen due to myriad reasons, consequent of which FINO transformed its role from a technology provider to a BC – a type of branchless banking wherein the agents appointed by the BCs themselves reach out to the customers. We provide Banking at the Doorstep. When we talk about innovation, the BC model seems to be an innovation in itself.

Today FINO is the largest BC in India with over 5,000 physical points (Bandhus) all across the country. We have a presence at a lot of places

FINO realizes that Bandhus are a very critical part of the delivery chain and customer experience. Hence FINO invests aggressively in their training, insurance benefits and having a code of conduct for them to ensure lower risk and better customer experience.

An innovative technology highway has been laid out by FINO in this very short span of time which has improved the efficacy, coverage and reach of the BC model and financial inclusion in general, in the remotest nook and corners of India.

The Challenges of Banking Outsourcing

blogger /

Banking has been a very traditional and conservative sector in any country. For ages, generations after generations, have been loyal to a particular bank that their families have been associated with. Whether it is the Royal Bank of Scotland and Lloyds TSB in the UK or American Express and Capital One in the US, people stay loyal to their banking partners.

The banking industry in the west took a huge risk in the last decade by using countries like India, China and the Philippines to outsource their banking and financial services. For banks, it was a step in the right direction to reduce the number of customers walking into their branches, the number of calls taken by banking executives at the branch and reduce the work load on their existing call centres.

They wanted to reduce costs of employing more people to cater to their ever increasing base of customers and provide better services to their customers besides gaining a competitive edge. For customers who have been used to traditional methods of banking such as visiting their nearest branch, were exposed to new and state of the art technologies. IT and IT enabled banking services were the new age success mantra for most banks in Europe and the Americas.

The focus of banks that outsourced parts of their business to other countries was to reduce costs and increase profits. Though their approach was cautious, there were loop holes in their strategy. AMEX was one of the first banks to set shop in India in the late 90s. Theirs was a captive centre. However over the years, more and more BPOs have shown their capability in handling banking and financial services with greater efficiency and effectiveness.

For customers of these banks, the challenge was conquering their fears of a stranger in a distant country having access to their account information and the mistrust in their ability to provide solutions. Besides, there were language and accent issues.

Some customers generally called their banks and surpassed the IVR to speak to an agent as they were not very comfortable dealing with a machine and others demanded speaking to their branch in their own country. Such issues lead to delays in service. This led to dissatisfaction amongst customers and forced many to choose banks that hadnt outsourced their work and catered to their needs from within the country.

Data security was also one the major concerns for banks. More than customers, banks have found themselves living on the edge with account details made accessible to BPOs in other countries. With data theft being a reality in countries like India, China and Japan, it was a proven fact that banking outsourcing wasnt foolproof.

For banks it may result in large law suits and a decrease in their customer base. Banks also had their reputation at stake. The third party vendors may follow practices that may be inconsistent with the policies and practices of the bank. Besides the political, social, legal and physical climate of the outsourcing country may impact banking services.