Next level is banking by video-conferencing

Author Information

Mark miller has 9 Published Articles

United Kingdom,
london,
london,
843 Finchley Road, London, ,
843 Finchley Road, London,

Next level is banking by video-conferencing

Posted On : Mar-24-2015 | seen (656) times | Article Word Count : 963 |

Called self-service, it covers select transactions like change in home addressor phone numbers

Visiting your neighbourhood bank branch may soon be a thing of the past. With technology advancement taking place in leaps and bounds, banks are now following customers away from the 9 to 5 shift.
Some are challenging the traditional brick-and-mortar model by giving customers the flexibility to sit at home and do face-to-face banking activity using a phone, computer or tablet.
It demonstrates an important trend in the industry to address a new type of customer — one who expects more choice, more convenience and more availability, both in a secure and rapid manner.
Abdul Rehman Mohamed Turki,
General Manager,
Retail banking,
Bahrain Islamic Bank
Says Abdul Rehman Mohamed Turki, general manager, retail banking, Bahrain Islamic Bank, “With increasing usage of smartphones and tablets for banking services, consumers are getting increasingly comfortable with technology. Hence, it is natural for banks to progress in this direction.”
Innovation is also being driven by increasing competition in the market and measures that make it easier for customers to switch banks, such as the UK’s current account switching scheme. By providing new services that offer customers compelling new experiences that they cannot get elsewhere, banks are more likely to retain their customers.
“In order for banks to remain competitive, it is important they continue to adapt quickly to a digital-first strategy, rather than seeing it as simply an additional channel with which to interact with customers,” says Tony Virdi, VP of Banking and Financial Services in the UK & Ireland for Cognizant.
With video banking, customers can get personal service on demand at any time of the day, replacing the need for customers to visit the bank during a branch’s ‘working hours’, which may be inconvenient. This process is termed self-service and does not require people to get in touch with the bank for straightforward transactions like change in the home address, phone numbers among others. In the wealth management space, this is going to become more and more pervasive as technology advances.
Not only this, a few banks have introduced a system that allows customers to pay by cheque merely by taking a photo of it on their smartphone. Basically, digital copies of cheques are submitted when customers send photos of their cheques on a smartphone through a bank’s application. Customers take a picture of the cheque on the front and the back and send it to the bank using a secure login. The bank then processes the cheque. Customers have to keep the physical copy for a set period of time before destroying it securely after the cheque is processed
Imaging and workflow automation technologies help streamline the process immensely. These imaging projects are already established in the US, France and parts of Asia and are currently being introduced in the UK, says Virdi.
And there are other benefits as well. For instance, converting the paper cheque into a digital image reduces the risk that the cheque is misplaced or physically damaged during courier transit. It also reduces human error in the current system that sees a proportion of cheques go missing every year.
Hence, it comes as no surprise that more and more banks are now keen to adopt a digital first strategy. Turki revealed that Bahrain Islamic Bank is exploring options in the space. “Continuous customer education programs are deployed by the bank and educational videos are uploaded when needed. The success of migrating customer accounts towards digital banking lays significantly on a proper customer education plan,” says Turki.
IT companies pitch in
In order to help banks make the transition to digitisation, IT firms are coming forward and assisting them with the right technology. Says Virdi, “As societies become more digitally focused, we help banks get the best value from technology. The new architecture of enterprise technology is digital, which includes social, mobile, analytics and cloud (SMAC), Internet of Things, sensors, among others. Cognizant is helping banks transition to the ‘banks of the future’ by leveraging these technologies and helping them become a more connective, collaborative, real-time and productive organisation.”
Security issues
Though video banking is making life of customers easy, there are some security concerns as with any technology. According to Sanchit Vir Gogia, chief analyst and group CEO, Greyhound Research, some security issues are associated with e-cheques, like chances of unauthorised access to virtual cheque books, duplicate presentment of cheques and integrity of digital signatures. “To avoid these, it is highly recommended that e-cheques be affixed with digital signatures generated by recognised digital certificates and issued by a recognised certification authority,” he says.
“In a world where even major corporations have been subject to hacking, it is crucial for any organisation to put significant time and resources into security. It will take time for any institution that may fall victim to attacks to rebuild customer trust and confidence,” comments Virdi.
Innovations in the space
As enhancing customer experience remains a key focus area for banks, investments in online and mobile first channels will continue to grow. According to CEB Towegroup’s report on ‘Mobile Banking Solutions’, banks will spend roughly $2.3 billion in 2015 on mobile banking solutions.
Mobile payments technology is already on its way to being the next major turning point and mobile payment options are at the heart of the fast-developing hyper-connected world. “We will see more banks offering mobile -specific features such as geo-location and voice identification,” says Virdi.
According to a report released by Juniper Research, the annual global market for digital payments will grow to $4.7 trillion by 2019, almost double the $2.5 trillion expected for this year.
Gogia believes that with banks trying to create a comprehensive online presence, social trading will become widespread. Consumers will be able to lend, borrow and trade on social media platforms like Facebook and Twitter.

Re-Publish this Article

<h1>Next level is banking by video-conferencing</h1> Author: <a href='http://www.articleseen.com/profile_Mark miller.aspx'>Mark miller</a> Visiting your neighbourhood bank branch may soon be a thing of the past. With technology advancement taking place in leaps and bounds, banks are now following customers away from the 9 to 5 shift.
Some are challenging the traditional brick-and-mortar model by giving customers the flexibility to sit at home and do face-to-face banking activity using a phone, computer or tablet.
It demonstrates an important trend in the industry to address a new type of customer — one who expects more choice, more convenience and more availability, both in a secure and rapid manner.
Abdul Rehman Mohamed Turki,
General Manager,
Retail banking,
Bahrain Islamic Bank
Says Abdul Rehman Mohamed Turki, general manager, retail banking, Bahrain Islamic Bank, “With increasing usage of smartphones and tablets for banking services, consumers are getting increasingly comfortable with technology. Hence, it is natural for banks to progress in this direction.”
Innovation is also being driven by increasing competition in the market and measures that make it easier for customers to switch banks, such as the UK’s current account switching scheme. By providing new services that offer customers compelling new experiences that they cannot get elsewhere, banks are more likely to retain their customers.
“In order for banks to remain competitive, it is important they continue to adapt quickly to a digital-first strategy, rather than seeing it as simply an additional channel with which to interact with customers,” says Tony Virdi, VP of Banking and Financial Services in the UK & Ireland for Cognizant.
With video banking, customers can get personal service on demand at any time of the day, replacing the need for customers to visit the bank during a branch’s ‘working hours’, which may be inconvenient. This process is termed self-service and does not require people to get in touch with the bank for straightforward transactions like change in the home address, phone numbers among others. In the wealth management space, this is going to become more and more pervasive as technology advances.
Not only this, a few banks have introduced a system that allows customers to pay by cheque merely by taking a photo of it on their smartphone. Basically, digital copies of cheques are submitted when customers send photos of their cheques on a smartphone through a bank’s application. Customers take a picture of the cheque on the front and the back and send it to the bank using a secure login. The bank then processes the cheque. Customers have to keep the physical copy for a set period of time before destroying it securely after the cheque is processed
Imaging and workflow automation technologies help streamline the process immensely. These imaging projects are already established in the US, France and parts of Asia and are currently being introduced in the UK, says Virdi.
And there are other benefits as well. For instance, converting the paper cheque into a digital image reduces the risk that the cheque is misplaced or physically damaged during courier transit. It also reduces human error in the current system that sees a proportion of cheques go missing every year.
Hence, it comes as no surprise that more and more banks are now keen to adopt a digital first strategy. Turki revealed that Bahrain Islamic Bank is exploring options in the space. “Continuous customer education programs are deployed by the bank and educational videos are uploaded when needed. The success of migrating customer accounts towards digital banking lays significantly on a proper customer education plan,” says Turki.
IT companies pitch in
In order to help banks make the transition to digitisation, IT firms are coming forward and assisting them with the right technology. Says Virdi, “As societies become more digitally focused, we help banks get the best value from technology. The new architecture of enterprise technology is digital, which includes social, mobile, analytics and cloud (SMAC), Internet of Things, sensors, among others. Cognizant is helping banks transition to the ‘banks of the future’ by leveraging these technologies and helping them become a more connective, collaborative, real-time and productive organisation.”
Security issues
Though video banking is making life of customers easy, there are some security concerns as with any technology. According to Sanchit Vir Gogia, chief analyst and group CEO, Greyhound Research, some security issues are associated with e-cheques, like chances of unauthorised access to virtual cheque books, duplicate presentment of cheques and integrity of digital signatures. “To avoid these, it is highly recommended that e-cheques be affixed with digital signatures generated by recognised digital certificates and issued by a recognised certification authority,” he says.
“In a world where even major corporations have been subject to hacking, it is crucial for any organisation to put significant time and resources into security. It will take time for any institution that may fall victim to attacks to rebuild customer trust and confidence,” comments Virdi. 
Innovations in the space
As enhancing customer experience remains a key focus area for banks, investments in online and mobile first channels will continue to grow. According to CEB Towegroup’s report on ‘Mobile Banking Solutions’, banks will spend roughly $2.3 billion in 2015 on mobile banking solutions.
Mobile payments technology is already on its way to being the next major turning point and mobile payment options are at the heart of the fast-developing hyper-connected world. “We will see more banks offering mobile -specific features such as geo-location and voice identification,” says Virdi.
According to a report released by Juniper Research, the annual global market for digital payments will grow to $4.7 trillion by 2019, almost double the $2.5 trillion expected for this year.
Gogia believes that with banks trying to create a comprehensive online presence, social trading will become widespread. Consumers will be able to lend, borrow and trade on social media platforms like Facebook and Twitter.
About the Author: Suparna Goswami Bhattacharya writes for international
 finance magazine

http://www.internationalfinancemagazine.com/ Article Source: <a href='http://www.articleseen.com/Article_Next-level-is-banking-by-video-conferencing_314833.aspx'> http://www.articleseen.com/Article_Next level is banking by video-conferencing_314833.aspx</a>

Article Source : http://www.articleseen.com/Article_Next level is banking by video-conferencing_314833.aspx

Author Resource :
Suparna Goswami Bhattacharya writes for international
finance magazine

http://www.internationalfinancemagazine.com/

Keywords : IFM,

Category : Finance : Finance

Print this Article Send to Friend