http://www.infosys.com/finacle Technology alone will not solve issues or create advantages. It needs to be completely integrated within the organization in order to secure the acceptance of the final users.

1. Valuable Technologies to Make Bank
Branches More Effective
Universal Banking Solution System Integration Consulting Business Process Outsourcing

2. The 21st century will bring about all-embracing by technology. With consumers becoming
convergence of computing, communications, more demanding, banks have no choice
information and knowledge to radically change but to integrate existing solutions with
the business of banking. The growth of high different customer-centric technologies to
speed networks, coupled with the falling cost enable self-enquiry at in-branch terminals,
of computing power, is making possible remote PC banking, anytime banking at
applications undreamed of in the past. Voice, ATMs, 24x7 telebanking and so on. In
data, images, and video may now be transferred addition, they can also consider offering
around the world in microseconds. electronic banking in various forms, as
described below:
Not only has technology transformed the
internal accounting and management systems A service in which the bank provides
of banks, it has also fundamentally changed corporate or high value customers with
the delivery systems they use to interact with Graphical User Interface (GUI) software on
their customers. a personal computer, enabling them to
query financial transactions and accounts,
However, the quest for newer and better make cash transfers, order cheque books, etc.
technologies continues as worldwide, banks
A service, which allows business customers
look for ways to meet the challenges and
to transmit the text of letters of credit,
opportunities of a rapidly-changing environment.
bills and business transactions in computer-
They recognize that without the right technology,
readable format to the bank using Electronic
they cannot hope to remain globally competitive.
Data Interchange (EDI) technology.
Technology Transformation of Banking An electronic cash management system,
which enables corporate customers to
Various technologies have made an enormous
consolidate cash from multiple locations
impact on banking organizations and their
and deposit it through a dedicated kiosk
employees and customers, by enabling the
provided to them.
following and more:
Facilities such as NEFT and RTGS, which
• Immediate access to critical account, customer
enable electronic funds transfer between
and transaction information
bank accounts.
• A variety of online transactions, such as funds
transfer, issuance of standing instructions and B. Benefit to Banks
bill payment
Technology has brought several advantages
• Online / telephonic complaint registration, to banks including a wide range of inquiry
service requests and response facilities to help develop their business,
terminals to enable staff to respond
In short, technology has streamlined business immediately to customer queries without
processes and created an efficient customer having to consult the ledger-keeper,
service environment to give banks vital automatic and prompt execution of standing
competitive advantage. instructions and MIS reports on the due
date and fast and up-to-date transfer
Technology-led Benefits in Detail
of information between interconnected
The major benefits of banking technology are computerized branches and controlling
listed below: offices, to enable speedy decision making.
A. Benefit to Customers C. Benefit to Bank Employees
Customers have benefited from the Technology has increased employee
increase in banking competition wrought productivity through automation of
Valuable Technologies to Make Bank
Branches More Effective

3. cumbersome and time-consuming jobs When a customer walks into the branch, a
such as account balancing and interest greeter ascertains his requirements and
due calculations and printing of covering checks the availability of a suitable advisor,
schedules, deposit receipts, pass books / over a touch screen terminal. The system
pass sheets etc. It has made signature either directs the customer to the advisor
verification easier by enabling staff to immediately, or tells him how long he
retrieve signatures from their respective might have to wait. If the customer agrees
terminals. Technology has also reduced to wait, he is issued with a service receipt,
duplication through single-point data entry which reconfirms the waiting time. The
linked to customer ID, and improved system also informs the advisor about the
compliance with Anti Money Laundering customer’s requirement, to enable him
standards and other regulatory norms by make the necessary preparations.
tracking transactions closely.
This technology improves the experience
Emerging Technologies of customers by directing them to the right
personnel, thereby ensuring that they
Besides the above, there are a number of don’t waste time in the wrong queue. It
emerging technologies, which could potentially also eases the load on tellers, who are only
raise banks’ effectiveness even further, in supposed to process routine transactions,
future. Three of these are described below: but often end up answering queries or
directing customers to other personnel.
A. Wireless Terminals Finally, this technology also improves the
cross-selling effectiveness of the branch.
Wireless Terminals, mainly used for
processing Credit Card transactions, transmit C. Brickstream®
digital data between computer devices
over short distances using radio frequency Brickstream offers physical retail outlets a
energy. The terminals can transmit card solution to measure customer behavior
data over a cellular or satellite network. and convert that information into actionable
business insight. Using Brickstream’s
The terminals transmit purchase related technology and patented software, retail
information to a radio tower, from where businesses – including banks – can
it is routed to the processor, which in understand how long customers are
turn passes it to the issuing bank. After made to wait within their premises and
checking the validity of the card and what they do in that time. Banks can
availability of funds, the issuing bank use this knowledge to improve service
sends an authorization number to the and sales strategies and ultimately,
processor. This information is then sent to customer experience.
the terminals. The entire transaction takes
about 8 to 12 seconds, depending on Brickstream employs stereovision technology
network coverage and traffic. to capture 3D images, which are more
versatile and accurate than the 2D images
Wireless terminals save time, increase created by monocular cameras. The
sales and reduces operating expenses. self-contained camera units, which combine
Being lightweight and small enough to fit the image capturing mechanism with
into a pocket, they are an ideal tool for Brickstream’s patented software are rugged
business persons who are constantly on enough to withstand sunlight and crowded
the move. environments. What’s more, the units cost
less to install than traditional equipment
B. Q-Matic and also bring down the Total Cost of
Ownership by eliminating the need for data
Another solution called Q-Matic, helps collection hardware on-site, and streamlining
manage customers inside the branch. installation and maintenance.
Valuable Technologies to Make Bank
Branches More Effective

4. D. Surface Technology When core banking applications are
accessed over the cloud, it becomes easier
If surface technology were to become a to prepare cross-country or cross-company
fixture in retail banks, customers and bank reports, make inter-company accounts
executives would be able to sit across when there are several entities, and do
a small tabletop screen and browse content branch reconciliation. Cloud technology
over it using touch. Surface technology is also increases business automation by
expected to enhance customers’ experience improving interface with other systems.
and level of trust by making it easy for
them to search and uncover information on Deriving Greater Value from Technology
financial issues.
In order to earn adequate return on their
A customer interested in a certain product investment in expensive new technology, banks
advertised in the branch could download need to use the new systems to do more than
information about it using an NFC equipped deliver information and basic services. For
phone, and take it to the surface table, instance, they must leverage the systems to
which would extract the information and sell additional products like insurance or
enable him to explore the product in detail investments, or reduce the cost of service
over its touch screen surface. delivery by employing channels such as video
or web conferencing.
Surface technology not only makes the
entire information gathering process more They must also ensure that the intended
efficient but also allows customers waiting benefits of technology actually flow to customers
to meet branch staff to use their time by measuring performance and customer
more productively. satisfaction regularly, and aligning their
technologies to their product offerings. The
E. Cloud Computing support of the right technology provider is critical
to this endeavor.
With cloud computing, banks no longer
need host software applications within That being said, technology alone will not solve
their walls. For a fee, specialist vendors issues or create advantages. It needs to be
provide a complete package of hardware, completely integrated within the organization in
software and services that banks can order to secure the acceptance of the final users.
access on demand and pay for based on
actual usage. The cloud brings many
advantages, including lower capital Author
investment, quick implementation, scalability, Sridhar Gowrinathan
improved service levels and automation, Senior Consultant
besides freeing up the banks’ IT and Infosys Limited
human resources.
Valuable Technologies to Make Bank
Branches More Effective