ATM, online fund transfer most favoured payment platforms among bankers: Survey
06 March 2014
A CII-PwC Banking Tech survey has found that out of all the payment platforms in use, ATM and Real-Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), national electronic clearing service (NECS) were the most popular among the banking fraternity, with all the banks using these in great measure.
According to a CII-PwC survey report titled 'Connecting the dots: Wiring business, technology and operations', ''Banks will invest in platforms such as integrated payment hubs which supplement existing core banking systems and provide a consolidated view across all payment channels. Big data use in payments or unstructured areas like social media, customer care and internal communications will mature.''
According to the report, the sector would likely see increased use of mobile specific features such as geo location, camera or scanning and voice identification.
Small to medium banks would start looking for entire core banking platforms as a service, even as more established banks enhanced cloud adoption in non-core areas such as HR.
Much opportunity also existed in the social media domain to target customers, garner their interest and cater to their specific requirements.
The report further added that banks were well-prepared to deal with various types of frauds and had an efficient system in place to save them from such risks, says a report.
"The domestic banks seems to be well-prepared and equipped to deal with fraudulent activities, taking suitable measures and initiatives to secure themselves from risk," the report says.
According to the report, which was based on the responses from 24 public, private and foreign banks, almost all the respondents had a strong and resilient regulatory compliance framework in their banks.
"Majority of the respondents confirmed that they have in place an analytics driven fraud prediction and automated fraud reporting system," the report said.
As many as 63 per cent of the respondents said they were technologically prepared to tackle risk and compliance requirements.
The report said challenges that banks faced as regards fraud detection were related to huge volumes of data aggregation and integration to cull out the relevant data.
The report said 63 per cent of banks were fully compliant with the RBI-mandated automated data flow requirement and had their implementation plans in place.
According to the report, banks had faced some operational challenges in their NPA automation process and three-fourths of banks were in the process of implementing NPA automation.