Digital Banking - Important Points Related to Digital Banking
- SBI- Recently, State Bank of India has launched an Artificial Intelligence(AI) powered chat assistant to help customers in various banking activities. The chat assistant is known as SBI Intelligent Assistant (SIA). This chatbot is made by an Artificial intelligence banking platform - Payjo. ‘SIA’ is considered as a revolution in the digital banking field. It can resolve and handle about 10,000 queries per second.
- Canara Bank has launched its first digital banking branch in Bengaluru. This branch is named as ‘CANDI’.
- Airtel Payments Bank has become the first payment bank in India to merge the UPI (Unified Payment Interface) on its digital platform. With this initiative, the bank customers can now link their bank accounts to the Bhim app and make UPI payments. Note: Airtel Payments Bank (APB) is a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Ltd.
- Paytm Payments Bank join hands with NPCI for RuPay digital card - Paytm Payments Bank (PPB) joined with the National Payments Corporation of India (NPCI) for RuPay digital card. With this debit card, customers will get the free insurance cover of up to Rs 2 lakh in the case of death or permanent total disability.
- Google Tez – The new payment app for India by Google. It is a mobile wallet app which is based on the Unified Payments Interface (UPI) platform. This works similar to the BHIM app.
IMPORTANT POINTS RELATED TO DIGITAL BANKING
- DCB Bank launches first iris-based ATM in Telangana - ATM dispense cash without a debit card as the machine verifies the customer from the Aadhaar details like the iris and fingerprint.
- DCB Bank launched the first Aadhaar- based ATM in Bengaluru - The ATM accepts the Aadhaar number and the Aadhaar fingerprint (biometric) instead of ATM/debit card and PIN to dispense cash from the bank account.
- Country’s first banking robot - Lakshmi launched by City Union Bank in Chennai.
- RBL Bank becomes the first Indian bank to launch Aadhaar Payment Bridge System for small ticket micro-finance loan disbursements.
- RBL Bank launches India’s first credit card exclusively for GOLF LOVERS.
- India’s first cash giving app ‘CASHe’ launched by Tslc Pte Ltd.
- First Digital State - Kerala declared first digital state in India.
- First Digital District – Nagpur declared first digital district in India.
- First Digital Village - Akodara village in Sabarkantha district of Gujarat become India’s first Digital village. The village was adopted by ICICI Bank under its digital village project 2015.
- First cashless island - Karang, a small lake island in Manipur, has become the country’s first cashless island.
- First, ‘digital’ tribal colony - The Nedumkayam tribal colony at Nilambur in Malappuram lacks basic facilities including toilets. However, the colony has now become a role model to the country by becoming the first 'digital' tribal colony in India.
COMMITTEES ON DIGITAL BANKING
- The Committee for accelerating growth of Digital Payments in India is headed by Ratan P. Watal.
- The committee to study financial technology and digital banking issues in India is headed by - Sudarshan Sen.
MOBILE APPS LAUNCHED BY DIFFERENT BANKS
- Mingle - the social media banking platform for Facebook and Twitter users.
- Buddy - a mobile wallet app in collaboration with Accenture and MasterCard.
- forex - an internet-based platform that enables customers to book their foreign exchange transactions online.
- MobiCash – A digital wallet in partnership with Bharat Sanchar Nigam Limited (BSNL).
- SBI Quick – With this app customer can get balance or mini statement of account through a mobile phone.
- Samadhan – A self-service mobile app for everyday banking needs.
- Mera iMobile - India’s first mobile banking application for rural customers.
- iMobile – With the help of this app a customer can perform banking activities just like the transfer of funds, bill payments, can check account balance, etc.
- Tap n Pay – ICICI bank launched this service in collaboration with Tech Mahindra Limited which is based on Near Field Communications (NFC) technology. This service allows any customer to make over-the-counter payments without using cash.
- M- Pesa – ICICI bank launched this service in collaboration with Vodafone. With this facility, a customer can transfer money and make payments via mobile phone.
- Pocket - ICICI Bank launches India's first digital bank app ‘Pockets’.
- Money2India - It is an online money transfer tracking service offered to Non-Resident Indians.
- Eazypay - India’s first mobile app for merchants to accept payments on mobile phone through multiple digital modes.
- ICICIBankPay on Twitter - This service in India enables ICICI Bank customers to transfer money to anyone in the country who has a Twitter account.
- Smart Vault – Fully automated lockers which is based on obotic technology to access the lockers from the safe vault conveniently at any time of their preference in total privacy, without any intervention of the branch staff.
- Contactless Credit and Debit Cards - India’s first ‘Contactless’ debit and credit cards, enabling its customers to make electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them.
- Software robotics - ICICI bank launched India’s first 'software robotics' initiative. Over 200 software robots are now performing over 1 million transactions per day for the bank which comprises 10% of its total transactions.
- ICICI Bank launched “ATM on Wheels” India’s first Mobile ATM, in Mumbai.
- EVA - HDFC Bank launches chatbot Eva for customer services. Electronic Virtual Assistant (Eva) is India's first Artificial Intelligence -based banking chatbot and can answer millions of customer queries across multiple channels.
- Chillar - It is India's first multi-bank mobile payment app that links directly to your bank account. It allows customer to send money instantly from their HDFC Bank account to anyone in their phone book or to a beneficiary using their ‘Account number & IFSC code' or ‘UPI ID’.
- PayZapp – With this you can do online payments and money transfers.
- ‘Lime’ - India’s first Mobile App integrating Wallet, Shopping, Payments, and Banking.
- First Multi-Currency Contactless Card service launched by - Axis Bank has launched the first Contactless Debit, Credit and Multi-Currency Forex Card in association with VISA payWave in the country.
- Scan N Pay - allows customers to instantly transfer money to any of the Federal Bank accounts through android phones.
- Lotza’ is a Unified Payment Interface app of Federal Bank.
- FedMobile – Customers can access specified banking services including information relating to their Account(s), transaction details and other services as may be made available by the Bank from time to time.
- FedBook Selfie - India’s first mobile app for bank account opening.
- mBanking - With the help of this app a customer can perform banking activities just like – transfer of funds, bill payments, can check account balance, etc.
- Wave N Pay – Contactless credit cards, enabling its customers to make electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them.
Kotak Mahindra Bank
- 811 mobile app - digital banking system on mobile. 811 offers a zero -balance savings account with zero charges for all digital transactions.
- Note: Kotak is the first bank in India to integrate the newly introduced Aadhaar-based OTP authentication process for account opening on mobile. Only Aadhaar and PAN numbers are required to open and operate 811.
- PhonePe - It works over the Unified Payments Interface(UPI) platform developed by the National Payments Corporation of India (NPCI) and is powered by YES Bank. PhonePe is a one stop UPI-based app which can serve all your payment needs, in a safe and secure manner.
- YES mPower - Yes Bank partnered with Silicon Valley-based bot platform Gupshup to launch an artificial intelligence-powered banking chatbot ‘YES mPower’ that instantly gives information about loan products. The ‘YES mPower’ bot is available through Facebook Messenger
- Indian Bank
- IndPay – A mobile application service that enables its customers to operate bank account from anywhere, anytime.
- Bank of Baroda
- M-Connect - It offers you the chance to manage all of your banking operations using your Smartphone in a convenient, safe and simple manner.
- Union Bank of India
- U-Mobile - The mobile banking facility that will help you do banking transactions using your mobile phone.
- ‘Project Ananya’ by Syndicate Bank –
- Syndicate Bank had launched the ‘Project Ananya’ under which it has launched the 40 digital banking branches which provide latest digital banking services to its customer.
- MobiKwik launched ‘Bubble Pin’ as a one-step offline payments mode, which allows users to make payments without data connection.
Some of the Banking & Financial terms used in Digital Banking
AEPS – Aadhar Enabled Payment System
APBS – Aadhar Payment Bridge System
BBPS – Bharat Bill Payment System
BHIM - Bharat Interface for Money
CBS – Core Banking System
CIDR - Central Identities Data Repository
CTS – Cheque Truncation System
DNS - Domain Name System
EFTPOS - Electronic funds transfer at point of sale
HCE - Host Card Emulation
IFSC - Indian Financial System Code
IMPS - Immediate Payment Service
IMPS - Interbank Mobile Payment Service
MMID - Mobile Money Identifier
MPIN - Mobile Personal Identification Number
NPCI - National Payment Corporation of India
NFS – National Financial Switch (NFS)
NACH – National Automated Clearing House
NEFT – National Electronic Fund Transfer
NFC - Near field communication
PAC - Personal Access Code
PSPs - Payment Support Providers
RTGS – Real Time Gross Settlement
USSD - Unstructured Supplementary Services Data
UIDAI - Unique Identification Authority of India
VPA - Virtual Payment Address