The 2015 ”Digital India” campaign along with the 2016 “Demonetization” drive paved the way for the digitization of the Indian economy. With digitization coming in, the Indian banking industry having withstood the previous changes(Eg automation), accepted the change and opted in for digitization. With all the sectors of the Indian economy embracing digitization digital banking has become the new norm. By digital banking, I refer to the composite services provided over the web with the aim providing convenient ,faster,better banking experience when compared to traditional banking to the banks and customers. Digital banking was slowly introduced to the Indian banking customers through ATM initially then online banking and mobile banking. However digital banking trend has inclined more towards E -wallets, P2P lending, Cloud technology in the last 5 years. With the Indian banking industry transforming from brick to mortar to digitization below are some of the advantages that it would enjoy with digital banking adoption.
Digital Banking Advantages
Pic Courtesy: Finserv.com
Having made digital banking an integral part of our economy it is equally important that we contribute towards digitizing financial inclusion.
We at Teknospire realize this and contribute to this
cause through our flagship product “FinX”. Finx helps financial institutions to bring FinTech driven banking solution for the last mile.
FinX is a complete digital banking suite that enables the
financial institution to digitally offer basic and transactional banking services both with B2C and B2B2C based models.
How FinX Solutions aide Financial Inclusion
The FinX suite assists financial institutions in launching solutions through web and mobile, using which a Customer can sign up instantly with minimum KYC details.
With minimum KYC details customers can open a”No Frills” account instantly and deposit money into this account using the various payment gateway options.
Also, deposits can be made at branches or retail distribution network comprising of agents.
On signing up, customers are financially included through the below various services :-
Viewing Account Balance
Load Money into the Account
Apply for Loans/Credit Cards
Generate Virtual Cards
Recharge Mobile Phone
Pay Utility Bills
Pay Insurance Premiums
View Pass Book and Transaction History
Upgrade to a Regular Bank Account
Fund Transfers using IMPS, both P2P and P2A
Merchant Payments through Scan and Pay
Using the FinX suite financial institutions can successfully draw customer
initially for basic services and then bring them to mainstream banking.
Using simple aggregation of service providers institutions can build a digital payment ecosystem by providing for transactional sets like subsidy distribution,
donations, agri -payments, micro payments and loans in the FinX suite.
FinX solutions can be easily integrated with the CBS (core banking system)for simplified Accounting and GL.
Standard Interface Specification is made use of in our solutions.
IMPS and AADHAAR Payments/KYC on this platform can be enabled using our existing integration with NPCI.
Currently the FinX Suites available on our platter are