Tag: bank

  • Bank rules will change from April 1, charges will be levied even on the slightest negligence

    Bank rules will change from April 1, charges will be levied even on the slightest negligence


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    Now customers can avail better services than before through online banking. For this, banks are also introducing chatbots powered by artificial intelligence.

    If you have an account in a bank, then this news is important for you. Let us tell you that from April 1, 2025, many rules related to banking are going to change across the country. This will clearly affect your savings account, credit card and ATM transactions. If you know about these changes in advance, then you can avoid losses.

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    There will be a change in the rules of the bank

    The Reserve Bank of India has allowed banks to increase the ATM interchange fee, due to which any withdrawal or balance check from an ATM outside the home bank network will cost you a little more than before. Earlier you had to pay Rs 17 while withdrawing money from an ATM, but now it has become Rs 19. On the other hand, earlier you had to pay Rs 6 for checking balance from a bank’s ATM, now it has been increased to Rs 7.

    Digital Banking

    Banks are constantly adding new features to promote digital banking. But now customers can avail better services than before through online banking. For this, banks are also introducing chatbots powered by artificial intelligence. To make digital transactions safe, security like two-factor authentication and biometric verification will be introduced.

    Minimum Balance Rules

    Let us tell you that the rules related to minimum balance of many banks like SBI, Punjab National Bank, Canara Bank have been changed. This balance depends on whether your account is in urban, semi-urban or rural area. At the same time, you may have to pay a penalty for keeping a balance less than the fixed amount.

    Changes in interest rates

    Many banks are now changing the interest rates on savings accounts and FDs. Now the interest on savings accounts will depend on the account balance. That is, the more the balance, the better the return.

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  • From siloed to seamless: How digital banking transformations unite every corner of the bank

    Banks face a critical challenge: their front, middle, and back offices often operate in a siloed fashion, undermining their ability to implement a banking transformation that allows them to serve customers effectively. Meanwhile, customer demand for personalized banking has never been higher. Research from the Harris Poll found that 74% of banking customers across generations want more personal banking experiences. Banking leaders cite creating a personalized, seamless branch experience as their second highest priority, after regulatory compliance and risk management.

    Banks must implement workflow solutions that unify and modernize their systems to deliver on these mission-critical customer expectations.

    The impact of fragmented banking systems

    Maintaining disparate systems isn’t just a technology headache for the IT team. Siloed bank infrastructure creates operational difficulties that lead to opportunity costs. Front office employees don’t always have ready access to the customer data they need to provide personalized service. The middle office struggles to ensure compliance and properly manage risk when information is fragmented across teams. Back office staff may have trouble accurately recording and documenting transactions without a unified view of the data.

    According to the Capgemini Retail World Banking Report 2024, bank employees spend 70% of their time on operational activities, leaving only 30% for customer interactions. Only 9% of client onboarding team time is allocated to customer interaction. Legacy systems and fragmented databases exacerbate inefficiencies, hampering customer service. Without sufficient access to data, employees struggle to respond quickly, leading to prolonged transactions and dissatisfied customers.

    Effective approaches to digitalization in banking

    Banks must prioritize digital transformation that connects every area of their organization if they are to compete and thrive in today’s retail banking industry. As the Capgemini report found, 70% of bank CXOs plan on increasing digital transformation investment by up to 10%. The advisory firm notes that banks are enhancing their data management capabilities and modernizing legacy systems first and foremost, migrating core functions to the cloud where necessary to establish an agile, cost-effective foundation for future digitalization in banking.

    This modernization strategy enables banks to eliminate operational silos and allow employees across all offices by secure digital methods to access the same data — what’s known as a single source of truth. This way, banking professionals can make faster, better-informed decisions. Unified insights allow front office staff to provide a higher standard of customer care, for example, by implementing analytics tools to unearth valuable customer insights. Banks can also tap workflow solutions like robotic process automation (RPA), artificial intelligence (AI) and machine learning (ML) to enhance middle-office risk management and back-office processing.

    Mobile-first tools such as secure mobile messaging solutions build on these benefits by allowing teams from the front, middle and back offices to collaborate in real time securely. Through secure mobile access, bank employees can safely access these integrated systems and data from anywhere, whether greeting a customer who has just entered the branch or arriving at a client site for an important presentation.

    Secure mobile access also facilitates further customer data collection that can enable even more refined and impactful personalization, enhancing future opportunities to earn customer satisfaction. A front office employee might accomplish this by inviting customers to share information about their tastes and preferences on a tablet while completing an account setup for them at a local branch, making it possible to provide them with more tailored services later on.

    Banking transformation enables a unified experience

    When banks digitally transform, uniting data and teams alike, they can meet customer expectations for a great experience. For example, a front office employee can receive an alert on their wearable or mobile device when a customer has arrived, allowing them to greet them at the entrance by name and confirm the reason for their visit. Then, the employee can provide them with personalized recommendations on a tablet.

    Middle office teams flag potential compliance issues right away, using secure mobile communication tools to alert their colleagues for timely follow-up. As back-office process automation lifts the burden of manual data management processes, banking professionals can focus on higher-value initiatives. Ultimately, by boosting employee productivity, banking transformation makes it possible to deliver continuous customer experience improvements.

    In uniting their operations through digital transformation, banks can create an environment where employees can be more productive and effective, providing personalized experiences that earn customer satisfaction and secure a competitive advantage.

    Interested in learning more about Samsung’s Branch Transformation solution? Contact your account manager or request to speak to a financial services expert. And sign up for our newsletter, INSIGHTS: Banking & Insurance, a monthly update from Samsung on banking trends and technology’s role in the financial services industry.

  • Bandhan Bank collaborates with Salesforce to drive digital transformation – CRN

    Bandhan Bank collaborates with Salesforce to drive digital transformation – CRN

    Salesforce announced its partnership with Bandhan Bank, a pan-India universal bank, to revolutionise its loan origination systems (LOS) and deliver a seamless, digital-first experience for customers. With over 6,300 outlets across 35 states and union territories, Bandhan Bank has been at the forefront of financial inclusion and banking innovation. This strategic collaboration marks a significant milestone in the bank’s technology-driven transformation journey, aiming to provide accessible, efficient, and technology-driven financial solutions to customers across India.

    Bandhan Bank has consolidated multiple loan origination systems (LOS) into best-in-class AI-driven platforms powered by Salesforce, creating an efficient and intelligent lending experience. Following its Core Banking System transition in October 2023, the bank has accelerated its digital transformation journey, enhancing product innovation and operational excellence to deliver faster, more efficient, and customer-centric financial services. With Salesforce’s Lightning Platform which is used for Housing Finance LOS and Sales Cloud for commercial loans, Bandhan Bank has streamlined the entire loan lifecycle- from customer onboarding and credit evaluation to approval, disbursal, and servicing.

    With AI at the core of this transformation, the bank has enhanced loan quality, trade finance, payment processing, fraud detection, and risk management, ensuring greater accuracy and security. By leveraging automation and data-driven decision-making, it is also driving efficiency, agility, and governance excellence, building a more robust and future-ready financial ecosystem.

    Arundhati Bhattacharya, President & CEO, Salesforce, South Asia, said, “Banking is undergoing a seismic shift—becoming more intelligent, automated, and deeply customer-centric. Bandhan Bank’s technology-driven transformation is a testament to the power of AI-driven technology in redefining speed, agility, and trust in financial services. This collaboration brings together Bandhan Bank’s bold vision to create a smarter, more connected, and data-driven lending ecosystem—one that enhances operational excellence while setting new benchmarks for customer experience in the industry.”

    While commenting further on the rapid technology adoption in the banking sector, Arundhati added, “As AI reshapes the industry, banks must innovate responsibly—ensuring trust, security, and inclusion remain foundational. With Agentforce, we are entering a new era of digital banking, where AI agents collaborate with humans to drive intelligent automation, optimise decision-making, and deliver hyper-personalised financial experiences at scale. At Salesforce, we are committed to equipping financial institutions with next-generation digital infrastructure that accelerates growth, strengthens resilience, and fosters financial empowerment across India.”

    Ratan Kumar Kesh, Executive Director & Chief Operating Officer, Bandhan Bank, said, “At Bandhan Bank, we are committed to leveraging technology to create a streamlined and efficient banking experience. Through our partnership with Salesforce, we are building a scalable, AI-powered digital platform that enhances speed, agility, and operational excellence. By consolidating multiple LOS into best-in-class systems, we are optimisng decision-making, accelerating loan approvals, and ensuring a seamless experience for our customers and employees.”

    Salesforce Agentforce, a new layer on the Salesforce Platform, enables companies to build and deploy AI agents that can autonomously take action across any business function. As the financial services industry embraces AI-driven transformation, Agentforce represents the next evolution of digital banking—where AI agents work alongside humans to improve operational resilience, accelerate lending workflows, and deliver hyper-personalised financial experiences.

  • Garuda Aerospace and Bank of India Partner to Offer Agri Drone Loans to Farmers

    Garuda Aerospace and Bank of India Partner to Offer Agri Drone Loans to Farmers

    Garuda Aerospace,Bank of India, agri-drone loans

    Chennai, March 4 2025: Garuda Aerospace, India’s leading drone manufacturer, has signed a Memorandum of Understanding (MoU) with Bank of India, one of the country’s premier public sector banks, to provide financial assistance for farmers purchasing agricultural drones. This partnership aims to enhance farming practices by offering easy access to advanced drone technology through low-interest, zero-collateral loans.

    Under this initiative, the Bank of India will offer customized financial solutions, making it easier for farmers, corporate entities, and partnership firms to secure loans for agri-drones. Additionally, Garuda Aerospace leverages the Agriculture Infrastructure Fund Drone Loan scheme to ensure streamlined access to financing and facilitate the adoption of cost-effective drone solutions. Building on its existing collaborations with major financial institutions such as SBI and Union Bank of India, this alliance with the Bank of India will further strengthen Garuda Aerospace’s commitment to leveraging drone technology in agriculture.

    Bank of India Agri-Drone Loans

    Speaking on this collaboration, Agnishwar Jayaprakash, Founder & CEO of Garuda Aerospace, said, “At Garuda Aerospace, our mission is to enhance agricultural productivity through smart drone technology. This partnership with Bank of India is a major step toward making indigenous drone solutions more accessible and affordable for farmers, supporting their transition to precision agriculture and contributing to an Aatmanirbhar and Viksit Bharat.”

    Shri Kiran Pathak, Assistant General Manager, Bank of India, emphasized the bank’s commitment to supporting the agricultural sector, said, “Financing drone technology aligns with our goal of driving digital transformation in farming. By supporting this initiative, we aim to help farmers to increase crop yields, and efficiently apply fertilizers, pesticides, and growth promoters.”

    Founded in 2015, Garuda Aerospace has rapidly emerged as a leader in drone technology, deploying over 2,500 drones across India. As the first company to successfully facilitate drone loans and subsidies, it has played a pivotal role in accelerating agricultural modernization.  

    About Garuda Aerospace

    Garuda Aerospace is India’s leading Drone tech start-up focused on disrupting two major multi-billion-dollar sectors, Precision Agri Tech and Industry 4.0 upgradation. Garuda Aerospace is asset-light, recession-proof, and agnostic and focuses on eliminating labourers in the agricultural field with drones focusing on designing, building, and customisation of Unmanned Aerial Vehicles (UAVs). Founded in 2015 with a team of 5, Garuda has scaled to a 200+ member team, having the largest drone fleet in India with over 400 drones and 500 pilots operating in 84 cities. Garuda Aerospace manufactures 30 types of drones and offers 50 types of services. Having served over 750 clients, including TATA, Godrej, Adani, Reliance, Swiggy, Flipkart, Delhivery, L&T, Survey of India, SAIL, NTPC, IOCL, Smart cities, Intel, Amazon, Wipro, IISC, MIT Boston, NHAI for various projects, the company recently partnered with global giants such as Lockheed Martin, Cognizant and Elbit Systems. Hon’ble Prime Minister Shri Narendra Modi Ji launched the drone yatra, where 100 drones were flagged off simultaneously across 100 villages in India. Garuda Aerospace is the first drone company to get DGCA approvals for Type Certification and Remote Pilot Training Organisation. Garuda is on a mission to impact 1 billion lives positively using affordable precision Drone Technology. Mahendra Singh Dhoni has invested in the company and is the Brand Ambassador.

  • Empowering mobile workforces: The role of Galaxy A15 in healthcare, banking, retail and hospitality

    In industries with a mobile workforce, employees must stay connected and productive while on the move — and smartphones can provide the performance, features and convenient form factor they need.

    With a smartphone in hand, workers in healthcare, banking, retail and hospitality can wirelessly access necessary applications and data. They can communicate and collaborate with their colleagues, serve their customers and complete tasks, regardless of their location.

    In fact, according to an IDC report, more than two-thirds of U.S. enterprises deploy multiple mobile devices per employee to enhance worker productivity, increase revenue and improve customer satisfaction.

    Organizations in different industries can benefit from equipping employees with smartphones, such as Samsung’s Galaxy A15 5G. This affordable, secure and easy-to-manage mobile device offers fast performance and long-lasting battery life.

    Improving healthcare and enabling remote patient monitoring

    Smartphones are prevalent in healthcare. Physicians and nurses use mobile devices like Galaxy A15 for real-time patient monitoring, resulting in improved patient care and cost savings.

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    In fact, according to a recent study in the Health Informatics Journal, more than 80% of physicians use smartphones for their clinical practice.

    Smartphones enable physicians to access electronic medical records, order diagnostic tests or prescriptions, and use them for decision support, telehealth meetings, and documentation, including dictation of patient reports.

    Galaxy A15 smartphone has a 2GHz or 2.2 GHz processor, 5G speeds, and 4GB to 8GB of RAM, ensuring doctors and nurses can access applications and data fast. Its Super AMOLED 6.5-inch display with up to 800 nits brightness, a 90Hz refresh rate and low blue light reduces eye strain.

    Camera improvements also ensure clinicians can take high-quality pictures and videos to make a diagnosis, monitor disease or treatment progress, and seek advice from colleagues. Galaxy A15 offers a three-lens rear camera system, including a 50MP main camera, a 5MP ultra-wide camera, and a 2MP macro lens. Galaxy A15 also features a 13MP front camera for high-quality video if doctors need to do telehealth visits with their patients.

    Galaxy A15, with Bluetooth support, enables at-home remote patient monitoring. Medical teams can remotely track patients by equipping them with A15s and Bluetooth-enabled devices, such as consumer wearables, pulse oximeters, and blood pressure and glucose monitors. This allows clinicians to remotely check their patients’ vital signs and intervene if their health changes.

    Increasing productivity and efficiency for bank employees

    Bank employees increasingly use smartphones to increase their productivity and efficiency and improve the customer experience. While banks equip staff with laptops and desktop computers, branch employees prefer to use smartphones or tablets for many of their daily tasks, according to an IDC white paper.

    Galaxy A15’s large 6.5-inch display allows bank employees to multitask and use two apps simultaneously on a split screen. With full high-definition resolution, the content on the screen looks crisp, clear and vibrant.

    That’s important because it allows bank staff to use Galaxy A15 to simultaneously access customer data and research different products and services before an important client meeting. They can also use Galaxy A15 to open new accounts for customers and have them digitally sign the necessary documents.

    With 4GB to 8GB of internal storage (expandable to 128GB), users won’t run out of storage space.

    Enhancing employee and customer experiences in the retail setting

    In the retail sector, smartphone employees can personalize customer experiences on the sales floor, including checking the pricing, availability, and location of products, ringing up customers, and processing payments. If items are out of stock, sales associates can use their smartphones to find the products at other nearby locations or order them online for customers.

    When retail staff are busy assisting customers, smartphone batteries can drain fast. But that’s where the Samsung Galaxy A15’s battery shines. A Galaxy A15 battery can last up to two days on a single charge. And when employees need to charge their phones, Galaxy A15 has Super Fast Charging* capabilities.

    If retail workers are near store windows assisting customers in bright sunlight, Galaxy A15’s high-definition resolution display and enhanced brightness ensure optimal visibility. The screen’s low blue light promotes all-day eye comfort, even during extended usage.

    Strengthening day-to-day hotel operations in hospitality management

    By issuing smartphones to hospitality staff, hotels can improve communication and better manage hotel operations, such as housekeeping and maintenance, resulting in improved guest services and more efficient operations.

    With a Galaxy A15, for example, housekeepers can check their schedules on their mobile phones to see which rooms they need to clean. When they finish cleaning a room, they can mark it as clean, providing supervisors with real-time updates on progress.

    Staff can also manage hotel maintenance on their phones. Managers can create work orders and prioritize requests, while staff can provide real-time updates and send alerts when tasks are completed.

    In both cases, Galaxy A15’s fast processor, ample RAM and 5G speeds allow hospitality staff to access apps and data quickly. The phone’s high-capacity battery and intelligent power management lets employees accomplish all their tasks and still have battery life at the end of their workday.

    Staying secure with Samsung’s Galaxy A15 mobile device

    Security and customer privacy are critical in the healthcare, banking, retail and hospitality industries. Galaxy A15 features a side fingerprint sensor that can only be unlocked by employees’ unique fingerprints.

    Also, for the first time, Samsung is bundling its hardware and software to make it simpler and more cost-effective for organizations in different industries to configure, manage and secure a large fleet of devices.

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    Customers who buy Galaxy A15 can also purchase the Samsung Knox security and device management solution all in one package.

    Samsung Knox protects devices from intrusion, malware and malicious threats, while the Samsung Knox Suite is a comprehensive set of cloud-based tools that allow IT departments to remotely deploy, manage, secure and lock down their devices in bulk.

    For example, organizations can deploy Knox E-FOTA to schedule device updates and make sure every device is using the correct version of the Android OS and has all the required firmware updates.

    Furthermore, as part of the bundle, Samsung is expanding the lifecycle of Galaxy A15 from one year to three years, which enables a stable hardware and software platform.

    How your organization can benefit from Galaxy A15

    The Samsung Galaxy A15 5G is a perfect solution for the healthcare, banking, retail and hospitality industries. The affordable, entry-level device features a 6.5-inch display and offers a brighter screen, longer battery life and more storage than its predecessor.

    Organizations in these four industries can use Galaxy A15 for all their needs, from accessing important business apps and scanning barcodes to personalizing customer service and taking mobile payments. Employees can also communicate through email, texting, voice and video chats.

    Learn how you can improve worker productivity, empower your mobile workforce and optimize business operations with Galaxy A15 smartphones. And if you’re not currently an Android or Galaxy user, make sure to try Galaxy for Work on your current device today.

    *1Wall charger sold separately; use only Samsung approved chargers and cables. To avoid injury or damage to your device, do not use incompatible, worn or damaged batteries, chargers or cables. Supports up to 25W charging.

  • Microfinance revival on horizon in India, banks to lead the charge: HSBC report

    Microfinance revival on horizon in India, banks to lead the charge: HSBC report

    Microfinance revival on horizon in India, banks to lead the charge: HSBC reportIANS

    The outlook for microfinance institutions (MFIs) in India is improving after months of stress caused by overleveraging of borrowers, a new report said on Wednesday.

    According to the report by HSBC Research, better loan collections and higher disbursements in February helped boost sentiment in the sector.

    While the global brokerage firm expects a positive turnaround for MFIs in 2025, it also noted that some challenges still need to be addressed.

    The report highlighted that “X bucket” collection efficiency in most states improved to 98.5-99.5 per cent in February. “X bucket” refers to accounts that had no overdue payments at the end of the previous month.

    “X bucket” collection efficiency measures the percentage of EMIs collected from these accounts during a given month, compared to the total EMIs due from all such accounts in that period.

    This improvement has also contributed to a reduction in high employee attrition rates, which had been a concern for the sector over the past year.

    However, in Karnataka, a government ordinance caused significant disruptions in MFI operations in February.

    HSBC India gets RBI nod to open 20 new bank branches in key cities

    Microfinance revival on horizon in India, banks to lead the charge: HSBC reportIANS

    The state government’s proposed bill aims to completely exempt borrowers from repaying loans, including interest, taken from unlicensed and unregistered MFIs.

    HSBC Research noted that individual microfinance institutions have taken steps to minimise the impact and stabilise their operations.

    Looking ahead, credit costs for MFIs are expected to decline in the April-June quarter due to improving asset quality.

    However, new regulations set to take effect on April 1, which cap lending to borrowers, are likely to push credit costs higher again.

    However, HSBC Research believes banks with microfinance exposure have a stronger long-term growth potential.

    These banks are better placed due to their improving asset quality and attractive valuations, which could lead to better returns for investors.

    “Banks, with their diversified portfolios and stronger earnings resilience, are expected to be in a better position than standalone MFIs in the long run,” the report said.

    (With inputs from IANS)

  • UPI user Alert! Banking and UPI services of these mobile numbers will stop from 1st April – Details Here


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    If you have a bank account or you use UPI, then it is very important for you to read this news. Because from next month the bank is going to make an important change.

    Actually, from April 1, the bank is closing the accounts of those users linked to UPI apps like Google Pay, PhonePe and Paytm whose mobile number has been inactive for a long time.

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    Because of this, banks are taking this decision

    The National Payments Corporation of India (NPCI) has directed banks and these apps to remove such numbers by March 31. The purpose of this change is to solve the problems caused by inactive or recycled mobile numbers. Inactive or recycled mobile numbers cause problems in transactions.

    Let us tell you that if a number is not used for voice calls, SMS or data for 90 days, then it becomes inactive. Such numbers are again given to new users. In such a situation, when these numbers are linked to your bank and other financial services, then it can cause problems.

    After April 1, such bank accounts will be deleted every week

    Mobile number is necessary for any payment. If there is any problem with your number, the transaction may fail. Many users link multiple numbers to their bank accounts or UPI apps. If any of these numbers remains inactive for months, it will be deleted.

    To prevent transaction-related issues, NPCI has mandated that banks and UPI apps update the list of deleted numbers every week. Any inactive or recycled number after April 1 will be removed from the bank’s system immediately. If you want to keep your bank account or UPI ID active, recharge it immediately.

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  • RBI Governor told this to the banks regarding submission of KYC documents of customers, said- this will benefit everyone


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    Reserve Bank of India (RBI) Governor Sanjay Malhotra has given a special advice to the banks. In this, he has said that avoid calling your customers repeatedly for KYC (Know Your Customer) documents.

    According to PTI news, the RBI Governor said that we need to ensure that once the customer has submitted the documents to the financial institution, we do not insist on getting the same documents again. The Governor reminded of the competition in the industry and said that banks need to improve customer service, not only because it is their duty to do so, but also because it is in their own interest.

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    Calling repeatedly was described as an unavoidable inconvenience

    According to the news, the governor clarified that submitting documents to a financial regulator’s overseeing entity makes it possible for other people to access them from the same database. He described repeated requests as an inevitable inconvenience. He regretted that most banks and NBFCs have not allowed their branches or offices to access information from the central database, due to which customers have to face inevitable inconvenience. This can be facilitated in advance. It will be in the interest of all.

    Bank customers are constantly complaining

    This comment from the central bank comes at a time when bank customers are complaining of inconvenience due to repeated requests to re-submit KYC. Such complaints are constantly coming on social media platforms. Malhotra warned banks against miscategorizing customer complaints. He said that doing so is a gross regulatory violation. He said that banks received 1 crore customer complaints in FY 2024 and if complaints against other regulated entities are included, this number will increase further. The governor said that 57 percent of these required mediation or intervention by the RBI Ombudsman. He said that you all will agree that this is a highly unsatisfactory situation and we need to pay immediate attention to it.

    Banks need to improve their customer service

    He advised the leadership of banks, from managing directors to branch managers, to take out time every week for grievance redressal. Malhotra said this is a must for all banks. He said if such issues are left unresolved, they can undermine consumer confidence and spoil the entire ecosystem. He emphasised that complaints should not be seen as a nuisance. It is important to avoid repeated complaints as they highlight systemic flaws.

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  • Legacy or limitation? Transforming technology for banking in the future

    Despite its high costs and risks, legacy technology is still widespread in the financial services sector. In fact, a survey of bank executives by Dragonfly Financial Technologies found that more than 53% were concerned about their dependency on legacy technology and rising technology debt.

    Now that mobile banking has become commonplace, the persistence of legacy infrastructure not only poses major risks to device security but also prevents banks from enhancing customer interactions and improving employee workflows.

    Here are some current obstacles to legacy technology and banking modernization and how financial services companies can overcome them.

    Banks are struggling with legacy technology

    Traditional systems are expensive, labor-intensive and challenging to keep secure amidst the current IT talent shortage. According to the Capgemini World Retail Banking Report 2024, legacy systems create complexities with integrating new AI technologies, which are often incompatible with outdated processes. Banks that have not addressed their technical debt may miss out on valuable opportunities to use AI to streamline employee workflows and improve the customer experience.

    As the Capgemini report points out, AI can streamline back-office operations by automating data entry, document processing and compliance checks. As a result, bank employees can devote their time and expertise to higher-value tasks that involve critical thinking and strategic decision-making.

    Legacy systems can also hold banks back from delivering a modern customer experience. According to an IDC survey sponsored by Samsung, Bridging the Digital–Human Gap in Banking, 83% of customers expect seamless information across mobile, online and in-person interactions.1 Banks that still struggle with legacy systems may have difficulty enabling the kind of omnichannel integration required to effectively engage customers on all the channels they use today.

    Strategies for modernizing legacy technology

    Banks are grappling with their technical debt in a variety of ways. As consulting firm Endava explains in its 2024 Retail Banking Report, financial firms can pursue progressive modernization, total replacement or incremental change. Incremental change is the most popular approach. The majority of banks surveyed (47%) in the report followed that path. In this scenario, a bank makes small feature and functionality changes to an existing legacy system over time to gradually modernize it. For example, a bank might use this approach to update a customer-facing mobile app with a more modern interface, introducing small improvements like self-service capabilities without disrupting core systems.

    The next most popular approach is progressive modernization (40%),which involves combining digital wrappers, open architecture and/or APIs to update legacy infrastructure, so it is cloud compatible. A bank could use this approach to quickly provide employees with advanced tools and dashboards that connect to legacy systems behind the scenes. This method has pros and cons, of course. Although it enables a modern user interface, the internal core is not updated, so the bank has deferred the task of fully modernizing it until a future date.

    Some banks (13%) choose to replace a legacy core completely. Total replacement is the most complex, resource-intensive and potentially disruptive choice because it has a stronger impact on the bank’s overall systems and requires sophisticated change management. Financial firms that pursue this strategy tend to realize the benefits of modernization much faster than those that do not. Upon completing their replacement, they can immediately enable improvements that would be far harder to achieve in a legacy environment, such as real-time customer analytics and personalization.

    Many banks recognize the potential in digital transformation when it comes to improving the customer experience and employee workflows; however, legacy technology is still blocking the path too often. There are multiple approaches to addressing this technical debt. The banks that take on the challenge of modernizing their legacy infrastructure now will be in the best position to manage risk and enable future growth.

    Learn how Samsung’s financial services solutions can modernize legacy technology and enable growth.

    Sign up for our newsletter, INSIGHTS: Banking, a monthly update from Samsung on banking trends and technology’s role in the financial services industry.

    1IDC Infographic, sponsored by Samsung, Bridging the Digital–Human Gap in Banking, #US52023624, May 2024.

  • Bank employees will go on strike on 24-25 March, unions called for these demands


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    The United Forum of Bank Unions has called for a two-day protest on March 24-25 over its various demands, including adequate recruitment across all cadres, regularisation of temporary workers and a five-day working week in the banking industry, news agency ANI reported on Monday. The United Forum of Bank Unions is an umbrella body of nine bank unions – AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.

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    These are the demands of the unions

    • Adequate recruitment in all cadres
    • Regularize all temporary employees
    • Implementation of 5-day working week in the banking industry
    • Protect job security
    • Roll back DFS instruction on performance review
    • Withdraw DFS directive on PLI
    • Protect the bankers, ensure safety
    • No more assault and abuse! Safe workplace for bank officers and employees now
    • Filling up of posts of employee/officer directors in public sector banks
    • Resolution of pending issues with Indian Banks Association
    • Raise the maximum limit of gratuity to Rs 25 lakh and make it tax-free – parity with government employees now
    • Stop imposing unfair taxes on employee welfare. No income tax levy on concessional benefits-let management bear the cost
    • Protect national interests, retain 51% government equity in IDBI Bank

    They oppose these

    United Forum of Bank Unions says that we oppose the micro-management of PSBs by DFS on policy matters, which affects the service conditions of employees and officers and weakens bilateralism. Also, we oppose outsourcing of permanent jobs in banks, unfair labor practices in the banking industry. Lakhs of bank employees across the country will join this strike. This may affect the functioning of banks. If you have important work, then finish it beforehand.

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