Technology is the foundation on which the retail banking is based. It enables to build and translate a customer data base into retail banking business_ The levels of technology implementation in PSBs started from stand alone Automated Ledger Posting Machines (ALPMs) in 1980s. New generation private sector banks started with technology advantage of a single server environment. PSB banks also have reengineered their technology initiatives and started implementing core banking solutions networking the customers and accounts on a single platform. The implementation of core banking will directly increase the chances of availability of customer data base across products and will increase the scope for cross selling and up selling. Core banking gives clues about the level to which the data base is horizontally or vertically organized. Horizontal or vertical organized refers to whether data is available product wise on a stand alone basis or data is available customer wise on an integrated basis.
Technology Processes in Retail Banking
Observations of Boston Consulting Group Study “Opportunities for Action in Financial Services – Transforming Retail Banking Processes”: In terms of processes for integration of technology in retail banking retail banks are using different approaches to standardise their processes. There are four distinct process models as given below:
Some Important User Friendly features
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Alerts
The alerts solution empowers banks to alert end users about events recorded by the bank’s diverse business systems. In addition to alerting corporate and retail customers of the bank, the solution provides alerts for the bank’s internal users as well. Banks can define alert categories to control access to various alerts. It also supports addition of branding messages as part of notifications.
Customer Analytics
This solution along with universal banking solution, provides complete customer analytics for banks through business reports and statistical models. It results in business benefits, enhanced customer value, improved decision making support, reduced time to market and low total cost of ownership.
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