Can banking software products create change

@nucleus-software-DM1v9x • Oct 22, 2024

Oct 22, 2024

1.2K

With the ever changing mode of traditional banking systems in India,

Do you think banking software products can play a role to create change? If yes, how, and if not, why not?
Let the Debates begin!!!

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Kaustubh Katdare

@thebigk • Jun 20, 2013

#-Link-Snipped-# : What kind of banking software products are you talking about? All I personally know about banking products are the ones that allow Internet and mobile banking. The one from Infosys doesn't seem to impress people 😁 . I remember this post: #-Link-Snipped-#

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Nucleus Software

@nucleus-software-DM1v9x • Jun 25, 2013

Agreeing with you, we are indeed going through an era of technological revolution where new technologies are shaking the fusty old world of banking as they now stand on the edge of a tipping point with mobile, internet and big data on the rise. Armed with unlimited data plans and constant internet access, tech savvy consumers are embracing digital banking at a fast pace.

Riding on the technology wave to battle increasing competition in the coming years, banks as a strategic move are aggressively looking to ramp up their technological capabilities by developing tailor-made software products and mobile applications based on customers trading patterns. They are popularizing smartphone apps, which run all the core functions of banking with a few extras – like using the phone's GPS to track down the nearest ATM or branch, mobile and internet based banking services. Technologically superior banking software products are enabling advanced risk and demand modelling with real-time connectivity to core systems - thus optimizing the alignment of products and prices to customer demand.

With innovative software products, banks have increased their reach to the customers and have made products available 24*7 thus increasing accessibility. From traditional money deposit and withdrawal institution banks have become service providers for investments advisory, tax collection, buying financial instruments like DD, PO etc. In other words banks are becoming one stop financial shops.

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Anand Tamariya

@anand-tamariya-DnfjEX • Jun 25, 2013

No more change than what has already been achieved by early adopters like Citibank. Speaking for myself, I use banking application only once a month to pay my bills.
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Anoop Kumar

@anoop-kumar-GDGRCn • Jun 25, 2013

Banking application needs innovation to gain trust in using applications and sms transactions.
In large cities people are now using online banking, apps and they hardly visit branch or ATM but in small cities and villages they still rely on branches for transactions.
#-Link-Snipped-# : do you have any new idea share with us.😀

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Kaustubh Katdare

@thebigk • Jun 25, 2013

Speaking of the change, the biggest change was brought by ATMs - which changed the way people thought of banks. It was like mini-bank opened right next to your home. You no longer had to go to the branch to withdraw money and deposit cheques.

The second biggest change was brought by mobile banking. Paying money right through your mobile basically allowed faster access to banks and transactions.

Can the new banking products bring new change? I don't know. Banking products, I'd believe would bring in innovation to the internal working of the banks. I think we've already maxed out on the innovations that banks would bring to the end-users.

My prediction is that the banking products would make internal operations of banks smoother and faster. #-Link-Snipped-# - you'll have to be aware of all the latest innovations in Internet banking.

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Abhishek Rawal

@abhishek-fg9tRh • Jun 25, 2013

I am old-fashioned because I'm paranoid. Whenever I do online purchase, I am very much concerned about the security. No servers are flawless, so how come these servers are secure ? This thought in mind, make me even more old-fashioned.
I don't usually do e-shopping, until there is no other option left.
And, I don't think that mobile banking is safe, atleast not safe in rooted Android.

#-Link-Snipped-# Well,I think I need to be aware of new technologies.I am going to dedicate an entire thread to it. 👍

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Anoop Kumar

@anoop-kumar-GDGRCn • Jun 25, 2013

atleast not safe in rooted Android.
Specially when do flashing everyday 😉.
I also prefer banking via browser rather than app.

Security is the critical concern from user point of view. Banks/Banking products first need to resolve this issue.
Problem is, when Fraud happen, some time customer got frustrated when money rollback delayed.
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Anand Tamariya

@anand-tamariya-DnfjEX • Jun 26, 2013

A certified banking app would use same level of security as the banking website - which is enough I'd say. Most of the security issues one hears these days are more like phishing/card replication than hacking attacks.
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Ashraf HZ

@Ash • Jun 28, 2013

I suppose within mobile banking, there will be a shift towards using NFC technology more for cashless payments. Just tap your phone on the reader to pay for goods, using public transportation, parking, tolls, etc. Of course, with this comes added responsibility to keep your phone safe 😛

Abhishek Rawal
Whenever I do online purchase, I am very much concerned about the security.
I had the same concerns initially, till I got a dedicated debit visa account just for online purchases. At least any risks of losses will be limited. With paypal usage being prevalent (and all the good components are overseas), I'm pretty much depended on e-commerce.
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Nucleus Software

@nucleus-software-DM1v9x • Jul 30, 2013

Changes are the only constant in the world. We believe that the greatness of an innovation and 'the next big thing' is only relative to the time context in which it is being observed. Here, we’ve discussed about mobile banking, mobile apps, ATMs being the biggest of change in banking. A crucial thing to remember is that even before the ATM came into existence, the mere idea and incorporation of centralized core banking and before that, the financial tools (to replace book making) and the introduction of retail banking in itself were considered as ‘the next BIG thing’.

Every change which is well thought through and executed has the potential to change and touch our lives, just like the small addition of sending sms/email within seconds after the ATM / Debit card usage ensuring peace of mind (that there is no repeated swipes, missed transactions) and security to people skeptical of doing online or plastic money transactions.

There are always ways to improve, innovate and improvise. It would be unfair to say the least that we have already reached the edge of perfection; this can only mean that we have locked our creativity, thinking, and questioning powers.

We, at Nucleus Software, always keep challenging ourselves to innovate and improve. Every small and big step we take is taken to make the banking services consumer life and experience more and more comfortable and effortless. Likewise, as consumers you should also not stop challenging the status quo, should demand more each and every day because that gives us the food for thought and enables the technological advancements for tomorrow.
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Anand Tamariya

@anand-tamariya-DnfjEX • Jul 31, 2013

What vague marketing blabber!! Nobody is denying innovation is preferred, but what is being asked is if there is anything that pops-up in your mind.
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