Activities of National Financial Switch or NFS explained
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed, and deployed with the aim of inter-connecting the ATMs in the country and facilitating convenience banking. The network was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) on December…
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Customer Analytics in Banking Products and Services
Customer analytics refers to the systematic process of understanding customer behaviors, preferences, and needs to optimize banking products and services. It has become a core component of modern banking strategy, significantly transforming the industry by enabling financial institutions to derive actionable insights, personalize customer interactions, and enhance the overall customer experience. This strategic shift supports…
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Enhancing Customer Experience Through User-Friendly Features in Banking Digitalisation
User-friendly features play a pivotal role in banking digitalisation, significantly enhancing customer experience, promoting employee adoption, and improving overall operational efficiency. These features include intuitive interfaces, clear navigation, personalized experiences, and broad accessibility. Additionally, effective data management, seamless omnichannel integration, and proactive customer support are instrumental in ensuring a positive and consistent user journey. Outlined…
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The Role of Technology in Transforming Retail Banking
IntroductionTechnology has become a cornerstone of modern retail banking, revolutionizing customer interactions with financial institutions and enhancing operational efficiency. Core technological advancements—including digital banking, artificial intelligence (AI), cloud computing, and automation—are reshaping the sector by improving customer experience, personalizing services, and streamlining internal processes. Below is a detailed examination of how various technologies are influencing…
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‘Benchmarking India’s Payment Systems’ : RBI report
The Reserve Bank of India on Friday (July 1, 2022) released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other 21 major countries. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019 with respect to the position in 2017. The above…
What is Aadhaar Enabled Payment System (AePS)?
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI)is operational in India since January 2011. The idea of the Government of India coming up with AePS is mainly to help the people from far-off places particularly from villages where banking services are not available. With the help…
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