Indian Banks Keep Pace with New Technologies

All across the world, banks and other financial institutions are adopting new technologies in all kinds of ways. The Indian banking sector is no different.

As the customers are becoming tech-savvy, mobile usage is growing at an exponential rate, and the government continues to push a digital and cashless economy, many public sector, as well as private sector banks, have adapted accordingly.

Technologies

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The following are some of the ways the top Indian banks are offering their customers a better banking experience with a creative use of technologies:

SBI

SBI is one of the leading banks in the adoption of new technologies. It recently launched Payjo, a powerful chatbot based on Artificial Intelligence that understands and answers the queries of its customers.
The bank has also started the process of setting up a data lake that will collect and analyze massive volumes of data including that generated on social media platforms, to improve customer offerings.

Axis Bank

Almost every tech-savvy bank customer today uses social media, which is why Axis Bank decided to capitalize on that idea and make receiving and sending of payments easier for its customers. It’s Ping Pay service, thus, allows the customers to send IMPS payments without even knowing the bank details of the recipient through various social media channels like Facebook, Twitter, WhatsApp, etc. So, as long as the person is in your social media contacts list, you can send or receive payments from them.

IndusInd Bank

IndusInd Bank gave a new meaning when it rolled out the Video Branch service. This exclusive service allows the customers to connect with their Branch Manager or Relationship Manager through smartphones or computers in a video chat.

Canara Bank

Canara Bank aims at futuristic banking, a bold ambition that’s certainly supported by its humanoid robot that’s already become a major attraction at its first “Digital Banking Branch” at Spencer Towers in MG Road, Bengaluru.
The bank branch named “CANDI” offers exceptional digital experience to the customers, with modern authentication methods such as IRIS scanners, app-based token system, digital challans, etc. However, the humanoid robot “Mitra” that serves as a customer support executive is certainly the highlight of the branch.