• About Us
  • Contact Us
Current Date

  • Login
  • Register
B2B Market Media
Latest Event
  • Home
  • Fintech
    Techfino raises Rs 65 crore to scale secured MSME lending

    Techfino raises Rs 65 crore to scale secured MSME lending

    FlexiLoans bags Rs 375 crore in equity funding in Series C round

    FlexiLoans bags Rs 375 crore in equity funding in Series C round

    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    MobiKwik unveils Pocket UPI for better budgeting and security

    MobiKwik unveils Pocket UPI for better budgeting and security

    Zaggle and Mesh Payments to advance global spend management market for India

    Zaggle and Mesh Payments to advance global spend management market for India

    BharatPe raises Rs 125 crore in debt funding for business expansion

    BharatPe raises Rs 125 crore in debt funding for business expansion

  • BFSI
    J&K Bank introduces API-based open banking services for corporate clients

    J&K Bank introduces API-based open banking services for corporate clients

    Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

    Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

    UGRO Capital appoints Anuj Pandey as new CEO

    UGRO Capital appoints Anuj Pandey as new CEO

    Vakrangee expands service portfolio with Ageas Federal Life Insurance

    Vakrangee expands service portfolio with Ageas Federal Life Insurance

    IndusInd Bank bags recognition for digital payments excellence

    IndusInd Bank bags recognition for digital payments excellence

    Crisil invests Rs 33.25 crore to acquire minority stake in Online PSB Loans

    Crisil invests Rs 33.25 crore to acquire minority stake in Online PSB Loans

  • Education
    Logic School of Management and IAB unveil CIAP program to empower global accounting professionals

    Logic School of Management and IAB unveil CIAP program to empower global accounting professionals

    Veranda Learning Solutions reports robust FY25 performance

    Veranda Learning Solutions reports robust FY25 performance

    Punjab strengthening higher education with strategic reforms

    Punjab strengthening higher education with strategic reforms

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Driving academic excellence via examination reforms, digital transformation and global collaborations

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

  • Enterprise
    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    Cashfree Payments and Shopify partner to introduce onsite payments for Indian merchants

    Bharti Airtel and Bajaj Finance join forces to build digital financial platform

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Usha Financial Services’s IPO sees strong demand, oversubscribes 1.31x on day one

    Nupur Recyclers reports strong Q2 FY25 financial performance, announces strategic expansion plans

    Paytm launches UPI SDK to enable customers pay directly within the merchant app

    Paytm Payments Bank names Manish Kumar as Chief Human Resources Officer

  • Health
    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    Healerji to redefine holistic healing and wellness

    Healerji to redefine holistic healing and wellness

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    CCI approves acquisition of certain stake of Lenskart Solutions by Kedaara Capital Fund

    Bajaj Finserv Health acquires Vidal Health Care

    Perfios gets $229 million from Kedaara Capital

    Answer Genomics raises $500K in Pre-Series A Round from Inflection Point Ventures

    Perfios gets $229 million from Kedaara Capital

    Doceree raises $35 million in Series B funding, led by Creaegis

  • Pharma
    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    REC Limited signs $100 million foreign currency term loan agreement with EXIM Bank

    Cosmo and Glenmark sign distribution and licence agreements for Winlevi in Europe and South Africa

    Citi invests in Peru’s fintech firm Rextie

    Cabinet approves FDI in Suven Pharmaceuticals

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    First Indian intranasal Covid vaccine to be launched on Republic Day

    First Indian intranasal Covid vaccine to be launched on Republic Day

  • Technology
    Nucleus Software welcomes Aabhinna Suresh Khare as its new CMO

    Nucleus Software welcomes Aabhinna Suresh Khare as its new CMO

    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    Poonawalla Fincorp introduces AI-backed regulatory response engine

    Poonawalla Fincorp introduces AI-backed regulatory response engine

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    Coforge implements AI-driven Dispute Management module for financial services

    Coforge implements AI-driven Dispute Management module for financial services

  • Interviews
    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Powering financial access in India

    Powering financial access in India

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Optimising FinTech with cloud: Faster, smarter and more secure

    Optimising FinTech with cloud: Faster, smarter and more secure

    Simplicity in technology makes life and business enjoyable

    Simplicity in technology makes life and business enjoyable

  • Events
  • Home
  • Fintech
    Techfino raises Rs 65 crore to scale secured MSME lending

    Techfino raises Rs 65 crore to scale secured MSME lending

    FlexiLoans bags Rs 375 crore in equity funding in Series C round

    FlexiLoans bags Rs 375 crore in equity funding in Series C round

    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    MobiKwik unveils Pocket UPI for better budgeting and security

    MobiKwik unveils Pocket UPI for better budgeting and security

    Zaggle and Mesh Payments to advance global spend management market for India

    Zaggle and Mesh Payments to advance global spend management market for India

    BharatPe raises Rs 125 crore in debt funding for business expansion

    BharatPe raises Rs 125 crore in debt funding for business expansion

  • BFSI
    J&K Bank introduces API-based open banking services for corporate clients

    J&K Bank introduces API-based open banking services for corporate clients

    Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

    Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

    UGRO Capital appoints Anuj Pandey as new CEO

    UGRO Capital appoints Anuj Pandey as new CEO

    Vakrangee expands service portfolio with Ageas Federal Life Insurance

    Vakrangee expands service portfolio with Ageas Federal Life Insurance

    IndusInd Bank bags recognition for digital payments excellence

    IndusInd Bank bags recognition for digital payments excellence

    Crisil invests Rs 33.25 crore to acquire minority stake in Online PSB Loans

    Crisil invests Rs 33.25 crore to acquire minority stake in Online PSB Loans

  • Education
    Logic School of Management and IAB unveil CIAP program to empower global accounting professionals

    Logic School of Management and IAB unveil CIAP program to empower global accounting professionals

    Veranda Learning Solutions reports robust FY25 performance

    Veranda Learning Solutions reports robust FY25 performance

    Punjab strengthening higher education with strategic reforms

    Punjab strengthening higher education with strategic reforms

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Driving academic excellence via examination reforms, digital transformation and global collaborations

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

  • Enterprise
    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    Cashfree Payments and Shopify partner to introduce onsite payments for Indian merchants

    Bharti Airtel and Bajaj Finance join forces to build digital financial platform

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Usha Financial Services’s IPO sees strong demand, oversubscribes 1.31x on day one

    Nupur Recyclers reports strong Q2 FY25 financial performance, announces strategic expansion plans

    Paytm launches UPI SDK to enable customers pay directly within the merchant app

    Paytm Payments Bank names Manish Kumar as Chief Human Resources Officer

  • Health
    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    Healerji to redefine holistic healing and wellness

    Healerji to redefine holistic healing and wellness

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    CCI approves acquisition of certain stake of Lenskart Solutions by Kedaara Capital Fund

    Bajaj Finserv Health acquires Vidal Health Care

    Perfios gets $229 million from Kedaara Capital

    Answer Genomics raises $500K in Pre-Series A Round from Inflection Point Ventures

    Perfios gets $229 million from Kedaara Capital

    Doceree raises $35 million in Series B funding, led by Creaegis

  • Pharma
    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    REC Limited signs $100 million foreign currency term loan agreement with EXIM Bank

    Cosmo and Glenmark sign distribution and licence agreements for Winlevi in Europe and South Africa

    Citi invests in Peru’s fintech firm Rextie

    Cabinet approves FDI in Suven Pharmaceuticals

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    First Indian intranasal Covid vaccine to be launched on Republic Day

    First Indian intranasal Covid vaccine to be launched on Republic Day

  • Technology
    Nucleus Software welcomes Aabhinna Suresh Khare as its new CMO

    Nucleus Software welcomes Aabhinna Suresh Khare as its new CMO

    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    SS Innovations celebrates Nasdaq debut with vision for global healthcare impact

    Poonawalla Fincorp introduces AI-backed regulatory response engine

    Poonawalla Fincorp introduces AI-backed regulatory response engine

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    Coforge implements AI-driven Dispute Management module for financial services

    Coforge implements AI-driven Dispute Management module for financial services

  • Interviews
    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    Investing in ideas that matter: Aeravti Ventures on nurturing DeepTech talent

    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Powering financial access in India

    Powering financial access in India

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Optimising FinTech with cloud: Faster, smarter and more secure

    Optimising FinTech with cloud: Faster, smarter and more secure

    Simplicity in technology makes life and business enjoyable

    Simplicity in technology makes life and business enjoyable

  • Events
No Result
View All Result
B2B Market Media
No Result
View All Result
Home BFSI

Knowing the Customer and their Expectations: Technological Efficacy in Customer Centric Approach

The introduction of Unified Payments Interface (UPI) has been a game-changer in the Indian digital payments landscape. UPI has gained immense popularity among users due to its convenience and ease of use.

by
2 years ago
in BFSI, Technology
A A
0
Knowing the Customer and their Expectations: Technological Efficacy in Customer Centric Approach
44
SHARES
225
VIEWS
Share on FacebookShare on Twitter

B2B Infomedia: Digital payments have revolutionized the way transactions are conducted in the Indian banking industry. With the rapid advancement of technology and the increasing adoption of smartphones, digital payments have become an integral part of everyday life for millions of Indians. This shift towards digital transactions has not only transformed the way people make payments but has also brought about significant changes in the overall landscape of the Indian banking industry. One of the key drivers behind the growth of digital payments in India is the government’s push towards a cashless economy. In 2016, the Indian government launched the demonetization drive, which aimed to curb black money and promote digital transactions. This move led to a surge in the adoption of digital payment methods, as people were forced to find alternative ways to make payments in the absence of physical currency.

The introduction of Unified Payments Interface (UPI) has been a game-changer in the Indian digital payments landscape. UPI has gained immense popularity among users due to its convenience and ease of use.

Another significant development in the digital payments space is the rise of mobile wallets. Mobile wallets have gained traction among users due to their user-friendly interfaces, attractive cashback offers, and widespread acceptance at various merchants. The introduction of Aadhaar-enabled Payment System (AEPS) has further accelerated the adoption of digital payments in India.
The Indian government has also taken several initiatives to promote digital payments and create a favorable ecosystem for their growth. The introduction of Bharat QR code, a standardized quick response code, has simplified the process of accepting payments for merchants

The future of digital payments in the Indian banking industry looks promising. With the increasing penetration of smartphones and internet connectivity, more and more people are expected to embrace digital transactions. The ongoing digital revolution in India is also driving innovation in the fintech sector, with start-ups and established players’ alike developing new solutions to cater to the evolving needs of consumers.

However, there are still challenges that need to be addressed for the widespread adoption of digital payments in India. One of the major concerns is cybersecurity. As digital transactions increase, so does the risk of fraud and data breaches. It is crucial for banks and payment service providers to invest in robust security measures to protect customer data and ensure secure transactions.
Another challenge is the need for financial literacy among users. Many people, especially in rural areas, are not familiar with digital payment methods and may face difficulties in using them effectively. Efforts should be made to educate and train individuals on how to use digital payment platforms safely and efficiently.

Technological efficacy in a customer-centric approach in the banking sector of India refers to the effective utilization of technology to enhance customer experience, streamline operations, and provide personalized services. It involves leveraging various technological solutions to meet the evolving needs and expectations of customers while ensuring efficiency, security, and convenience. The Technological efficacy in the banking sector can be achieved through several key aspects:
(a) Digi banking platforms : Banks need to invest in robust digital banking platforms that offer a wide range of services such as online account opening, fund transfers, bill payments, loan applications, and investment management. These platforms should be user-friendly, secure, and accessible across multiple devices to cater to the diverse needs of customers.

(b) Mobile Banking: With the increasing penetration of smartphones in India, mobile banking has become a crucial aspect of technological efficacy. Banks should develop feature-rich mobile applications that allow customers to perform various banking transactions on-the-go. This includes features like mobile wallets, QR code payments, biometric authentication, and real-time notifications.

(c) Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies can significantly enhance customer-centricity in the banking sector. Chatbots powered by AI can provide instant support and assistance to customers, addressing their queries and concerns promptly. ML algorithms can analyze customer data to offer personalized product recommendations and financial advice.

(d) Data Analytics:Banks should leverage data analytics tools to gain insights into customer behavior, preferences, and patterns. By analyzing this data, banks can identify opportunities for cross-selling or upselling products and services tailored to individual customers’ needs. Data analytics also helps in detecting fraudulent activities and improving risk management.

(e) Biometric Authentication: To ensure secure transactions and protect customer information, biometric authentication methods such as fingerprint scanning or facial recognition should be implemented. This adds an extra layer of security while providing a seamless user experience.

(f) Block chain Technology: Block chain technology can enhance transparency, security, and efficiency in banking operations. It can be utilized for secure and tamper-proof record-keeping, identity verification, and cross-border transactions. Implementing block chain-based solutions can reduce transaction costs and processing time while ensuring trust and reliability.

(g) Robotic Process Automation (RPA): RPA can automate repetitive and rule-based tasks, freeing up human resources to focus on more complex customer-centric activities. It can streamline processes like account opening, loan origination, and customer onboarding, leading to faster turnaround times and improved customer satisfaction.

(h) API Integration: Application Programming Interface (API) integration allows banks to connect their systems with third-party applications and services. This enables customers to access a wide range of financial products and services from a single platform, enhancing convenience and choice.

(i) Cybersecurity Measures: With the increasing threat of cyberattacks, banks need to prioritize cybersecurity measures to protect customer data and maintain trust. This includes implementing robust firewalls, encryption techniques, multi-factor authentication, and regular security audits.

In conclusion, technological efficacy in a customer-centric approach in the banking sector of India involves leveraging digital banking platforms, mobile banking solutions, AI/ML technologies, data analytics, biometric authentication, block chain technology, RPA, API integration, cybersecurity measures, and providing an Omni channel experience. By adopting these technological advancements effectively, banks can enhance customer satisfaction, improve operational efficiency, and stay competitive in the rapidly evolving digital landscape.

(Article by Swapnil PP – Assistant Manager – Kalyan Janata Sahakari Bank)

5Like
0Dislike
100% LikesVS
0% Dislikes
Tags: bfsicustomer centric approachDigital Paymentsindian banking industrytechnologyupi
Previous Post

Unleashing the Power of Digitization, Innovation, and Automation for the Urban Co-operative Banks

Next Post

Technology Efficiency: Customer-Centric Approach Improving Business

Related Posts

J&K Bank introduces API-based open banking services for corporate clients
BFSI

J&K Bank introduces API-based open banking services for corporate clients

26/06/2025
Ambit Finvest and DCB Bank to boost MSME lending through co-lending model
BFSI

Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

26/06/2025
UGRO Capital appoints Anuj Pandey as new CEO
BFSI

UGRO Capital appoints Anuj Pandey as new CEO

25/06/2025
Next Post
Technology Efficiency: Customer-Centric Approach Improving Business

Technology Efficiency: Customer-Centric Approach Improving Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

J&K Bank introduces API-based open banking services for corporate clients

J&K Bank introduces API-based open banking services for corporate clients

26/06/2025
Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

Ambit Finvest and DCB Bank to boost MSME lending through co-lending model

26/06/2025
UGRO Capital appoints Anuj Pandey as new CEO

UGRO Capital appoints Anuj Pandey as new CEO

25/06/2025
Vakrangee expands service portfolio with Ageas Federal Life Insurance

Vakrangee expands service portfolio with Ageas Federal Life Insurance

24/06/2025
Subscribe to our Newsletter
johnsmith@example.com
B2B Market Media

B2B Market Media emerges as your trusted partner for forging connections and fueling breakthroughs. Our mission is simple: to bridge the gap among industry leaders, innovators and decision-makers across sectors like Banks, Education, Urban Cooperative Banks, NBFCs & MFIs, and Insurance Companies.

Quick Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Refund Policy
  • Terms and Conditions

All News

  • BFSI
  • Edtech
  • Education
  • Enterprise
  • Financial Inclusion
  • Fintech
  • Health
  • Interviews
  • Pharma
  • Startup
  • Technology
  • Uncategorized

Follow Linkedin Newsletter to receive latest news & events updates. Let’s stay updated!

Subscribe on LinkedIn
  • About Us
  • Contact Us

© 2023 b2bmarketmedia

No Result
View All Result
  • Home
  • About Us
  • Upcoming Events
  • Fintech
  • BFSI
  • Education
  • Technology
  • Startup
  • Enterprise
  • Pharma
  • Contact Us
  • Login
  • Sign Up

© 2023 b2bmarketmedia

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In