All articles by Meghna Mukerjee
Meghna Mukerjee
Wells Fargo and HDFC Bank launch US-India remittance service
India’s second largest private sector lender, HDFC Bank, has partnered US-based Wells Fargo to allow NRIs in the US to quickly remit money to their beneficiarys HDFC Bank savings account in India. In order to use the service, a customer has to first set up an ExpressSend agreement and after the beneficiary account information is verified with HDFC Bank, he or she is needed to conduct the first transaction at a Wells Fargo branch. Following the first transaction, others will be allowed to be conducted through the Wells Fargo website or via Wells Fargo Phone Bank. Remittances to HDFC Bank will be denominated in Indian Rupees.
GTBank partners Airtel Ghana to launch mobile savings account
Guaranty Trust Bank (GTBank), Ghana, has partnered telecom operator Airtel Ghana to launch a GTMobile savings account to enable new or existing GTBank and Airtel customers to carry out some normal banking operations through their mobile phones. GTMobile savings account allows customers to link their mobile money wallet to their GTBank account(s). Users of this service can also move funds from their linked bank accounts onto their mobile wallets to buy airtime, internet bundles, transfer money to loved ones, pay bills, and make payment for goods and services. According to GTBank, the mobile wallet is a feature on mobile phones whereby virtual money or e-money is stored for transactions. It is protected by a PIN and the lender claims that funds stored on the mobile wallet are safe even if the phone or SIM card is misplaced. Once the card is replaced, the GTMobile savings account can be immediately restored.
Erste launches app and reward scheme for android platform users
The net banking app of Erste Bank for the Android operating system is ready for use and the lender has launched a reward scheme for customers who sign up to test it. Among users who sign up to test the new android app, 18 chosen customers will be rewarded EUR200 ($264.34) each that will be credited directly to their accounts to use the app in detail for a month, report impressions on the blog, exchange information with other users, and deliver suggestions for improvement. Erstes net banking app will be available for downloading free of charge from Google Play, the official Google Android Store. Erste already has an app for Apple and Windows phone operating systems and, in total, the app has been downloaded over 100,000 times already.
FirstRand Bank opens first retail branch in India
South Africas second-largest lender by market value, FirstRand Bank (FRB), has started retail operations in India by opening its first branch in Mumbai. FRB had plans to launch its first retail branch in India in December 2011, but the opening got delayed due to issues surrounding the location of the branch. According to FRB, the retail branch opening in India represents the “first new market outside of Africa for these operations” for the lender. CEO retail and commercial banking for FRB, Bobby Madhav, said in a statement to RBI in October 2011
BNZ reduces ATM downtime by a third with NCR predictive services
Bank of New Zealand (BNZ) has deployed predictive services, by US-headquartered self-service solution provider NCR, across its ATM network. The NCR predictive services a solution that predicts failures before they occur has enabled BNZ to reduce the downtime of its ATMs by a third. According to BNZ, reducing the downtime equates to serving customers for an extra 20,000 hours each year across the lenders 450-strong ATM network. BNZ is the first bank in the retail banking space in New Zealand to use the NCR predictive services for their ATM network.
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Ogaki Kyoritsu Bank to install palm-scanning ATMs
Japan-based Ogaki Kyoritsu Bank plans to adopt and install a dozen palm-scanning biometric ATMs that will identify users by scanning their palms instead of using debit cards. Ogaki Kyoritsu aims to become Japans first lender to use biometrics in ATM operations. The technical system for the palm biometric is being provided by IT solutions provider Fujitsu. The new ATMs will enable customers to prove their identity simply by scanning their hands and entering a PIN number and the date of birth after which, users will be allowed to access their accounts via the scan alone to withdraw or deposit money or check account balance, said Ogaki Kyoritsu. According to Ogaki Kyoritsu, a card-less authentication system will be useful, especially for survivors of the Tohoku earthquake and tsunami, in March 2011, who lost cards and passbooks due to the natural disasters.
Core banking transformation strategy
Core banking is at the centre of the banking experience. Retail Banker Interactive and Finacle from Infosys hosted a webinar releasing research from Ovum highlighting the key drivers behind banking transformation in Europe and examined how to build the business case for core banking transformation. Douglas Blakey, editor of Retail Banker International; Daniel Mayo, practice leader of financial services technology at IT consultancy Ovum; and Kishen Kumar, associate vice-president at Infosys, participated in a lively webinar on 28 February examining the latest market trends in core banking. It was the sixth in a series of webinars presented by Retail Banker Interactive and Finacle from Infosys. The webinar discussed how banks can best optimise their IT investment with the aim of increasing customer penetration, while avoiding the common pain points of core banking transformation. Mayos remit at Ovum covers the retail as well as corporate banking sectors and financial market industries. He specialises in core systems, payments and compliance, and IT spending or investment trends across North America, Europe and Asia-Pacific.
Punjab National Bank to set up 24-hours eLobby
Indias second largest public sector lender Punjab National Bank (PNB) plans to roll out new 24-hours service centres to enable customers to access select banking services. According to PNB, the bank aims to set up an eLobby, which will have one ATM, cash deposit kiosk, pass book printing terminal, cheque deposit machine and two internet banking terminals. Initially, the eLobby is planned to be set up in the Chandigarh, Panchkula and Ambala. More such e-lobby centres would be set up for the convenience of customers over the course of 2012, PNB has said.
Clairmail launches Clairmail Plus application
Mobile banking and payment applications vendor Clairmail has launched the Clairmail Plus application designed to enable mid-tier regional banks, community banks and credit unions to offer mobile banking and payments applications to the customers and members. The new Clairmail Plus application is built on Clairmails enterprise-class mobile platform and aims to allow customers to access Clairmails platform via an affordable application configured to meet business goals and available IT resources. The new application aims to offer a full set of key mobile features, including SMS, mobile web, and mobile application support for the iOS, Android and BlackBerry operating systems. It also uses specific mobile device and RSA security standards to authenticate and serve any bank customer or credit union member.
Local incorporation of Cambodia operations for Maybank
Maybank has locally incorporated its operations in Cambodia, and aims to rank among the top five banks in Cambodia by 2015. Maybank also plans to raise its capital from $30m to $50m, to enable better support its clients there. Maybank set up its first branch in Cambodia in 1993, and currently Maybank Cambodia is ranked seventh in terms of assets among 33 banks operating in Cambodia. In the last three years Maybank has expanded its operations to 11 branches in Cambodia and also developed an ATM network, which is inter-linked within the country as well as locations such as Malaysia, Singapore, Brunei, Philippines and Papua New Guinea, for cardholders to withdrawal cash at no cost.