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Importance of ict in banking sector in india
The role of government in promoting financial inclusion
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India is the second most populous country in the world with over 1.21 billion people, a staggering number that constitutes over 1/6th of the words populations. India is projected to surpass China by the year of 2050 with a population estimated to be 1.6 billion. A dominating proportion of India’s population constitutes of more than 700 million people who live in the rural areas of India far from the glamour of the city lights. These people are the hardworking farmers, the backbone of India who are ironically, underserviced and ignored. 21st century entrepreneurs are targeting this segment of the population (“known as the bottom of the pyramid”) and providing various services from healthcare to improved water cleanliness to rural banking. FINO or Financial Inclusion Network and Operations is a company that has ventured where no banks have ventured before, into the rural areas of India. FINO efficiently operates over 10,000 mobile ATMs in India, how? These are not just machines, but human ATMs who are armed with micro ATMs. Banks find it difficult to set up a branch in a village as their costs to setup the branch and keep it running would far outweigh the profits that the bank would receive as villagers usually deposit amounts less than Rs.10,000 a month and procure loans not more than Rs. 50,000 rupees. FINO’s solution effectively reduces costs for banks to extend their services to the rural sector as the mobile/microatm banking solution is extremely cost efficient as well as effective. FINO operates a network of around 10,000 bandhus (bandhu means friend in Hindi) to tour the rural areas allowing people to deposit and withdraw their money.
Financial inclusion is basically the ability to offer a various array of financial service...
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... mode subject to availability of connectivity,
both PSTN and GPRS. The Bank's agent can also service customers through a mobile phone instead of a POT
thereby allowing flexibility in field operations. Besides having an ATM solution, FINO has also developed a Micro
Deposit Machine (MDM) to allow cash deposits at merchant locations in remote locations. The backend is
integrated with all these delivery media and provides seamless working.
Backend system comprises of the Core Banking System that can support CASA, Loan, RD and OD products. The
solution is light weight and tailor made for the Micro Finance sector as it supports individual and group lending
methodologies. The other main component of the backend system is the Data Warehouse which can consolidate
data from the different systems and also be integrated with other secondary systems running in the bank.
Riordan has three operating facilities and they all have their own financial systems. The three facilities provide data input in the consolidate...
For a transaction processing system, New Century could use it for financial related things like payments, how much is due off from a customer, what kind of medicine they have, and transactions in general. Business support systems would be used to determine the help needed for the employees
The new payroll system will utilize client/server based architecture with the use of thin clients running from a central terminal server located at the Data Center. The terminal server will communicate with the application server where the new payroll application will reside and the application server will communicate with the payroll database server.
The second method of integration, oriented to services makes the interface between the application of treasury management and ERP System implemented for the back office. The internal team of IS/IT did integration with the web services made available by the provider of the target application.
Another pivotal issue was that of the multichannel integration—call center, branch, ATM, and Internet—which is immensely important for large financial institution like ICBC to attract and retain customers with the promise of “anytime, anywhere” account access. Customers are eager to have the kind of flexibility to use whichever channel is most appropriate at a particular time. Continuing with the same point the, ICBC was also concerned about the relative penetration of the existing as well as new customer base to gain access to the banks new technological proposition.
One . Mobile Commerce - Money Machine : No need to delve into the importance of mobile Internet - the fact is that it is the cornerstone of almost all mobile marketing initiatives . Mobile commerce website developed brand to consumers and businesses. Successful development and positioning of the mobile commerce site can increase revenue by 3% . Sales leap...
The lifestyle of people across the world is developing rapidly. As there is a growing concern for people about the lifestyle and way of living, the scope for the microfinance industry is also at a growing pace. A large number of people across the world prefer finance for the purpose of purchase of consumer durables as well as lifestyle products. As the credit card EMI options are more expensive, people prefer NBFCs for the purpose of consumer durable loans. The project done in bajaj finserv explains the role of NBFCs in the consumer durable loans and the procedure undertaken in order to disburse the consumer durable loans.
It 's astonishing how many companies are still working with separate systems for the front and back offices. Front-office features refer to the design, content, images and features that customers routinely see on a company 's website and Web pages while back-office processes include ERP and CRM software, inventory management, fulfillment processes, accounting and staff management. Back-office integration--along with front-office integration and automation--delivers improved management efficiencies and better customer experiences by giving each website visitor expanded options for researching products, ordering products and services,
Microcredit can be defined as small loans, or microloans, for people around the world in extreme poverty to help spur entrepreneurship. The issue of microcredit is extremely important in the world’s economy. Poverty alleviation and economic development are the primary goals of microcredit programs, that is why they began in the developing countries of Asia and Latin America, economist Muhammad Yunus and his Grameen Bank in Bangladesh are credited of pioneering this financial innovation (Smith, Thurman, 2007). After acquiring a loan, impoverished people get involved in self-employment projects that help them to start a business and begin generating income and in many cases leave poverty. Microcredit offers loans to poor people without requesting any financial history from them. These loans help to improve the quality of life of individuals and communities through commitment. In recent years, the idea of giving small loans to poor people became the darling of the development world, giving a way to propel even the poorest people into better lives (Jolis, 2011).
As a massive provider of consumer goods in India, Hindustan Lever Limited (HLL), is attempting to penetrate the rural markets where there is a massive opportunity for growth. HLL’s current operating sectors are becoming increasingly competitive and crowded. Their best opportunities now lie in developing new markets and rising to the top of that market. They are attempting to do this with a program for developing entrepreneurs, named Shaktis. Met with initial success the program now needs to grow without increasing costs.
The history of the microfinance industry provides a framework for understanding why certain MFIs are successful and others are not.
receiving money by means of computers in an easy, secure and fast way using an account-based system. This can be
This can’t be said enough. The systems your business uses need to be connected and able to exchange information back and forth through an automated process.
Today, there is a range of computerised systems in the market that business can use to keep track of their finances; few of the most recognised for their performance are Sage, Microsoft Dynamics, Oracle, QuickBooks, SA...
An important term that is cropping up everywhere nowadays is “Microfinance”. It is important for every person interested in the field of finance to be aware of this term, as in the coming days Microfinance is expected to be one of the brightest and the most appealing sector of the Indian Economy.