fintech innovation

Bank Technology:  FinTech Innovation

For far too long, banks have employed the same hackneyed business models, but now they are being confronted by inventions which could stymie their business.


Banks have to up their ante:Since Silicon Valley startups as well as established companies like Google are shaking up conventional banking services with service such as Google Wallet, Apple Pay, Paypal, Crowdfunding, banks have to up their ante. They have to do away with the traditional brick and mortar approach and way of conducting business; instead they need to engage in an effective manner with new bank technology to enhance the banking experience.

With the advent of cloud, Big Data and smart phones, and digitally savvy consumers, as we transition from an analog mindset to a digital one, the younger generation of bank account holders are keen to adopt new banking services like mobile banking and contactless.

Ease snafus in customer service:Seeing which way the wind is blowing, many banks have introduced digital services which cut time and make the banking experience hassle free for customers Following are some samples of game changing technology transforming retail banking sector:


  • USAA became the first U.S. bank to offer remote deposit via a mobile device with it’s Deposit@Mobile app for the iPhone in 2009. The convenient and secure USAA Mobile App aids customers in paying bills, checking balance, transferring funds, investments, insurance, remotely depositing cheques etc. Customers have the choice of logging onto their USAA account with secure fingerprint, face or voice recognition. Now Chase, Bank of America, as well as other banks, have added this feature to their mobile apps. To eliminate fraud, most banks limit the amount that can be deposited digitally by the day or the month. Remote check deposit has transformed the interaction between banks and their customers.
  • Ally Bank, USA is branch free and is an online bank with no minimum deposits to open, no monthly maintenance fees and 24/7 live customer service. Customers can withdraw cash from nationwide ATM locations free of charge.
  • Bank5 Connect, USA is an online-only bank which offers account holders checking, savings and certificates of deposit, with an efficient online system that makes quick deposits, withdrawals, and transfers. Multiple customer service options are on offer, from phone support to live chat or an online contact form.
  • Alizz Islamic Bank, Oman is adopting an incremental approach to transforming technology by introducing NCR Interactive Teller -a live remote teller which assists customers at the ATM with up to 95 percent of bank transactions completed by tellers inside the branch. Customers using Interactive Teller can perform transactions without using an ATM card and remote tellers can give customers access to cash in their accounts in amounts over standard ATM daily cash withdrawal limits. Branch efficiency is increased, customer experience enhanced and profits expanded.
  • Maybank, Malaysia has introduced biometric authentication in mobile banking with the introduction of its ‘Quick Touch’ service. Customers can access their accounts and check their balances using fingerprints on their mobile devices for authentication in real time of just two seconds. Biometric authentication speeds up access to accounts by 70 per cent rather than the usual keying in of the personal identification number (PIN). Quick Touch is not only available on iOS devices that support biometric capability but it is also features in the latest Apple watch. Quick Balance on Apple Watch supplies customers with account balances and alerts the customer through the use of colors on the credit card outstanding balance. If the outstanding balance is above a certain amount, the color on the watch screen will change to red; if the outstanding balance is low, it will be green.
  • ICICI Bank, India – M-banking has redefined the way transactions take place in Akodara, India which is a farming and milk producing village. The ‘Digital Village’ project was started by ICICI Bank with only 200 accounts and today boasts over 1,000 savings accounts in a population numbering 1,191. ICICI Bank has shown villagers how to access technology for banking, healthcare, payments, education etc. Instead of travelling 12 km to city to use bank facilities, now the cash from dairy cooperative society is deposited directly into bank accounts. With digital banking, the culture of saving has been inculcated in the inhabitants and the bank’s scheme has enabled digitization of school records and introduction of management software in the village school.


Shape up or Ship Out :

It is time to sweep away the cobwebs of inertia and regular routine in banks; either you shape up or ship out. With technology companies being the new kids on the block and new banks adopting newer technologies at faster pace, traditional banks have to learn how to play with them in order to leverage technology faster and better not only for greater gains but in order to survive.

Lean on Hexanika: Banks willing to integrate information technology and use best practices for data management  as provided by products and solutions of Hexanika will be predominant in the global financial world. Hence, when innovative technologies and traditional banking are combined together, it is a win win situation for both sectors.


Please also refer to article on bank technology forecast: “The Hot Technologies That Will Define Banking” on

Authors: Maheen Usmani ( & Yogesh Pandit (

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