Digital banking is based on the artificial intelligence and technical algorithm model, which helps in determining the ability of the customer to pay and the ability to pay with the credit rating of the customer.
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A senior SBI official said that cyberspace is critical to the success of digital banking and banks should put in place the infrastructure to win the trust of customers for all such transactions.
Ravindra Pandey, deputy managing director and chief digital officer of State Bank of India (SBI), said in a webinar that digital banking or digital is here and for the future but it is equally important to protect the interests of all stakeholders.
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“It is important to win the trust of customers in any system. The purpose of banks is to build and win the trust of customers, such that all transactions are done through banks as is currently done by many payment apps,” Pandey Was quoted as saying in a release issued by industry body PHD Chamber of Commerce and Industry.
The official said that FinTech has bought about a change in the mindset of the customer and this is the era of TechFines rather than FinTech.
He said that digital banking has helped to increase customer relations, engagement and satisfaction and reduce operating costs, processing time.
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Digital banking is based on an artificial intelligence and technical algorithm model that helps in determining the ability of the customer to pay and the ability to pay with the credit rating of the customer.
According to the official, the traditional operating model has given way to new channels. Fintech has three areas that must be interlinked to make it successful – payment and remittance; Process Improvement – Compliance and Risk Management; And customer engagement -, he said.
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Sanjay Aggarwal, president of the PHD Chamber of Commerce and Industry, said the banking industry is moving towards a more collaborative and open environment, focusing on data protection and minimizing systemic risks.
The webinar was also attended by fintech companies, NBFCs and other financial sector representatives.
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