Cybersecurity is critical to the success of digital banking: SBI employees

Online Safety is critical to the success of digital banking and banks should create the infrastructure to gain customer trust for all of these transactions. a senior SBI official said on Wednesday.

Digital banking, or figital, is here to stay and it is the future, but it is equally important to serve the interests of everyone involved, the State Bank of India (SBI) Deputy General Manager and the Chief Digital Officer Ravindra Pandey said at a webinar.

“It is important to gain customer trust in each system. It is the banks’ goal to create and gain customer trust so that all transactions are routed through banks, as is currently done by several payment apps Ravindra was quoted as saying in a press release from the PHD Chamber of Commerce and Industry.

The official said that fintech has changed the way customers think and it is more of an era of techfins than fintech.

Digital banking He added that he has helped improve customer relationships, engagement and satisfaction, and reduce operational costs and processing cycle time, among other things.

Digital banking thrives on artificial intelligence and technical algorithm models, with the help of which both the ability of the customer and the intention to pay can be determined Creditworthiness of the customer.

According to the official, conventional operating models have given way to new channels. There are three areas of fintech that need to be linked to be successful – payment and wire transfer; Adherence to process improvements and risk management; and loyalty, he noted.

Sanjay AggarwalThe President of the PHD Chamber of Commerce and Industry said the banking industry was moving towards a more collaborative and open environment while focusing on privacy and minimizing systemic risk.

Representatives from fintech companies, NBFCs and other financial sectors also attended the webinar.

Comments are closed.