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Banking services in rural areas through post offices: Centre

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Agartala, July 12 (IANS) The central government is committed to provide banking services in rural areas through modern post offices where facilities like ATM, pension account and core banking will be made available, union Communication and IT Minister Ravi Shankar Prasad said here on Sunday.

He said by next month post offices across the country would likely start payment transactions like banks.49024-SOS-ATM

“With the approval of Reserve Bank of India, the payment transactions would be initiated by the post offices from August,” he said after inaugurating the core banking services (CBS) in the Agartala head post offices.

Prasad said the government was committed to provide banking services through modern post offices in rural areas.

The department of posts has a network of around 155,000 post offices in India, out of which, 120,000 are in rural areas.

“In the last one year, 2,590 post offices across the country have been migrated to CBS platform to transmit the money anywhere in India in less than a minute,” Prasad said.

“During this period, 115 ATMs (Automated Teller Machines) under the postal department have been set up in different parts of the country and several hundred ATMs would be established in the coming months.”

The minister said: “To boost the e-commerce, the post offices have taken steps to increase the quick delivery of various goods booked by people electronically using various online retailers.”

“During the last one year, the delivery of post offices across the country has been increased by 37 percent, earning revenue of Rs.500 crore.”

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He said to make the digital India program of the government successful, over 60,000 villages would be linked with the Apollo Hospitals through Optical Fiber Network to provide medical advises to the people of these villages.

Prasad said: “At present, India with a population of 125 crore has 98 crore mobile phone subscribers and 30 crore internet connections.”

“The number of mobile phone users would go to 100 crore within this year and we would increase the internet connections to 50 crore in two years.”

Chief Post Master General (Northeast circle) Smita Kumari said India Post was aiming to transform the department of post into a technology enabled and self-reliant market leader.

“Of the total of 155,000 post offices in the country, the northeast region has 2,920. India Post would also soon launch eight ATMs in the region…,” she said.

Tripura Information Technology Minister Tapan Chakraborty said post offices must be strengthened in the northeast by filling up vacant posts and setting up more post offices in the rural areas.

(IANS)

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Mobile Banking Becomes Main Personal Banking Channel in Singapore

Mobile banking is growing for a reason - it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances among others.

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Virtual banking is becoming the go-to option for many customers in Singapore. Flickr

Digitization is revolutionizing the personal banking sector, with mobile banking experiencing a 15% jump over the last 12 months, as noted by Telecomasia. In fact, mobile banking now beats branch banking by transaction volume and new customer adoption in Singapore. Mobile is entering a revolutionary and rapid phase with regions like South East Asia and Africa becoming the main driver of this trend globally. Banks, in particular, are putting a lot of effort to leverage mobile technology to remain competitive.

Despite the rising popularity of mobile banking, banks need to fully transform before Singapore can be considered a mobile-driven digital economy:

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Dedication to Improving User Experience 

Up to 46% of mobile banking users have reported issues when using their mobile banking app which the finance customer service industry are invested in improving. From logging problems to long loading times and even security issues, the personal banking sector understands the value in improving user experience. Loyal customers who save money each month via mobile apps are motivated by banks who embrace the enhancement of digital services, and who place their valuable customers at the center of their transformation. This not only improves their reputation, but also deepens overall customer relationships.

Building Trust and Brand Confidence is Top Priority

Personal banking is all about offering quality services to consumers in a convenient and effective way, and mobile banking falls perfectly in this category. But to achieve meaningful gains, building trust and brand confidence has to be a top priority for banks, as 41% of bank customers who are yet to switch to mobile banking apps cite trust and security as their main concern. Additionally, customers are faced with numerous choices in the market, combined with Fintech disruptions in the industry. To build trust, banks need to focus on developing mobile banking platforms that assure customers of secure, fast and efficient banking at all levels.

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Despite the rising popularity of it, banks need to fully transform before Singapore can be considered a mobile-driven digital economy. Flickr

Virtual Banking is the Way to Go

Virtual banking is becoming the go-to option for many customers in Singapore. With mobile wallet use on the rise, more bank customers are expected to opt for multiple mobile banking apps to suit their specific financial needs. From Apple Pay that makes shopping online convenient to NetsPay that allows you to make digital payments via top banks in Singapore, virtual banking is expected to be the next frontier of growth in the personal banking sector. This is evident as we continue to see the emergence of more mobile banking solutions and e-wallets, with financial institutions adopting innovative digital banking technologies that make life easier to end customers.

Mobile banking is growing for a reason – it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances, convenient monitoring of all transactions, more efficient bill payments, saved time and money spent on visiting bank branches, among others. Despite the industry facing a few challenges, mobile banking is expected to remain the leading personal banking channel in Singapore.