Banking Apps

GenAI may boost banking operations' productivity by 46% by 2030: EY

Generative AI (GenAI) is poised to improve productivity levels of Indian financial services by 34 to 38 per cent by 2030 and up to 46 per cent, specifically for banking operations, said a EY report. The report titled 'How much productivity can GenAI unlock in India? The AIdea of India: 2025' emphasised that GenAI) is reshaping India's financial services landscape, driving significant advancements in customer engagement, operational efficiency, and risk assessment. It said the survey canvassed more than 125 C-suite executives across India. They represent diverse sectors, including financial services, retail, healthcare, life sciences, media and entertainment, technology, automotive, industrials and energy. According to the study, 74 per cent of financial firms have initiated proof-of-concept projects, and 11 per cent have moved to production-level deployments. "Investment in GenAI is also increasing, with 42 per cent of organisations actively allocating budgets toward AI initiatives

RBI removes restrictions on BoB app, allows new customer enrollment

Bank will now on-board customers through mobile app

UCO Bank recovers 79% of wrongly credited amount after technical glitch

UCO Bank on Thursday said the bank has retained or recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service (IMPS). By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing. The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt. It is to be noted that the IMPS platform is operated by National Payments Corporation of India (NPCI). The bank has initiated requisite actions to recover the balance amount of Rs 171 crore, it said, adding, the matter has also been reported to the law enforcement agencies for necessary action. Uco Bank shares dropped by 1.1 per cent to Rs 39.39 on BSE in afternoon trade.

Bob World curbs not denting business, says MD & CEO Debdatta Chand

Bank of Baroda (BoB) net profit rose by 28.4 per cent on a year-on-year (Y-o-Y) basis to Rs 4,253 crore in Q2 FY24

Public sector lender BoB's head of digital lending Akhil Handa quits

BOB, in a late-night exchange filing, said Kadgatoor Sheetal Venkatesmurt will handle this charge in addition to her role as head of digital channels and operations

RBI ban on BOB to source new customers via mobile app may hit its business

This development led to a 3.27 per cent drop in its stock price, closing at Rs 207.2 per share on BSE

IndusInd Bank launches digital banking app, aims 10 mn customers in 3 years

The app boasts a transparent rewards programme, wherein users can select their favourite brands from leading e-commerce platforms

Digital lending apps: RBI received 13,000 complaints against banks, NBFCs

The grievances, filed under RBI's integrated ombudsman scheme of 2021 between April 2021 and Nov 2022, also cite harassment by recovery agents

DBS says banking services back to normal after 2-day outage, systems secure

The bank's services, including its payment app, were disrupted on Tuesday and Wednesday.

In the digital cross-hair: CTOs will have to be all-rounder for banks

Banks will have to do far more to meld technology with their business, with CTOs playing a pivotal role

Wherever we've seen unlocking, we've seen a revival in demand: SBI Chairman

Inflation rate in excess of 7% is essentially attributed to supply-side constraints, says chairman

Customer confidence in new-age banking system is increasing: Bain report

A fallout of that is the leakage of business from retail banks to these new age players, which are becoming bigger with each passing year

Beware of fake banking apps! Your data may be at risk, says report

The report further said that the deceptive malware in these apps may have stolen thousands of customers' account and credit card details

Going digital: Banking apps still preferred choice over mobile wallets

This applies more to large value transactions, say experts