Month: February 2018

With mobile devices becoming integral to people’s lives, banks are seeking to leverage the ubiquity of mobile phones to create a cost-effective distribution channel, rapidly innovate, extend reach across segments and improve convenience and security of use. However, due to consumer concerns regarding security, the adoption of this channel for value-based transactions has been limited. While some consumers prefer browser-based mobile banking, others use applications that can be downloaded to create a rich interface on the handset. Additionally, the diversity of hand held devices presents a unique challenge for banks seeking to optimize services delivery across the gamut of devices and customer segments.

A truly secure mobile banking solution built on open standards, for increased agility and flexibility, can prove invaluable for banks. The solution must also intuitively address the hurdles posed by multiple form factors and access mechanisms in the mobile space.

Finacle mobile banking solution empowers retail and corporate banking customers with access to banking services through SMS, GPRS/ 3G and USSD-enabled handsets, leveraging a single platform. The solution provides a secure, multi-lingual channel for banks to innovate by easily deploying new services with improved time to market. The end user experience thus created is richer and truly convenient.

Finacle mobile banking solution integrates easily with disparate host systems, core banking solutions, payment networks and third-party applications. The solution leverages Infosys mConnect, the indigenously developed middleware, which orchestrates mobile transactions between users’ devices and the Finacle universal banking solution. Infosys mConnect handles the multiplicity of form factors and access mechanisms on multiple devices to provide a context and device independent view to the transaction server. This presents banks with a powerful channel to service customer segments ranging from the mass affluent to the under-banked or unbanked, surmounting the challenge posed by the diversity of mobile devices.

The ubiquity of the platform adequately addresses the challenges of encryption, communication, synchronization, image resizing, downloading and security. This ushers in the advantages of reduced integration by leveraging common interface messages, maintenance and deployment costs.

Customer On-boarding

Finacle mobile banking enables the bank’s existing customers to be directed to use the mobile channel for banking and payment transactions through the following modes:

Mobile banking facility requested by sending SMS request in prescribed format

Registering for mobile banking through the bank’s Internet banking site

Phone banking leveraging the bank’s tele-banking call center

Mobile Banking and Payments

Customers are enabled to perform several financial transactions on their mobile phones using multiple languages and across multiple time zones. The functional capabilities of the solution include:

Account management and requests like balance inquiry, account aggregation (within and with other banks), mini statements, among others

Term deposit and renewal

Funds transfer (self and third-party accounts with multi-currency support)

Local and international payments with support for expedited payments

Bill presentment and payment

Remote deposit capture

Account origination, Forex rates and calculators

Cheque status inquiry, cheque book requests and stop cheque requests

Customer personalization including account setup and marketing preference

Transaction approvals for corporate customers

ATM and bank branch locator

Remittance request, enquiry and statement

Peer-to-peer payments

Business-to-business payments

Contactless payments

Support for administrative tasks like secure mails to relationship manager, approvals, password/ PIN change, block credit/ debit/ ATM card, customer billing, data synchronization and self-audit

Key Modules

Mobile Financial Management

The solution offers unmatched support to manage finances on the move. This helps banking consumers make informed decisions. A comprehensive set of tools is provided to enhance financial management.

Quantitative (such as EMI calculators) and qualitative analysis tools (such as budget vs. spend analysis)

Transaction tagging

Product selectors and comparators

Virtual financial advisory services through video chat on mobile

Alerts

This module empowers customers to subscribe and receive a wide variety of mobile alerts. The solution supports both push and pull alerts along with customizable alerts via integration with Finacle alerts solution. The module also allows the customer to set preferences and limits for alerts and configure ‘do not disturb’ timings.

Value Added Services

Finacle offers a gamut of value added services that provide extended convenience and comfort to the customer. These include:

Mobile commerce

Mobile ticketing

Mobile top-up for prepaid card recharge

Mobile advertising, based on location, user profile and actions

Mobile remittances to charity causes

Mobile wallet

Demat and stock trading services

Security

Finacle mobile banking solution offers state-of-the-art security through optimized measures. The solution offers:

Two factor authentication – PIN encryption

J2ME MIDP 2.0 support for SSL/ TLS

Encryption of data stored on mobile phone

Support for binary XML

Enabling and disabling of mobile numbers

Support for additional authentication mechanism

Business Benefits

Greater Customer Convenience

Finacle mobile banking solution empowers banking customers to make informed decisions by providing them with an invaluable set of financial management tools on the mobile handset. These tools help in quantitative and qualitative analysis, as well as in the selection and comparison of financial products.

Reduced Turnaround Time

Finacle mobile banking solution has a robust integration framework which allows it to function in tandem with disparate host systems, core banking solutions, payment networks and third-party applications. This translates into reduced go-to-market time for the bank as well as support for legacy systems.

Robust Inclusivity Framework

Finacle mobile banking solution leverages Infosys mConnect to smoothly hurdle the challenges posed by the multiplicity of form factors and access mechanisms on multiple devices to provide a context-agnostic view to the transaction server. This enables banks to include, through the mobile channel, its various customer segments, ranging from the HNWI to specific unbanked communities, surmounting the complexities of diverse location and dissimilar mobile devices.

Maximize Innovation

Banks can leverage Finacle solution’s indigenously developed middleware Infosys mConnect, to configure an unlimited palette of services from any channel, to the mobile space, with ease. The need for development of new back end services is precluded due to the availability of a banking solution behind the mobile interface. Finacle also provides the flexibility to deploy services over the existing online banking platform or through a standalone delivery channel interfaced directly with the relevant host systems. This ensures the rapid delivery of a comprehensive range of financial services, embellished with new innovative features, on mobile devices.

Business Benefits

Robust Security

The solution offers extensive application security features like URL encryption, referral URL check and session management to provide a robust security framework. The solution also supports OTP (one time password), which provides a two factor authentication mechanism for users transacting with downloadable mobility client. This enables the bank to offer products that are highly secure and geared to withstand the onslaught of security threats associated with mobile transactions.

Cost Savings

The solution presents banks with the advantages of reduced integration by leveraging common interface messages, maintenance and deployment costs. This translates into significant cost savings without banks having to compromise on features or the range of devices supported. The mobile banking solution is inherently independent of the network service provider, obviating the need to build a business model that involves costs and profits sharing with them.

Customer Delight

Finacle mobile banking solution enables banks to offer the convenience of comprehensive anywhere anytime banking, using GPRS, mobile browser or SMS. It supports a wide range of mobile devices and mobile browsers. Banking customers can query on account balances and make fund transfers. Banks can also proactively send timely information to customers in a completely secure environment, whenever a customer-defined event occurs. The solution’s self-service capabilities empower customers to manage their banking activities better. The solution also addresses data transmission and storage related security concerns adequately, delivering a truly streamlined customer experience.

In India, there are basically two types of banks-public and private. It is true that public banks come with their own share of merits. For instance, there are higher openings in public banks and the job is much more secure. The process of recruitment is also simple and not much challenging. Plus, it certainly gives the backward community a chance to gain recognition and status. However, private banking jobs come with their own set of advantages. More and more people these days are looking for jobs in a private bank. This is truer for the urban class and the educated community who are showing preference to jobs in private sector over jobs in public sector.

Here are some of the basic advantages that a private bank offers:
Better salary: The modern man is running after money. And its an undeniable fact that a private bank offers its employees a much better salary than a public bank. This is the chief reason why more and more people are hunting for jobs in private banks. In contrast, even though public banks give higher security, the salary is much lower. On the downside, there are very few vacancies in private banks. So, once you get a chance to sit for an exam or appear for an interview, you need to grab the opportunity with both hands and make sure that you are thoroughly prepared. Remember that more than your qualification, it is your confidence level and personality that matters.

Higher growth prospect: One of the chief complaints of people working in public banks is that they do not climb the ladder very fast. The growth prospect in a public bank is comparatively lower. On the other hand, in a private bank, a talented candidate can quickly make higher progress. Talent surely gets rewarded when you are working in a private bank. Higher wages and better positions await you there.

Fair treatment to all: Private banking jobs also do not suffer from the problem of quota system. Fair treatment and equal opportunity are proffered to every candidate. Thus, talent scores over caste distinction and this is where better candidates do not have to return disappointed.

These days wherever you turn it is hard to avoid hearing people talk about the financial crisis and its implications. Almost all news items contain some links to it, and within employment issues the consequences are still very much felt. But has the recession had any impact on the way job seekers perceive working within banking or finance roles?

Despite the crisis people still seem to be very keen to work within banking or finance. Amongst the majority of the population it is safe to say that the reputation of banks has taken a hit, but amongst job seekers working for a bank or a financial institution remains very much desirable. Jobs for these companies are considered to be very prestigious as they still have the best technologies, the best systems and the best rewards compared to other sectors. Because of this the highest achievers still look to work for banks or financial institutions.

What else attracts people to work in finance or banking roles? Relative to other sectors these types of roles tend to have more responsibility and involve a lot of problem solving skills. Besides that they get a chance to work with people, there are opportunities to travel and to go out for meetings, and these roles also tend to offer possibilities for fast advancement. All these factors combined make these roles very challenging and interesting for the highest achievers.

So what has changed within the banking and finance sector? There seems to be a change in the expectations of employees that broadly run along the line of the generations. You could say that the employee profile is slowly evolving from what is called -Generation X’ to -Generation Y’. Within these generations the expectations they have of their employers are very different. Generation X will want to know -What is in it for me’, while Generation Y expects great workplace flexibility as well as wanting extremely fast progression and are less willing to work their way up slowly.

The profile of employees within the banking and finance sectors is changing, however this is due to a change in mentality that runs alongside the generations more than being caused by the financial crisis.

Reuben Dennis is a PRO with a leading service sector company and for more on London jobs she recommends you to visit http://www.boycerecruitment.co.uk/

From most recent not many years, there has been an expansion in the genuine monetary issues that individuals are experiencing and are falling back on the assistance of bankruptcy attorney Toledo. The prime and basic responsibility of a bankruptcy attorney

Legal advisors concentrate on the liquidation and help organizations, families and people all through the entire region. Individuals who require a complete fiscal begin might as well counsel a lawyer who can help in documenting for obligation easing. The point when people document for obligation help, it can help in ceasing wage garnishments, dispose of practically all the sorts of obligation and additionally put a close to the obligation gatherer’s provocation. The point when individuals index for obligation alleviation with the assistance of the lawyer stops dispossession or dispossession and will offer opportunity to the single person to do the installments. The liquidation legal advisors are obligation easing operators and will help in documenting for obligation alleviation which goes under chapter 11 code. To know where precisely the distinctive falls under liquidation contact the best insolvency legal counselor.

Chapter 11 or bankruptcy indexing alternatives & its representation

Chapter 11 lawyer will first verify where the distinctive fits in for the chapter 11 recording and they confirm the alternatives for their customers. Part 7 bankruptcies is for those people who can dispose of the restorative overheads, visa installments, payday credits and unsecured obligations to put the people on another fiscal begin. A chapter 11 lawyer can figure out if the alternative is ideal for their customers or not. Part 11 bankruptcies are additionally an alternate insolvency documenting for organizations and the individuals who have surpassed the edge for section 13 indexing. Part 12 bankruptcy recording is for reorganization of funds for angler and family agriculturists. Section 13 bankruptcy can help people in totally releasing of obligations as this sort of bankruptcy makes new interest free reimbursement approach. The reimbursement plans are extremely sensible and will administer obligations fittingly.

A bankruptcy attorney Toledo offers quality representation and help in indexing for the insolvency by figuring out the sort of liquidation that can release the substantial obligation. Consequently, individuals can read about insolvency alternatives about different varieties of chapter 11 recording. The methodology starts right from the time when the individual in obligation counsels the insolvency lawyer. They will give personalized consideration and these lawyers are polite enough to manage all the customers.

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The demand for banking jobs has increased tremendously in recent years. This is particularly true for investment banking as people see a high degree of return associated with it. In fact, investment banking is known to be one of the most highly paid jobs in the market. However, you cannot jump directly to investment banking after completing your college degree. You will have to start off with entry level jobs in the field and then gradually make your way up the ladder after sufficient hard work and dedication.

Even though investment banking may seem like the prime option in the banking sector nowadays, there are several other banking jobs you should consider. A large majority of these jobs are those of a bank teller. In addition to this, there are some other important banking jobs in the sector such as that of a bank manager. This person is responsible for ensuring the smooth operations of the bank on a daily basis as well as overlooking the activities of employees and whether they are performing all their duties within the assigned deadlines. You can also choose to be a bank accountant if you hold the necessary qualification and are good at managing accounts. This is one of the most important positions in any bank, as the accountant is responsible for preparing information that will be presented to investors and tax regulatory authorities.

Other banking jobs include those of financial advisors, whose responsibility is to guide clients in making the best possible financial decisions. This means that financial advisors have a lot at stake for their clients and they must help them in making the most effective decisions. There is no doubt about the fact that careers in the banking field are very promising but you need to consider some factors if you wish to achieve a high level of success. You need to stay updated with all the latest developments in the world of business and technology. New ways of making money are discovered almost regularly, and you need to be familiar with these in order to guide your clients in the best possible manner.

When it comes to banking jobs, you must maintain some degree of networking. If you do not have the right contacts, you are not bound to succeed in any field. Try to be more socially involved by attending gatherings and getting to know important people. If you are an investment banker, you will also have to do some research on the fees you are going to charge. It should be decided upon after considering the amount you invested in the first place.