TCS BaNCS Customer Newsletter TCS BaNCS #31 (September 2019) - Page 16

interview We are also using analytics to detect fraud. Last year, we noticed a pattern of fraudulent transactions We have a very large number of We’ve talked about how State Bank of India is approaching the marketplace. Now, let’s talk about changes in the marketplace itself. In what ways has digital technology transformed banking in India? occurring with our ATMs. We products in our core banking system, drilled down and identified specific and to know about all of them would geographical clusters, and from there, be a daunting task for any teller or a group of people who we discovered front-line employee. With AI, we were related to one another. With can easily fish out the information very rapidly due to the lower price analytics, we were able to stop this regarding a particular transaction, or of smartphones and the greater kind of fraud. how a particular transaction needs availability of 4G data connectivity. to be performed. This can save a This has led to a massive increase in branches fraud is likely to happen, so considerable amount of time, while the demand for mobile apps. that we can alert the branch staff and enabling our staff to render better keep a better vigil. As a result, we can services. Similarly, we can predict at which bring down fraud losses in this area. The Indian marketplace is changing Along with that is the revolution in mobile payments with the As an example: Given our large Unified Payment Interface, or UPI, customer base, every day we which allows mobile apps to easily market risk or currency risk, but those receive applications from the heirs incorporate purchases and bill risks you have to mitigate through of deceased customers. But for any payments. UPI is one of the finest other means. given teller, this is a relatively rare implementations of its kind that I have event. Unless the teller knows how to seen anywhere in the world. It enables handle a case of this delicate nature, you to make payments in real-time this customer may not be served from your account into the account correctly. of anyone else in the country, at any There are also external risks such as Does the analytics-based strategy scale down to smaller banks? Analytics is like oxygen. Everybody AI can also check the consistency time. And the best part is that you has to have it. Whether you are of information in legacy accounts. can make payments from your State small or whether you are big, you State Bank of India was established Bank of India account using either a have to breathe. I don’t think a bank in 1806, and we have been third-party bank’s UPI app or State today can survive without customer performing banking service Bank of India’s own UPI app, and it analytics. continuously for 213 years since. works just the same. For very small banks to do analytics Many of our customers’ accounts The UPI ecosystem has created in-house would be a challenge, so have been open for 70 to 80 years, a huge amount of innovation. For they should get their analytics done and in many of these cases, the example, UPI is the most important by third-party service providers and information may be obsolete. With method of payment for the Google then make use of the results. AI monitoring the consistency of Pay digital wallet in India. We are information in our back-end systems, one of the four banks to partner with we can prompt the teller to ask Google Pay in India. And if WhatsApp customers to update their customer or any other payment service starts records as needed. This will improve a UPI service in the future, we will be communication across all channels, able to partner with them as well. How are you working to improve analytics in the future? Artificial intelligence is the most important tool that any bank should boost customer satisfaction, and help We are also partnering in stored be using today if it wants to fulfill to ensure that we have the highest- value cards, including one designed expectations for customer service. quality data for analytics. by the National Payment Corporation continued 16