Banking / Finance

Banks may use social media for loan recovery

28th Dec `13, 03:39 AM in Banking / Finance

LUCKNOW: A few years back, financial services expected you to stand in queue with a ‘withdrawal slip’ in…

BDMS
Guest Contributor
 

LUCKNOW: A few years back, financial services expected you to stand in queue with a ‘withdrawal slip’ in hand. In 2013, banks came up with the ‘anywhere banking’ notion where they took banking service to your doorsteps. Come 2014 and banking may no longer be ‘anywhere’ in nature either.

Banking solutions provider, Infosys Finacle, in a study predicted that with mobility, simplicity and technology dominating the banking trends, the financial service will go beyond ‘anywhere banking’ to ‘everywhere banking’. On a ten-point scale, the study predicted a very big role for technical advancements like cloud, apps, big data and social media. “We are expecting huge adaptability of the coins system. The system as a whole is moving out of cash-based and these coins are making a big impact,” said Rajashekara V Maiya, associate VP & lead product manager, Infosys Finacle, told TOI.

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