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Mumbai, Jan. 10 Contrary to popular belief, it was a public sector bank that walked away with the award for the best use of information technology in retail banking at the IBA & TFCI: Banking Technology Awards 2007, held on January 9, in Mumbai.

Corporation Bank was the winner in this category, followed by Axis Bank as the runner-up.

Awards were given for 15 different categories and the winners included a cross-section of banks such as public sector banks, foreign banks, private banks and even co-operative banks.

Corporation Bank has taken technology to rural areas by introducing RFID/Smart Card based authentication devices that are operated by the business correspondents (BCs) at identified villages.

The BCs serve as literal extension counters of the bank at these villages by providing basic banking services to people in rural areas.

The bank also tied-up with a leading technology vendor for providing standardised infrastructure to banks.

This helps identify the customer and to establish credit worthiness profiles.

Using this information banks can take financial and non-financial products and services to the rural areas.

The novel products introduced by Axis Bank include the Priority Remittance and Meal cards.

The Priority Banking Debit Card is an international VISA debit card meant exclusively for priority banking customers.

The Remittance Card is meant for people who receive remittances from abroad. It makes the procedure of receiving money from overseas easy and hassle free.

The bank’s Meal Card is a prepaid card designed to replace the existing paper voucher system in the market.

More Stories on : Awards & Honours | Public Sector Banks | Information Technology

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