Banking tech grows in India

Economic Times will host its first Banking Technology Conclave on 21 August which will feature the who's who of the banking and technology industries.

Chairperson of the conclave, Naina Lal Kidwai, HSBC India's group GM and country head, expresses that banking technology has come of age in India; every bank worth its salt has a competent technological platform.

She also says the most critical aspect of banks today is their technology platform, and it is the reason banks will sink or swim. It's also what will differentiate the banks of today from the banks of tomorrow, because everything from delivery to customer satisfaction has to ride off the technology platform.

The Agricultural Finance Corporation (AFC) in Kenya has implemented a new core-banking technology to improve service delivery, according to AllAfrica.

Omurembe Iyadi, MD, said installation of the Neptune Software supplied Equinox Banking solution is part of AFC's re-engineering initiatives.

The software, he said, is expected to enable the state-owned agricultural credit institution to provide faster and more focused services for development of the agricultural sector.

Professor Paddy Krishnan from the Bond University School of Information and Technology has developed a secure software application that helps protect against viruses which are designed to hijack users' information during sensitive transactions such as electronic banking, reports Science Alert.

The software called BOSS (banking on a secure system) has been designed for the average home user and does not require the installation of any software.

"It is a system in itself," says Professor Krishnan. "You insert the CD and reboot your computer - this circumvents the possibility of any virus designed to record your data, capturing your transaction information."