On November, Smart Choice Technology (SCT), a company that has been working for the last 20 years to digitize the financial sector of Nepal, launched a new product ‘Fast Banking’.
According to the company, Fast Banking, an omni-channel based mobile banking platform prepared in collaboration with Swift Technology, will address the latest needs of banks and financial institutions.
Chief Executive Officer (CEO) of SCT, Narayan Prakash Bhuju, said that the fast banking service was launched in view of the problem that other services could not be digitized when the bank gave high priority to payment digitization.
‘Nowadays, banks cannot serve their customers only through their branches. Bank branches are limited. There are more customers,’ Bhuju said while talking to ICT News, ‘In such a situation, banks are only digitizing payments and the digitization of other services is not such a priority. SCT has brought fast banking to address that.’
Banks and financial institutions have to contact SCT to avail fast banking services. After that, SCT will provide the system according to the requirements of banks and financial institutions. And banks and financial institutions can provide their customers with state-of-the-art mobile banking services.
Now this system has been put into use by Global IME Bank and cooperation agreements have also been signed with some other banks and financial institutions.
What is Fast Banking?
Fast Banking is an omni-channel based digital banking solution designed to solve the shortcomings of the products currently available in the market.
It is said that Fast Banking, which can be logged in with a single username and password, will digitize the manual work currently being done in the bank. According to the company, Fast Banking is easy to use.
Bhuju said that Fast Banking was introduced after the last 5 years of hard work to address the shortcomings and needs of banks.
Fast Banking is designed on the concept of Open API. Real time revenue can be calculated from this and loan can be taken against FD.
If the transaction is not successful at any time, it can be re-sent or the money returned in a short time. Through fast banking, customers can go to the bank to get the service by taking the token online.
It also has a reporting facility. Any third party system can be easily integrated into it. In fast banking, the bank can also design the product and make it public.
Fast banking is expected to reduce the time and cost of both the customer and the bank by reducing the presence of customers and manual work at the bank branches.
Fast Banking has payment facility, account monitoring, fund transfer facility as well as card activation, block, check book request to the bank, depositing money in the bank with tokens and other facilities.
How safe is Fast Banking?
Earlier, you may have entered the OTP code yourself in many other places, including mobile banking, but in Fast Banking, you cannot enter the code manually. The system automatically stores the OTP code that comes to the mobile phone.
Due to this, it is believed that there will be less cyber attacks from OTP codes. CEO Bhuju says that Fast Banking is safe in all respects. The company claims that it is sensitive to customer data security and is paying attention to security.
We have paid a lot of attention to customer data security. SCT itself is a PCIDS company,’ he says, ‘After we provide fast banking, the bank hosts the data. We also cannot access the data. Even if someone accesses the data in an unauthorized manner, they cannot read and view the data.’
According to the company, in terms of internal structure and technology, Fast Banking is more robust, scalable and secure than the mobile banking currently available in the market.