Page 34 - Banking Finance May 2021

ARTICLE

also automated. This reduces the mistakes which were made Y Back ops Manager: A backops manager manages all
by individuals filling the application. The cumbersome need the backops users under them.
for manual form filling is eradicated.
Y IT admin: Ensures the smooth functioning of the process
and can edit the settings.
Middle verification engine: It automatically verifies the
authenticity of the documents provided by the merchant.
This is heavy-duty time-consuming work when done Benefits of digital merchant onboarding
manually. It can extract data from IDs and perform face- An ideal digital merchant onboarding solution is a complete
match and video forensics. The report can then be reviewed end-to-end automated application and underwriting tool.
by the back ops. Using digital KYC, helps acquirers onboard merchants in a
more automated and digitized way. The process removes
RM management system: An RM can monitor the active all bottlenecks from the onboarding process and offers a
applications at the back ops. They can reassign the customizable solution to automate the application and
onboarding process in case something is wrong or missing. underwriting process from end-to-end. Leveraging artificial
This system helps them track incomplete and complete intelligence, optical character recognition and other best-
onboardings. of-breed technologies, Digital Merchant Onboarding solution
brings the speed and security needed to scale successfully
Robotic back ops: Action can be taken on the applications into the MSME segment.
received at the back ops. The generated reports after
verification and underwriting can be reviewed here. A back- Adopting this technology helps in reducing TAT by about 70%
operations workplace generally has a set hierarchy. and has also proven to reduce digital fraud by 90%. Digital
Y Back ops User: A backops user goes through all the merchant onboarding solutions are fully customizable and
applications and documents provided and decides so can be adopted to suit various workflows and
whether to accept, reject, or ask for clarification. requirements providing 3x increase in business efficiency.

COVID-19 second wave: Bank employees seek to reduce banking hours

Members of Maha Gujarat Bank Employees' Association (MGBEA) have recently made a representation before the
State Level Bankers' Committee (SLBC) seeking to reduce banking hours in the wake of the steep surge in COVID-19
cases. In the wake of the prevailing situation in Gujarat, MGBEA has requested the head of SLBC and the State
Government to issue guideline to banks. MGBEA mentioned in a statement released recently, "All branches can reduce
business hours from 10 am to 2 pm and provide essential services only. Employees should be allowed to go home after
the business hours. The purpose is to reduce the exposure of the staff with public."
Janak Rawal, General Secretary, MGBEA, stated, "Bank branches will be vulnerable points for transmission of Corona
Virus. Nearly 10,000 bank employees are tested positive in March 2021. Across Gujarat, some 3,718 branches of
nationalised banks along with 1,286 branches of State Bank of India and 1,619 of district and state cooperative banks
in addition to 769 branches of gramin bank and 2,206 private bank branch have been operational full time."
Rawal further added, "After the hearing of a Suo moto public interest litigation on the COVID-19 surge, Gujarat
Government issued some guideline related to COVID-control in Gujarat and allowed government offices to work with
50% staff. We have represented the matter before SLBC, Gujarat and to the chief secretary, Gujarat government to
issue guideline for the functioning of banks branches in the state."

South Indian Bank wins IBA awards in 4 categories

South Indian Bank has emerged victorious, clinching 4 awards at the 16th edition of the prestigious annual IBA Banking
Technology Awards 2021, held recently. The bank has won the Winners Title in the 'Most Innovative Project', 'Best
Use of IT and Data Analytics' and 'Best IT Risk and Cyber Security Initiatives' categories, and the Runner-up title in the
'Best Technology Bank of the Year' category.

34 | 2021 | MAY | BANKING FINANCE