Page 22 - Banking Fiannce March 2018

PRESS RELEASE

National governments and Fintech firms bet big on blockchain, says

GlobalData

Blockchain technology has replaced bitcoin as the most in the area of cross border money transfers. Ripple is the
exciting topic of conversation within the Fintech industry biggest success story in this area, forging partnerships with
and is being rapidly embraced by national governments and Axis Bank, IDT Corp and MercuryFX, and even MoneyGram
major banking and payments (Fintech) firms, says leading to rapidly transfer and settle global money transfers.
data and analytics company GlobalData.
Murrant continues, "Domestic payment networks -
The financial services industry has been waiting for the full- particularly in countries with instant payment infrastructure
scale deployment of blockchain applications since it was - are less in need of blockchain as a solution, but there is an
first realized that the ledger technology had far greater argument to be made for a centralized blockchain ledger
potential scope than bitcoin network application. At its in providing greater security and potentially transparency
core, the technology allows the transfer of information in in money transfers."
a trusted, fast and secure way within a system and can be Bitcoin, on the other hand, is no longer a realistic option
applied to far more than the movement of money.
for consumer or commercial payments due to the high cost
Samuel Murrant, Payments Analyst at GlobalData, and low speed of transfers on the network. In addition,
comments, "The wider applications of the technology are Bitcoin's volatility along with other cryptocurrencies makes
being realized by governments such as Canada, and major it unfavorable to most regulators. Most recently, China
banks including the State Bank of India and Santander. banned cryptocurrency exchanges in 2017 and South Korea
These blockchain based applications are currently in the is reportedly considering a similar ban.
pilot phase with full scale launches anticipated before the Murrant concludes, "Companies, which are able to leverage
end of 2018." blockchain technology, will gain an important advantage on

Pilots of blockchain technology are currently taking place their competitors and the market is sure to follow."

United Bank of India Launches Twitter handle @UnitedBankTweet
United Bank of India, a leading Public Sector Bank in India having its headquarter at Kolkata, has Launched Twitter
handle @UnitedBankTweet with an objective to
enhance engagement with the stakeholders, visibility
and awareness of Banks products and services
amongst the stakeholders.
The Twitter handle for the Bank is launched by Sri.
Pawan Bajaj, Managing Director & CEO in presence
of Sri. Ashok Kumar Pradhan, Executive Director and
other Senior Executives of the Bank.
On the occasion of Launch, Sri. Bajaj has posted a
Tweet on behalf of the Bank communicating that Bank
is now on Twitter and the Bank will be interacting with
the "UBI-WORLD" and beyond through this handle
showcasing Bouquets of Products and Services, sharing
Updates and addressing concern of Stakeholders, if any.

The Banking Sector is undergoing massive transformation due to digitization. Banks presence in social media platform
will facilitate to connect with customers and Public at Large, especially the younger generation in a better way. Customer
Service and Bonding with the customers will be leveraged which will create Customer Delight which is much sought in
present business context.

Currently, the Bank is having its presence in social media platform through Facebook.

22 | 2018 | MARCH | BANKING FINANCE