Page 9 - Banking Finance June 2021

BANK UPDATE

Customers can get started with In the case of currency depreciation, also be discontinued. SWIFT codes are
WhatsApp Banking either by giving a which supports the large number of used for sending or receiving SWIFT
missed call, sending an SMS, or Indian exporters, the report said messages for the purpose of Foreign
subscribing to receive WhatsApp considerations are true for multiple Exchange transactions. Canara Bank
messages via the numbers provided on other developing economies as well, has asked customers to use the swift
the website. Even from the security and an investor needs to look at India's code (CNRBINBBFD) for any of their
aspects, all communication on attractive demographics and high Foreign Exchange transactions.
WhatsApp account is encrypted end- growth potential.
IFSC or Indian Financial System Code is
to-end while all sensitive information is an unique, eleven-character alpha-
safe & secure. IFSC codes to be changed numeric code used to identify bank
The bank is one of the firsts to for syndicate bank branches for NEFT, RTGS or IMPS
capitalise on this opportunity. The customers transactions.
deployment of such solutions is meant The IFSC codes for erstwhile Syndicate
to not only provide easy access to Bank customers will be changed from Covid-19 leads to increase
digital banking but also, ensure that its this year. The bank was merged with in digital banking
customer experience is seamless &
Canara Bank in April 2020 as part of a The ongoing pandemic in India has led
intuitive, leading to increased slew of bank mergers undertaken by to a sharp increase in digital banking,
customer satisfaction score and higher the central government. and consequently, raised the
net promoter scores for banks.
The move means that Syndicate Bank expectations of consumers who want
instant and personalised services. A
India offers huge potential customers will have to use their new large number of people staying at
IFSC codes for online transactions
for digital banks through NEFT, RTGS or IMPS routes. home are turning to digital channels,
both online and mobile, to fulfil most
India offers a huge potential for Digital "This is to inform that after merger of of their banking requirements. As a
Challenger Banks (DCBs) but currency Syndicate Bank with Canara Bank, all result, traditional visits to branches
depreciation and local regulations are eSyndicate IFSC codes starting with and face-to-face interactions with
concerns for foreign investors, SYNB have been changed. All the IFSC bank staff have reduced.
according to a report. starting with SYNB will be disabled
Leading consultancy BCG said that the with effect from July 1, 2021," Canara Since March 2020, however, banks
have expanded their digital footprints
revenue opportunity in India, which has Bank said on its website. "We request across the banking space.
a population of 130 crore people, was you to inform the remitters (senders)
pegged at being up to ten times higher to use only your new IFSC code starting Banks are using digital channels to
than that of rest of South East Asia. with "CNRB" while sending NEFT/ offer a range of services, including
RTGS/IMPS, from now itself." onboarding new customers through
"Indian regulators place significant video KYC, deposits and withdrawals,
emphasis on financial inclusion and Canara Bank has released a list of the outward remittances, payment
priority sectors, which can limit the new IFSC codes on its official website collections etc. Late last year, the
potential model and opportunity," the that Syndicate Bank customers will National Payments Corporation of
report said, flagging the policies as need to use from now, as per their India approved a WhatsApp proposal
among the "strategic hurdles" faced corresponding old codes. They can also to allow users to transfer and receive
by foreign entities. use the dedicated tool on Canara money through the messaging app.
Bank's website to check their new IFSC
However, the report said that not all As the pandemic disrupted economic
licenses carry the constraint and codes. activity, including banking and financial
operating as a Non-Bank Finance Customers of Syndicate Bank will also operations, RBL Bank saw a significant
Company (NBFC) gives one a significant have to get fresh cheque books with opportunity to accelerate its digital
flexibility. Once a NBFC gets formed, their new IFSC and MICR codes too. banking initiatives to help customers
partnering with a traditional bank is Moreover, the Swift code of erstwhile during the health crisis and gear up for
the "best of both worlds", it added. Syndicate Bank (SYNBINBBXXX) will the post-Covid-19 era.

BANKING FINANCE | JUNE | 2021 | 9