Who are responsible for corption fraud and scam in financial institution?
Answers
New technologies reshaping
financial services
Whether it’s financial transactions,
customer experience, marketing of
new products or channel distribution,
technology has become the biggest driver
of change in the financial services sector.
Most financial institutions are therefore
insisting on cashless and paperless
transactions.
Susceptibility to fraud: Flipside
of technology breakthroughs
The new technologies adopted by financial
institutions are making them increasingly
vulnerable to various risks such as
phishing, identity theft, card skimming,
vishing, SMSishing, viruses and Trojans,
spyware and adware, social engineering,
website cloning and cyber stalking.
Younger generation as a new
market for financial institutions
At the start of the century, Ray Kurzweil,1
Futurist and Chief Engineer at Google,
rightly predicted that “20,000 years of
evolution would be crammed into
• According to RBI records , 22 million of the 589 million bank account
holders use mobile banking apps.
• The volume of mobile banking transactions has risen from around
18,190 million INR in 2011–12 to approximately 1,018,510 million
INR in 2014–15.
In 2020, the average Indian will be 29
(lower than the average age in China
and Japan). India’s workforce will be the
largest and youngest in the world.2
The younger generation in India today has
financial and social independence. They
are not only driven by high aspirations but
are also technology savvy, well informed
and connected through social media.
Hence, financial institutions are eager
to tap into this new market by offering
services and products that are tailored to
their requirements.