Internet banking, Mobile banking and now Tab banking. Thanks to the technological innovation, the banking industry in India has evolved dramatically. Up Until a couple of years ago, banking operations were being conducted manually. Banks were doing everything manually —maintaining ledgers, calculating interests and issuing passbooks, demand drafts, pay orders etc.
But now, the scene is different. The technology has made banking way easier than ever.
Tab banking is a recent addition to banking practices in India. This is one of the significant strategies developed to bring banking to your home, resulting in a time saving and hassle free banking operation. There is hardly any need to visit branches and shuffle through vouchers. In simple words it is ‘carrying out banking operation by using Tablets’.
In November 2013, ICICI bank became the first bank to introduce Tab banking in India.
How it works?
- Tab Banking gives a potential customer the convenience of opening his/her bank account at home or office. It puts the process of account opening at the ease of your hands. Using a tablet equipped with mobile connectivity, the bank’s executive fills account opening details, clicks the picture of a customer and takes the relevant KYC (Know Your Customer) documents, thereby doing away with the need for the customer to visit a branch.
- The Bank’s relationship managers have been equipped with high end Tablets with audio and screen resolution, 3G network capabilities, and an efficient camera.
- All KYC (Know your Customer) documents and photographs are captured through the tablet’s camera and uploaded along with customer details, making the entire account opening process without complications.
- With this customers’ new bank accounts are fully ready for operations in a few hours and the transparency maintained at this level gives them more confidence.
- Using a tablet, the bank’s executive generates transaction vouchers. Thus, there is no waiting time at the counter as transaction details entered on tablet are automatically moved to the service officer.
How it helps bank executives?
- Tab banking not only provides a pleasant account opening experience, also it reduces turnaround time for account opening and eliminates reworks of bank executives due to data entry and documentation errors. Besides, it eliminates rejections due to incomplete account opening form or KYC mismatch.
- It saves time and lowers down the stress level as well.
- Tab banking improves the efficiency and productivity of the sales staff by enabling them to manage sales activities such as lead management, event management, calendar management, task management, cross-sell and supervisory review.
- Tab banking strengthens the overall brand equity of the bank.
It has been evident that with Tab banking, the average account opening turnaround time has come down from more than 4 days to less than 1.5 days. It has also significantly reduced the percentage of rework, which was earlier attributed to incomplete/incorrect documentation and data entry errors.
Presently leading private sector banks like ICICI bank and City bank are quite successfully carrying out their banking operations through Tab banking. ICICI Bank is said to have added half a million accounts in just eight months using Tab Banking. Recently on 15th September prime minister Mr Modi has announced Tab banking as a facilitator of Pradhan Mantri Jan Dhan Yojana that aims at financial inclusion. On 15th of April this year India’s largest public sector bank SBI has also rolled out Tab banking services for opening Savings Bank accounts and giving in-principle housing loan approval at the customer’s doorstep.
So as to say, Internet has transformed the traditional banking practices in to electronic ones. There has been an explosive growth through technology and internet. Tab banking as a tool, which is envisioned as a branch in the hands of sales officers is definitely a pioneering and revolutionary step by the banks in India.