L unique prod­ucts, ser­vices us­ing tech­nol­ogy

Banking Frontiers - - Countering Competition -

ak­shmi Vi­las Bank has been keep­ing pace with the in­no­va­tions in the fi­nan­cial ser­vices sec­tor. It has made very ef­fec­tive use of tech­nol­ogy to in­tro­duce new prod­ucts and ser­vices as also to im­prove its op­er­a­tional ef­fi­ciency.

One of the unique cus­tomer-cen­tric prod­ucts of the bank is its Cardless Cash, a con­cept that has been widely ac­cepted by the cus­tomers. The fa­cil­ity is Instant Money Trans­fer, or IMT, which is added to the LVB Mo­bile Bank­ing. A cus­tomer us­ing the fa­cil­ity can send money in­stantly to any per­son – to be pre­cise - to his or her mo­bile number. The ben­e­fi­ciary need not be a LVB cus­tomer, but he can walk into any IMTen­abled ATMs in the coun­try and with­draw cash in­stantly with­out us­ing a debit card, but by feed­ing his mo­bile number, a 4-digit se­cu­rity code (shared by the sender through other modes), the trans­ac­tion amount and OTP (SMS Code). On suc­cess­ful with­drawal, both the sender and the ben­e­fi­ciary will re­ceive an SMS alert.

IMT pay­ments are cat­e­go­rized into Self (Own Party) and Other. In Self, all ba­sic de­tails will be auto-picked, while se­cu­rity code, trans­ac­tion amount and re­marks will be filled by the user. In Other, the user can ei­ther add the ben­e­fi­ciary and ini­ti­ate the trans­ac­tion or ini­ti­ate the trans­ac­tion by fur­nish­ing the ben­e­fi­ciary de­tails on the go. The min­i­mum per trans­ac­tion amount un­der IMT is `100 and mul­ti­ples of 100 and max­i­mum is `10,000 per trans­ac­tion and no limit on the number of trans­ac­tions.

Lak­shmi Dy­namic cur­rent a/c

an aPP For nPs ac­count

The bank has re­cently col­lab­o­rated with fin­tech startup Fis­dom to cre­ate a fa­cil­ity whereby cus­tomers want­ing to make in­vest­ments in the Na­tional Pen­sion Scheme can do so in a com­pletely dig­i­tal and pa­per­less man­ner. Fis­dom pro­vides the NPS dig­i­tally through its mo­bile app with which any reg­is­tered user can in­vest in the NPS within a cou­ple of min­utes. Cus­tomers of the bank will now be able to plan their in­vest­ments un­der the pen­sion scheme in ac­cor­dance with their goals. The app pro­vides ser­vices such as get­ting KYC done, in­vest­ing money in var­i­ous in­stru­ments like mu­tual funds and pen­sion funds, view­ing ac­count sum­mary and with­draw­ing in­vested money. The bank has an­other unique prod­uct - the Lak­shmi Dy­namic Cur­rent Ac­count (LDCA). Us­ing the fa­cil­ity, a cus­tomer can make use of the bal­ance main­tained in a linked sav­ings bank ac­count in a cur­rent ac­count to com­pen­sate for any short­fall in meet­ing pay­ment obli­ga­tions. Also, bal­ances main­tained in the cur­rent ac­count above a cer­tain thresh­old can be moved into the linked sav­ings bank ac­count, thereby earn­ing in­ter­est. This is the most im­por­tant value propo­si­tion to the cus­tomer, since higher bal­ances in LDCA will now earn in­ter­est in the linked SB ac­count, un­like any other cur­rent ac­count.

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