L unique products, services using technology
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.