Mobile Banking For Inclusive Growth - Punjab National Bank ...

e-trackprocessor and memory unit. Smart card generatesencrypted random numbers with a lifetime of aroundone minute. It generates one time password whenuser enters a PIN. This password is calculated usingdata encryption which is stored in the card. Thisprovides means for storing passwords, private keysor digital cash on the card. These cards have becomepopular due to limitation of pure password basedsystems.6. Electronic Data Interchange (EDI)It is the exchange of structured data betweenthe computer systems of trading partners. It isdefined as the interchange of standard formatteddata between computer application systems oftrading partners with minimal manual intervention.EDI communicates information relevant forbusiness transactions between the computer systemsof business organizations governmentorganizations, small business houses, banks andfinancial Institutions.The banking and insurance companies use theIT to keep track of their customers transactions andfinancial needs, stock markets use IT for onlinetrading with the help of computer based terminalsconnected to trading services, depositories andcustodial services use IT to maintain records ofshares & securities held by them on behalf of theircustomers where as investment consultancy servicesuse IT to analyze the financial positions, investmentopportunities available for their customers & riskfactors, etc.Thus Financial Institutions today facecompetition from many fronts. The traditional banksare facing increased pressure from all sides. Thecustomer has a variety of options for services,delivery channels, products & vendors. Thereforeretaining the customer has become a challenge forthe banks and in doing so the most effective way is toinvest strategically in IT. Foreign and upcomingprivate banks in India have led the way toautomation of financial services industry. The initialresistance to technology is fading as topmanagement of several Indian banks are viewing ITas a business enabler and a vital part of their strategy.Thus various banks have now gone for substantial ITinvestments in core & Internet technologies.Sadhana Misra is Librarian atNavyug Kanya Mahavidhalaya,Rajendra Nagar, LucknowFood for thoughtHappiness is when what you think, what you say, and what you do are in harmony.– Mohandas GandhiWithout continual growth and progress, such words as improvement, achievement, and success haveno meaning.– Benjamin FranklinLife is a series of collisions with the future; it is not the sum of what we have been, but what we yearnto be.– Jose Ortega y GassetAlways bear in mind that your own resolution to succeed is more important than any other.– Abraham LincolnJanuary-March-201024