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Posted on September, Monday 05, 2011 By itVAR News Network

As Indian economy is moving on the right track and actually becoming like a guiding force for the developed world, the banking, financial services and insurance (BFSI) sector in India has come a long way in India and is using telecom technologies in most innovative ways than ever before. 

The use of information and communication technology (ICT) has given this banking vertical a big plus. And as a direct result, the long queues that were once visible in front of cashier

The use of information and communication technology (ICT) has given this banking vertical a big plus. And as a direct result, the long queues that were once visible in front of cashier counters in bank branches are now almost nonexistent. ATMs are present everywhere, even in many rural areas, and credit and debit card facilities are easily available.


Similarly, the insurance sector has undergone a major change. The era of Internet, driven by the implementation of right communications policies have made it convenient to obtain life or general insurance policies. 


Telecommunications driven technology adoption has changed the behavior of major banking functionalities like the way people monitor their assets or make new investments. In all areas, investing in an extensive and robust telecom and IT infrastructure has helped banks increase growth and productivity prospects, reduce costs and develop customised products for different set of customers. 


The introduction of mobile and internet banking is surely a big achievement for the overall banking sector as it has transformed the overall banking experience in a positive way. Today, most banks offer internet banking facilities such as payment of insurance premiums, and phone, electricity and other utility bills. By logging on to a bank's website, users can experience a quick and easy transaction process.


Pm a similar note, internet and mobile handset have played a critical role in achieving further growth for insurance companies as well as creating value added service models for the telcos as well.. Most insurance companies have developed web portals to provide enhanced services. This has helped top executives to communicate easily with the field staff and reduce the response time for new customers.


In today's fast paced scenario, almost all banks, insurance companies and financial institutions are connected to their zonal or regional offices via Ethernet driven wide area networks, comprising digital loop carrier (DLC) (both local and national long distance [NLD]), ISDN, multi-protocol label switching (MPLS) and very small aperture terminals (VSATs).


The emergence of telecommunications focused communication technologies within the banking segment has surely helped them move up the value chain and deliver more to their customer. At the same time, these technological enhancements are making sure that their operating costs are kept well under control and enhance the growth pattern for banks.


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