Telangana SCB boosts cybersecurity as digital banking surges

IT companies have redesigned their applications and reallocated their spaces to suit the needs of the bank, which are mostly driven by the

Nethi Muralidhar reveals efforts to provide a security layer to thwart the threats in the daily operations

Requirements by banks for IT services have changed during the pandemic as compared to earlier times. The pandemic has transformed the entire portfolio of the banking sector and the approach now appears to be that banks have to tread toward their customer base. For instance, previously, a customer had to visit a branch for general banking operations. That is not the case now.

‘Nethi Muralidhar, MD, Telangana State Cooperative Apex Bank, points out that thanks to developments in technology, the same customer can make use of different digital banking channels to perform the same general banking operations. “Our major digital services include ATMs, mobile banking, cash deposit/recycler machines, RTGS/ NEFT, IMPS transfers, UPI, and utility bill payment systems. Recent times have seen a humongous surge in the utilization of IT services,” he says.

OVERWHELMING RESPONSE

In order to meet the needs of the hour, IT companies have upgraded their repository to make use of the new opportunities created by the pandemic. Says Muralidhar: “The response from IT companies has been overwhelming as there is no alternative to upgrade one’s self in the industry. These companies have redesigned their applications and reallocated their spaces to suit the needs of the banks, which are mostly driven by the customers’ requirements.”

NEED BASED PARTNERS

The decision to change the IT service partners or to retain them is mostly based on the nature of the needs. Murlidhar explains that for those services which are found satisfactory, the existing partners are retained and for newer requirements, new partners are engaged.