With the increased thrust on financial inclusion and customer protection and the recent surge in customer grievances relating to unauthorized transactions resulting in debits to their accounts/ cards, it’s been long time in coming for a regulation that would allow banks to communicate fraudulent transactions better to a customer than the current just “FYI” message that they receive.
The new RBI mandate to enhance protection on electronic transactions states that, ‘Banks shall enable customers to instantly respond to the SMS and e-mail alerts and the customers should not be required to search for a web page or an e-mail address to notify the objection’. Further it says ” On receipt of report of an unauthorised transaction from the customer, banks must take immediate steps to prevent further unauthorised transactions in the account.”
The longer the time it takes to record such fraudulent activity , higher will be the risk of loss to the bank/ customer
For banks, this means better “actionable” communications being sent to customers so that they are able to conflict any such fraudulent transactions in timely manner without having to visit the banks’s website or emailing them. Disputing fraudulent transaction is a time critical activity.
Are banks ready to address this new regulation?
The new age banking has finally arrived.
The solution lies in adoption of technology that can address the need of the hour with seamless implementation.
Twixor’s, has unique out-of-the-box solution to handle these time critical events most efficiently.
By leveraging the contemporary PWA(Progressive Web Apps), it enables customers to report fraud transactions in the same SMS or email alert, that notifies them of the transaction. All this can be done without downloading the App or logging into net-banking. Further a security layer can also be implemented to authenticate that the dispute has been raised by the right customer.
This also allows banks to ensure that their liability in any such disputes is addressed in time thus averting any risk related to fraudulent activity.
As for a customer , this technology allows to ease the process of disputing any unauthorized trasnactions as well as limiting a their liability.
It’s a win-win for all!
Twixor is the first of its kind ‘customer engagement platform’ which brings together the power of ‘bi-directional actionable messaging’ and ‘Business Process Management (BPM)’.
Twixor delivers actionable customer engagement in a PWA (Progressive Web App) capsule powered by their versatile BPM engine. Twixor’s unique P-F-TL (Push Feed Timeline) format allows for easiest adoption at the last mile consumer engagement experience, who are very well versed with a WhatsApp or a Facebook Messenger.