Citizens Bank Ltd. has been providing easy, fast and secure banking services to its customers from the comfort of their homes.

As per the bank’s ‘Banking in Your Hand’ approach, customers can easily avail services such as mobile app, internet banking, QR transactions, digital wallets and kiosk services, customers easily avail facilities such as opening of Term Deposit accounts, applying for credit cards, filling online IPOs, loan applications, and performing transactions in real time transactions.

Previously, mobile banking was SMS-based and only a limited service was available. Currently, fund transfer, virtual card usage, mobile top-up, ticket booking, ATM card withdrawal, fund transfer services are available through mobile app, omni-channel Digi Bank, Smart Bank, etc.

Digi Bank has provided all banking services through a single medium to remove the need for customers to go to different apps and mediums. How did the bank succeed in all this? What is the bank’s strategy in the future? What is the bank doing to make digital banking safer? Nivesh News talked to Sanjay Kumar Shrestha, Chief Information Technology Officer and Assistant Chief Executive Officer of Citizens Bank

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How is Citizens International Bank currently serving its customers through digital banking?

KATHMANDU: Citizens International Bank Ltd. (SIBI) has launched a digital banking system that allows its customers to avail most of the banking services from the comfort of their homes. The company offers services such as mobile banking app and other digital channels such as account opening, credit card application, term deposit account, online IPO filling, loan application, virtual credit card usage, real-time transactions, among others. Customers have reduced the hassle of going to the bank and can do daily financial work from mobile. The bank has been adding new services in digital banking in recent times.

What digital platforms are the customers of Yes Bank currently using?TAG_OPEN_strong_57

The bank provides a wide range of digital platforms, including mobile banking, internet banking, QR transactions, digital wallets, kiosk services, among others. Customers can not only transfer money from their own bank but also to other banks through QR. Customers of other banks can also withdraw money or avail services from Citizens Bank, which has made it easy to use different banking services through one bank.

What has changed between the time before and now?

Earlier, mobile banking was based on SMS and only limited service was available. Currently, the mobile app provides fund transfer, ATM withdrawal, online loan application, opening fixed deposit, IPO filling, mobile top-up, ticket booking, etc. By collaborating with third parties including FonePay, many of the daily tasks of daily life can be done from mobile. This has increased both the number of customers and the trust of the bank.

What is the difference between Smart Banking and Digi Bank?TAG_OPEN_strong_55 Why was Digi Bank brought?

Smart banking is basically a mobile banking service whereas Digi Bank is an omni-channel platform. Digi Bank offers mobile banking, card services, operation services, website services and other banking services from a single platform. Digi Bank has been brought to eliminate the need for customers to go to different platforms and to provide complete services under one roof. Digi Bank has been brought to solve the problem of customers who should go to which app to watch which service.

How has digital banking impacted costs and revenues?TAG_OPEN_strong_54

According to the bank, the main objective of the expansion of digital services is to provide convenience to the customers rather than to make a profit. Although it takes investment and cost to develop a digital platform, it has also improved the customer experience. In collaboration with fintech companies and service providers, services like top-up, ticket booking, online payment are provided, which may bring some commission, but the priority is service expansion and customer convenience.

What are the main challenges facing banks in the digital banking sector?TAG_OPEN_strong_53

Challenges such as cybersecurity risks, technology challenges, lack of digital literacy of customers, internet problems are some of the challenges. The bank has adopted security measures including firewalls for technical challenges. But, at the same time, customer awareness is very important. Many fraudsters will happen when customers share passwords or OTPs. To solve this, the customer himself needs to be aware. The bank has been continuously conducting awareness programs. Banks, as well as the central bank, government, and other sectors have been conducting awareness programs to address this kind of challenge.

How is the use of digital banking low in remote areas, what can be done to increase it?

In the last few years, internet penetration was low in Nepal. Now it has increased. There is no district without internet now. This has made it easier to use digital banking. SMS based services and offline QR payments are available even without internet. Even if there is no internet, payment can be made by scanning the QR.

What are the opportunities and challenges brought by AI (AI) in the banking sector?TAG_OPEN_strong_51

AI has provided features such as text-to-voice chatbots, voice services, fraud detection. This has made the service faster and safer. But there are also the risks of misinformation, high cost hardships, low return on investment (ROE) and the risk of wastage of investment due to lack of maturity in technology.

What can be done to reduce online fraud and virtual card fraud?TAG_OPEN_strong_50

Do not share passwords or OTPs with anyone, do not trust suspicious calls or links, confirm directly with the bank, and increase customer literacy. The bank has been continuously conducting awareness programs through video, SMS, email and social media.

What are the security systems and technologies adopted by Citizens Bank to protect customers’ data and protect them from cyber risk while providing digital banking services?

With the expansion of digital banking services, Citizens Bank is moving forward by giving top priority to security. The objective of the bank is based on the principle of ‘convenience in service, no compromise in security’. The bank has implemented security systems at various levels to keep the personal and financial data of the customers safe. First, the bank identifies and addresses potential risks before deploying every digital application or system it develops. This ensures that there is no weakness in the system.

Similarly, the bank has adopted multilayer security measures such as network firewall, application firewall and server infrastructure firewall. Provisions have been made to prevent unauthorized access by using different types of firewalls in both internal and external networks. An email security system has also been used to prevent cyber-attacks through email.

Modern technologies like two-factor authentication, PIN-based security, OTP, face recognition and biometrics have been introduced to ensure secure access to the customer’s accounts. All these security measures are systematically implemented under the IT Security framework and the bank is providing digital services. In this way, Citizens Bank is striving to keep the customer’s data completely safe, advancing both digital convenience and security in parallel.

Citizens International Bank has emerged as a digital bank providing ‘Banking in Your Hand’ service to its customers. The bank is committed towards data security, 24-hour service and new digital solutions and aims to provide convenient and secure banking services prioritizing customer trust.