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Blockchain is a distributed registry that records transactions occurring between different blocks and Syndicate Bank is keeping ATMs as one of the blocks to help verify transactions and alert the customer in nanoseconds. "Suppose you are a Syndicate Bank customer who withdraws money from a Syndicate Bank or ICICI Bank ATM, if you say you attempted to withdraw Rs 10,000 and receive a message that your account has been debited, but no cash have been distributed you do? " asks Mrutyunjay Mahapatra, MD, Syndicate Bank.
The normal procedure is to call the customer's bank, report the incident. And then wait 4-5 working days, while the bank checks its systems to see if the transaction has occurred or not and then reverse the amount. "In the meantime, it's five days of tension for you, but in a blockchain model that should not be the case," says Mahapatra.
When the ATM becomes a block in a series of transactions, the system will immediately check the opening balance of the day, execute all transactions that have taken place since then and if there is more money in the ATM than detected by digital transactions This means that it is obvious that your money has not been distributed. "So our system will alert you immediately:" Your attempt to withdraw Rs 10,000 has failed as no money has been paid, but the amount will be restored to your account within 2 business days "." says Mahapatra.
Syndicate Bank believes that blockchain, in addition to reducing reconciliation times from five to two business days, will also guarantee the customer's mentality – with such immediate notification.
Another problem when it comes to power supplies was the large number of corporate loan defaults. In the jewelry industry alone, from the Nirav Modi scam to Kanishk Gold, the banks suffered a lot of criticism for improper audits and failure to detect irregularities. To avoid this, Syndicate Bank has developed a technology called Sales Saathi.
Saathi sales geo-tag employee tablets and helps to check whether they have visited the factories, showrooms and offices of borrowers. "After on-site inspections, bank employees can also add notes based on their observations, which when they are placed in our systems can be helpful as early warning signals for a possible loan default," he said Mahapatra.
The technology would also help senior managers keep their businesses under control. "Some of our general managers have to manage as many as 45 branches: after 40 visits to 40 branches in three months, GM itself would be hard-pressed to remember every single interaction and recommendation of his." Saathi Sales helps manage this, "says Mahapatra.
