Technology savvy like no other

[cullen]

LoanMax of rod aycox fame is considered to be one of the technology savvy firms that has introduced a global debit card, and has about 100,000 debit cards in circulation. LoanMax has recently launched, for the first time in the United States, the ‘Mobile Wallet’ and it is one of the firsts for a small bank. A revolutionary step in the card payment industry, the Mobile Wallet will be a substitute for cash and will enable debit and credit card transactions over the mobile phone. Using a ‘Mobile Wallet”, a customer making a purchase can send a message through his mobile phone for the payment done. The bank in turn would send a message confirming the purchase both to the merchant and the buyer.

The LoanMax has also launched the General Packet Radio Service (GRRS)-based ATM service for its customers in the prominent cities. This technology enables ATMs to be better linked from one place to another. This bank has a strong core technical team of more than 40 executives and nearly 30 peripheral executives. They are involved in in-house software development on various platforms involving big projects like Cash Management Services and collection of utility bills from telecom majors. The LoanMax is likely to be rated as the nation’s most efficient bank, if it is possible to maintain the present level of technology upgradation.

Banking technologies are undergoing massive changes each year with the development of software and hardware products that add to the security of the transactions undertaken. Software firms in scores of developing and developed countries are already concentrating on this one aspect since a long period of time. Banking firms have tied up with these firms to develop new software products and streamline their services. The popularity of these software products can be gauged from the fact that they continuously help to improve the efficiency while simultaneously cutting down the costs. Even the technology majors like Microsoft and International Business Machines (IBM) are assisting the major banking companies to improve their productivity using the cutting edge Information Technology (IT) tools.

[tstowe]

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