Secured Digital Banking in Rural India: Financial Inclusivity: Knowledge Hub: Social Innovation: Hitachi

Digital Transformation

India is going through extraordinary economic progress supported by robust digitalization efforts under Digital India initiative by Government of India. This process is creating a surging demand for financial inclusivity in the vast un-serviced rural landscape of the country. This trend translates to infinite possibilities for financial institutions as out of 1.37 billion⁽¹⁾ citizens of India, nearly 67%⁽¹⁾ still reside in rural areas of the country. However, consequentially, the staggering numbers, and the geographical vastness renders establishing a secured financial network, an undertaking of massive proportions.

Financial institutions are facing this daunting task to meet RBI's stringent Regulatory and Compliance guidelines under National Rural Financial Inclusion Plan (NRFIP) to implement the right security framework to facilitate simple, convenient, and paperless banking in India.

The massive digital transformation in banking is enabling citizens in the remote areas of India to engage with the country's financial framework and also support financial institutions to realize the opportunity to accelerate and contribute towards India's growth.

Opportunity

Hitachi, a digital innovation partner for governments and large organizations and the leader in advanced IT X OT (Operational Technology) has recognized the need. The company’s Collaborative co-creationsis providing financial institutions with scalable, sustainable and secure financial services in the remote, low-income, and under-developed regions of India.

Solution

Hitachi through Hitachi Systems Micro Clinic Pvt. Ltd, is helping financial institutions with deep rural presence to safeguard the banks and their customers against the growing cyber threats and breaches. As a result, it is contributing digitally to protect the critical banking information in the growing digital network scenario.

Recognizing its vast capability, the company has been engaged in the critical mission of establishing a highly secured digital financial network that spans across an overwhelming spectrum of 1600 branches and 5,000 endpoints.

By efficiently implementing a UNIFIED platform for Management of Security Controls and Policies across multiple environments the solution was fortified by endpoint security architecture to prevent bank's servers from ransomware.

This platform helps in averting threats arisen by injecting malicious software into the system through software vulnerabilities by protecting the file servers against inevitable cyberattacks.

To monitor the threats and security incidents vigorously, the company integrated Identity Access Management (IDAM) and SIEM (Security Incident and Event Management Solution) into the system.

Therefore, by delivering secured digital banking solutions, to secure a financial institution's critical banking applications and Database servers from Malware and Ransomware attacks, Hitachi Systems Micro Clinic is diligently assuring millions of citizens in remote locations across India, access to extremely safe and reliable digital banking facilities and provide a robust channel for real-time banking transactions.

Security Incident and Event Management Solution

Safeguard the banks and their customers against the growing cyber threats
Establishing a highly secured digital financial network
Access to extremely safe and reliable digital banking facilities for millions of citizens in remote locations across India

Safeguard the banks and their customers against the growing cyber threats

Establishing a highly secured digital financial network

Access to extremely safe and reliable digital banking facilities for millions of citizens in remote locations across India

Benefit

Thus, as an outcome, the end-to-end solutions implemented by Hitachi Systems Micro Clinic comprehensively enhanced Fino Bank's service delivery capability and portfolio. The digital transformation in banking helped Fino, one of the leading rural banking networks to reach out to a higher number of customers in India's remote rural areas and deliver secured banking solutions to unserviced citizens.

By incorporating IDAM, it has successfully provided an integrated solution to the customer for monitoring, protecting, and auditing of the privileged accounts. Through digital transformation, the secured online documentation and formalities have also augmented the financial institution's credit business resulting in faster and hassle-free loan procurement for small entrepreneurs, farmers, and other applicants.

Hitachi's Social Innovation solutions with cutting-edge and highly customized IT X OT (Operational Technology) capabilities have paved the way for a robust financial ecosystem of the country. It is enabling Fino Payments Bank in record time by adopting a global standard security framework and bring in cost-effective technology solutions to reach out to every un-banked individual in the country.

The successful implementation accrued delivery of world-class banking services to Fino's 2 million customers in rural areas of India catalyzing the overall development of these regions and a significant leap towards transforming millions of lives, every day.

Source:
1- http://worldpopulationreview.com/countries/india-population/

To know more, visit : Hitachi Systems Micro Clinic Pvt. Ltd.

Transforming Urban Mobility in India

Knowledge Hub

Taking Secured Banking
to The Indian Hinterland

Digital Transformation

Opportunity

Solution

Benefit

Social Innovation

Solutions

Case Studies

Knowledge Hub

Contact Information

Disclaimer and copyrights

Knowledge Hub

Taking Secured Bankingto The Indian Hinterland

Digital Transformation

Opportunity

Solution

Benefit

Social Innovation

Solutions

Case Studies

Knowledge Hub

Contact Information

Disclaimer and copyrights

Taking Secured Banking
to The Indian Hinterland