Corporation Bank has won three Banking Technology Awards for excellence in absorption of IT in day-to-day banking operations under the auspices of the Indian Banks Association (IBA) and the Trade Fairs & Conference International (TFCI).

According to a press release, the awards are “Best Bank Award for best use of IT in retail banking,” “Best Bank Award for best implementation of STP (Straight Through Processing)” and “Runner-up Award for best IT security policies & practices.” The awards were received by General Manager of the Bank B R Bhat on behalf of the Bank at a special function held in Mumbai on Wednesday.

According to a press release, around 138 nominations where received from various public sector, private sector & foreign banks for the awards. The evaluation was made on 15 parameters by an independent jury panel. The basis of evaluation was on the banks’ achievement in the areas of innovation in technology application that has brought efficient customer service, comfort to the customers & speed of delivery.

Awards

The award for Best use of IT in retail banking was given for the innovation made by the bank in rolling out Branchless Banking Model, which envisages taking banking services to the remotest villages of the bank using technology without having to open expensive branches. The award for Best Implementation of STP is given for the Bank’s outstanding achievement in bringing its 100 percent branches under Core Banking Solutions (CBS).

Aided by CBS, the Bank has offered value-added services to customers such as SMS Banking, SMS-based Pay-by-Mobile services, RTGS & NEFT facilities for instant funds transfer, online railway ticket booking and payment of LIC premium, the release added.