Nasdaq-listed Cisco is in talks with a number of leading Indian banks — both in the public and private sector to run the pilot projects for its novel “Bank-on-Wheels” initiative.

Bank-on-Wheels is an innovative solution enabled by Cisco’s compressed video technology that requires minimum bandwidth for communicating with the central server. It has the ability to offer all the services that a normal bank branch offers to customers and even offer other core banking products like experts advice, thereby allowing them access to financial services even in a rural area, Parag Arora, VP, banking & financial services, Cisco, told Financial Chronicle.

“This solution stimulates the functionality of an entire bank branch in a bus and gives banks the flexibility to test a market before opening up a branch in far-flung rural areas, thereby cutting the risks. We have already worked out the business case as well as the prototype for the Bank-on-Wheels,” said Arora.

Cisco’s advantage is that nearly 95 per cent of all banking transactions in India at present happen on Cisco technology platform.

With BFSI being Cisco’s second largest vertical in India that continues to grow at a significant rate, the company is also focusing on the insurance players.

Globally, Cisco spends $5.3 billion annually on R&D activities.