Creativity and Innovation in Indian Banks
Topic: Innovative products by Indian organizations in the Banking Sector
Akshita Shetty
Student
K J Somaiya Institute of management studies and research
PGDM (RM)
Roll no: 56
Email id:ashetty14189@gmail.com
Abstract
During the past one decade, one of the sectors which underwent visible sea-change through innovative strategies is undoubtedly the banking sector. The sector has been growing at a fast pace in India and is challenged with several aspects like new regulations from time to time, changing customer needs and perceptions, changing technology and changing operations. Technology has been playing a crucial role in the tremendous improvement of banking services and operations. Indian banking industry has moved way ahead both in terms of offering value added services and delivering quality service. It was thought that the world financial crisis would impact the Indian banking sector in a serious manner. But, because of the strong foundations of Indian banking system with the support from well structured financial systems, the anticipated impact of the world crisis was almost insignificant. Instead, it helped the banks to get strengthened further and become closer to the customer with innovative approaches. Banks appear to be on the path of achieving sustainability and a long-term survival because of innovation.
Keywords:
Innovation in banking, technology in banking, changes in banking, transformation in banking, IT in banking, Indian banking.
Introduction
Technology has brought about a complete paradigm shift in the functioning of banks and delivery of banking services. Gone are the days when every banking transaction required a visit to the bank branch. Today, most of the transactions can be done from the comforts of one’s home and customers need not visit the bank branch for anything. Technology is no longer an enabler, but a business driver. The growth of the internet, mobiles and communication technology has added a different dimension to banking. The
Akshita Shetty
Student
K J Somaiya Institute of management studies and research
PGDM (RM)
Roll no: 56
Email id:ashetty14189@gmail.com
Abstract
During the past one decade, one of the sectors which underwent visible sea-change through innovative strategies is undoubtedly the banking sector. The sector has been growing at a fast pace in India and is challenged with several aspects like new regulations from time to time, changing customer needs and perceptions, changing technology and changing operations. Technology has been playing a crucial role in the tremendous improvement of banking services and operations. Indian banking industry has moved way ahead both in terms of offering value added services and delivering quality service. It was thought that the world financial crisis would impact the Indian banking sector in a serious manner. But, because of the strong foundations of Indian banking system with the support from well structured financial systems, the anticipated impact of the world crisis was almost insignificant. Instead, it helped the banks to get strengthened further and become closer to the customer with innovative approaches. Banks appear to be on the path of achieving sustainability and a long-term survival because of innovation.
Keywords:
Innovation in banking, technology in banking, changes in banking, transformation in banking, IT in banking, Indian banking.
Introduction
Technology has brought about a complete paradigm shift in the functioning of banks and delivery of banking services. Gone are the days when every banking transaction required a visit to the bank branch. Today, most of the transactions can be done from the comforts of one’s home and customers need not visit the bank branch for anything. Technology is no longer an enabler, but a business driver. The growth of the internet, mobiles and communication technology has added a different dimension to banking. The
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