Innovations in the Banking Industry: A Study
1. Introduction
Financial innovation is the act of creating new financial products, technologies, institutions, markets, processes and models according to the changing situations. Financial innovation includes innovation in the financial environment. Innovation means creating new things or old things in a new way. In reality, There is a vast range of different financial products and processes that financial institutions use in their processes, investors use to mitigate the risk. Banking firms are now using innovation in its services. In 1990s, Indian banking sector realized the need of modernization of the services. Over the years, the banking sector in India has seen a number of changes. …show more content…
The scenario has been completely changed. The electronic delivery channels increase transparency and can lead to higher competition among banks, and a most significant point-through lower costs, penetrating new markets and expanding the geographical reach(International Monetary Fund,2011). Internet banking is not only convenient for customers, it also negates the need for keeping some bank branches open for 24 hours a day to provide unparalleled customer service. (2) Internet banking is a new delivery channel for banks in India. However, i-banking has not been popularly adopted in India as expected (Ravi et al., …show more content…
Objectives of study
• To study how innovation is catering the needs of the customers in banking
• To study the need of innovation in the banking sector
4. Research methodology
This research covers all types of bank in India. Presently, all banks in India use innovative banking services like ATM, Mobile banking, RTGS, Plastic cards etc. Data and information were gathered from secondary sources which included books, journals, newspapers, websites, and research studies.
5. E-Banking model
To use the E-Banking services, one must have an electronic device like personal computer, cellular phone, telephone, smart phone, tablet or other similar device. 6. Innovations in banking sector Banking sector today is fastest and paced and is consistent in its throes of changes, with new regulation, new process and new policies. (3)
The main cause behind the innovation in banking sector is rapid advancement in IT. Information technology has given rise to the innovations in the banking services.
ICICI bank was the first India bank to provide internet banking
1. Introduction
Financial innovation is the act of creating new financial products, technologies, institutions, markets, processes and models according to the changing situations. Financial innovation includes innovation in the financial environment. Innovation means creating new things or old things in a new way. In reality, There is a vast range of different financial products and processes that financial institutions use in their processes, investors use to mitigate the risk. Banking firms are now using innovation in its services. In 1990s, Indian banking sector realized the need of modernization of the services. Over the years, the banking sector in India has seen a number of changes. …show more content…
The scenario has been completely changed. The electronic delivery channels increase transparency and can lead to higher competition among banks, and a most significant point-through lower costs, penetrating new markets and expanding the geographical reach(International Monetary Fund,2011). Internet banking is not only convenient for customers, it also negates the need for keeping some bank branches open for 24 hours a day to provide unparalleled customer service. (2) Internet banking is a new delivery channel for banks in India. However, i-banking has not been popularly adopted in India as expected (Ravi et al., …show more content…
Objectives of study
• To study how innovation is catering the needs of the customers in banking
• To study the need of innovation in the banking sector
4. Research methodology
This research covers all types of bank in India. Presently, all banks in India use innovative banking services like ATM, Mobile banking, RTGS, Plastic cards etc. Data and information were gathered from secondary sources which included books, journals, newspapers, websites, and research studies.
5. E-Banking model
To use the E-Banking services, one must have an electronic device like personal computer, cellular phone, telephone, smart phone, tablet or other similar device. 6. Innovations in banking sector Banking sector today is fastest and paced and is consistent in its throes of changes, with new regulation, new process and new policies. (3)
The main cause behind the innovation in banking sector is rapid advancement in IT. Information technology has given rise to the innovations in the banking services.
ICICI bank was the first India bank to provide internet banking