ABSTRACT a nation. Banks have control over a

Topics: BusinessManagement

Type:

Sample donated:

Last updated: September 14, 2019

ABSTRACT The Bankingsector is the biggest player, plays a important role in building the economy ofan individual as well as a nation. Banks have control over a large part of thesupply of money in circulation. They are the main stimulants for the economicdevelopment of a country. A strong banking and finance sector is, therefore, importantfor a country to attain a developed status . It is vital for growth, creationof jobs, generation of wealth,poverty eradicate, encouraging entrepreneurshipactivity and stimulate the gross domestic product. Today banking is known asinnovative banking.

IT has given a fillip to new innovations in the productdesigning and their delivery in the banking and finance sectors. Customerservices and  satisfaction are theirprime work. The focus is migrating from mass banking to class banking with theintroduction of value oriented and customized products. Tech allows banks tocreate what looks like a branch in a business building’s lobby without havingto recruit manpower for manual operations One of the most significant areaswhere IT has shown impact is on substitutes for traditional funds movementservices. With the advent of electronic banking,funds transfer and othersimilar products, funds transfer within stipulated time frames which would haveappeared distant possibility  has made itreality.

Don't use plagiarized sources.
Get Your Custom Essay on "ABSTRACT a nation. Banks have control over a..."
For You For Only $13.90/page!


Get custom paper

With networking and internet connectivity new demands are arisingrelated to security privacy to transactions. INTRODUCTIONThe bankingsector secure superiority over a new business model by building management andcustomer services with a variety to offer and cost control to maintain itspresence in the long run and services. The paper attempts to showcase andpresent  the emerging trends and itschallenges that has been emerged in the banking sector with special emphasis ondigital activity. It will be worth meaningful for the academicians, banking andinsurance personnel, financial advisors, professionals, students andresearchers.

Digital activity in banking sector provides banking smooth andtransparent for the customers. In the recent years, there is a notable drop inthe usage of branches and tremendous increase in digital banking consumption.Most of the private banks and public sector banks are focused on offering newtechnology-based services to its customers like mobile banking, mobile bankingapps and e-wallets.

The biggest advantage of digital channeling in banking isits ability to provide new propositions and customer specific business modelsby analyzing this banking pattern which explores the customer value to themaximum.IT todayhas become an important tool for an efficient banking system, and Indian bankshave put in place a fairly strong infrastructure to leverage its benefits. Digitizationis not only an option for banking industry but it is envitable because every sectoris being digitalized. Now India as well as Indians is ready to become cashlessin this era of Digitization. It is no brainer that banks are the backbone ofthe economy, they sink and sail with it.Though riddled with lot of risk,banking services steadily moved forward with digitizationto offer customerservices at their fingertips and laptop screens Over 190 million accounts havebeen opened under the financial inclusion scheme, with around 38 per cent ofthese being zero-balance accounts.

It aims at achieving the maximum — maximumvalue, maximum empowerment to people and maximum technological penetrationamong the masses. India, being a nation which continues to be driven by cash,is also moving towards a cashless economy with financial inclusion policy   APPROACH: OMNI CHANNEL The most efficient way to understand and bringthe organization from conservative banking to digital banking is Omni-Channelapproach. Omni-channel is a multichannel approach to customer service where allthe channels are closely integrated,focussing customer in the center of theintegration.

Since customers persist in changing their channel usage patterns,banks and credit firms need to focus on creating a seamless customer experienceacross various points. More than just an axiom, Omni-channel banking is aprospect to take bottom-line on higher note by gaining information fromcustomers’ channels, behavior and taste. Currently customers are more advancedand tech savvy, to cater to their needs, each customer needs a uniqueexperience from banking. They want them to understand their unstated needs aswell as their likes. Therefore there is no surprise that these customers areexpecting similar kind of response and service from banking sectors.

Fromresearching new services, account opening, monitoring balance, conductingtransactions, loans, credits, wealth management, customer support, delivering anOmni-channel experience has found success in this competitive market place.Espousal ofOmni-channel is indispensable to ensure that a unified customer experience is,imbibed and supports customer at the right time, in the right place as theright way. Either It may be as per their mobile and digital life style. Stayinggermane in current banking revolution entails deep acquaintance of customers’needs, wants and demands. PwC India’s leader banking and capital markets, Mr.ShinjiniKumar expressed that, “Many Indian banks, like their Asian counterparts, areready  to use the advantage of localtalent and leapfrogging technology to generate forward looking digitalstrategies.

Choose your subject

x

Hi!
I'm Jessica!

Don't know how to start your paper? Worry no more! Get professional writing assistance from me.

Click here