A New Innovation in Banking Sector

Abstract

The banking sector plays an important role in the development of one country’s economy. The development of banking sector depends upon the services provided by them to the customers in various aspects. New entrants to the market, new business models, changing customer expectations and fragmentation of traditional services are all contributing to put traditional banks under pressure to launch new technology in their operations. The banking sector in India has seen a number of changes. Most of the banks start innovative banking with object to create more value customers. ATM, RTGS, NEFT, Internet banking, Mobile banking, SMS Banking and cheque truncation system are some existing innovations. But there are some new innovations used by the non-banking institutions and few foreign banks. These new innovations may be grabbed by the Indian banks. So, this paper enlightens the knowledge light on new innovations in banking sector.