A study on latest trends in Banking Technology & Innovation
Keywords:
Banking Sector, New innovations, Banking products and servicesAbstract
According to Heraclitus, “Change is the only constant in life” so we have to ready for change in every aspect of our lives. Technological advancement enables the banks to work more efficiently and bridge the gap between traditional and digital banking.
Now-a-days, new technological innovations are made in every sector. Banking sector plays a vital role in the economic development of all the countries. Customers are the King of the Bank and they provide new technological innovation viewed as the application of better solutions that meet their new requirements, unarticulated needs and desires etc., helps them to provide better customer satisfaction. New innovations are made in the banking sector not only for the customers can operate their account from their homes or workplace helps them to save their time, energy, fuel etc., but also for the Banks to provide their service with low cost and it leads to higher profits.
After nationalisation, the Indian Banking Industry has witnessed tremendous records of developments. Internet banking, Electronic Clearing Services, Electronic Fund Transfer, Real Time Gross Settlement, Core Banking etc. are the latest electronic banking services introduced by the banks in India. So, this paper highlights the knowledge on upcoming trends in Banking Technology and Innovations.
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