Transition is over - Now growth is the MANTRA

The Indian customer are no more the scape goats to chit funds, money lenders or the red-tapism and 'Babudom' of public sector banks. The liberalisation of early nineties opened the gateway of reform flood in the Indian banking. Though due to huge demographics and varied geography, there is significant disparity, yet the worst critics can not undermine the spectacular growth of the Indian banking system in this decade. The Indian banking industry has passed the phase of transition. While PSU banks are shedding flab by implementing VRS schemes and adopting technology aggressively while the private players are looking at consolidating their strengths through mergers or acquisitions.

With the customers being offered the best services across the highly diverse nation, the banking services are indeed focusing on all the possible measures that can be brought in so as to raise its standards to the international level. The ongoing trends are certainly giving out positive vibes and ensuring the common man that his money will indeed get its worth at any cost. With speed being the key decider in service delivery, advanced and technology oriented solutions could hold the key for banking players as they look to become one-stop shops for insurance, equity investments and of course banking.

The services provided by Indian banks have been diversified as well as simplified in numerous ways. Banks have now enhanced their service baskets with the introduction of online banking services as well as Internet options. They are no longer having their world ending at the commercialised banking and withdrawals at long queue. They have in fact, taken giant leap further in the field with the introduction of online banking. The rapidly increasing requirements of the IT and retail boom empowered Indians are encountered with the help of newly-devised banking services. The established modern banking facilities in the Indian banking system is indeed setting new heights and significant targets.

Apart from the the entry of private and foreign banks in the banking arena, the latest advancements in the Indian banking system is the introduction of latest technology and enhanced software helped the banking sector to stay ahead in the extremely competitive market. Moreover, with the advent of online banking services, one can easily participate in making money transactions online without any hassle. The online banking services have made the life of the user extremely convenient by widening the scope. With their help, the user can send online drafts, can make money transfer to anyone sitting anywhere in the world.

The relevance of mobile and online banking services channel is that it reduces branch/ call centre costs M-Commerce and is expected to account for an increasingly high proportion of transactions. The advanced technology can be ideal for allowing transactions to be authorised in many more places than ever before online services are expected to generate access to new business opportunities & new alliances across business sectors. The utilities of online banking services like M-payments (B2C) & Inter-personal (P2P) payments Card based payments (Mobile debit/credit/pre-paid card) Cash payments (Electronic purses/wallets) Utility bill payments, Credit Card Payment, Mobile Top up Alerting Services (Transaction alerts, reminders, Stock alerts, Offers & marketing promotions) have made them more popular among the tech-savvy users.

With the passage of time,not just the banks but the customers have also shown great level of involvement with the banks and have always been pronounced pro actively while giving their true feed-backs. Not just throughout India, the banks have proliferated themselves in foreign soil as well. The various deposit schemes like fixed deposits, an account with the return of fixed deposits but the liquidity of the saving account etc. have prompted the users to invest and save more in these banks and get the worth of their money enhanced.