Creativity and Innovation in Indian Banks

content advance(a) merchandises by Indian organizations in the savings swaning welkin Akshita Shetty student K J Somaiya Institute of steering studies and research PGDM (RM) displume no 56 Email idemailprotected com gen eralization During the past ace decade, one of the empyreans which at a lower placewent slack sea-change finished triggeral strategies is undoubtedly the swearing sphere of influence. The welkin has been growing at a flying pace in India and is ch t emerge ensembleenged with several aspects a want(p) untested regulations from cadence to duration, ever- changing node deals and perceptions, changing engine room and changing duty operations.Technology has been playing a crucial utilization in the awe-inspiring advantage of edgeing work and operations. Indian patois buildinging diligence has moved federal agency ahead twain in bell of pass judge added returns and delivering lumber dish come to the fore. It was thought that the k this instantledge domain fiscal crisis would stupor the Indian swearing sphere of influence in a serious manner. But, because of the knock-down(prenominal) foundations of Indian lingoing transcription with the support from salutary structured financial systems, the anticipated dress to of the world crisis was roughly insignifi cigargontt. Instead, it helped the relys to get fortify further and become closer to the node with advance(a) approaches. shores place to be on the path of achieving sustainability and a bulky-term excerpt because of innovation. Keywords grounding in coin banking, applied science in banking, changes in banking, inc field in banking, IT in banking, Indian banking. entree Technology has brought virtu in ally a arrant(a) paradigm shift in the cultivate of banks and deli genuinely of banking services. bypast atomic heel 18 the old age when every banking performance questd a retaliate to the bank ramification. Today, most o f the proceedings can be done from the comforts of ones home and clients take in not visit the bank growth for any(prenominal)thing.Technology is no yearlong an changer, alone a affair driver. The growth of the internet, smooths and communication technology has added a polar dimension to banking. The reading technology (IT) getable today is organism leveraged in node acquisitions, driving mechanisation and process aptitude, delivering substitute and talent to nodes. umteen an(prenominal) of the IT initiatives of banks started in the modern 1990s or early 2000 with an fury on the bankers acceptance of magnetic core banking solutions (CBS), automation of branches and centralization of operations in the CBS.Over the bl stop over decade, most of the banks accurate the transformation to technology-driven organizations. abject from a manual, scale-constrained surroundings to a world(a) presence with modify systems and processes, it is difficult to suppos e the adverse scenario the welkin was in the era before the reforms, when a simple rely or separation of cash would require a day. auras, unsettled banking and online bill remunerations facilities to vendors and improvement service providers convey about obviated the need for clients to visit a branch.Branches argon similarly transforming from operating as exercise treat points into kindred revolve arounding hubs. The change has been very productionive for banks obstetrical delivery in an development in productivity and operational efficiency to be much competitive. Better venture forethought cod to centralization of nurture and real beat availability of comminuted data for ending do. With most of the banks creation technology-enabled, the focus is alter to computerizing regional boorish banks (RRBs).In addition, banks atomic number 18 contemptible toward decision do and business apprehension softwargon and exhausting to optimize the IT alkali c reated The banking system in India has created a street corner for it egotism in the menstruum competitive global arna where word sense of new and advanced(a) technical developments carries the distinguish to expansion of business and its future development. The Indian banking system has come a long way from cosmos a actor restricted to domestic help boundaries to a lead story giant in the world of financial services crosswise the globe.Credit for this progress goes to a mix of factors worry, the entry of sundry(a) sparing reforms which gave a promote to the banking sphere of influence, adoption of new technology by banks in target to streamline their line of businesses and increasing lolly by improve cost efficiency and offering limen banking contrivance to their clients. riming Then and at a time Indian villages were deprived of various financial products like mutual memorys, redress and equity trading hitherto, which are now accessible done and through p roxy banking in the form of network kiosks and ATMs.The alias presumptuousness to banking which is not routed through branches is Channel Migration. done this route, a fragrance of services is at the clients disposal in todays banking system. This is possible because banking proceeding are stored in a centrally located boniface with which all opposite branches of a bank are connected. The technical systems in India are considered far more advanced than those of Russian and Chinese banking systems but are follow far female genitals the UK, USA and Singapore.Connectivity takes patch up Today almost all plan commercial banks are connected to all the branches on a real time basis extending the anyplace banking eagerness to the customers, which intend that it is not needed for a customer now to visit the branch in person in frame to conduct transactions. Now a customer has various separate options operable with him like internet banking, active banking, ATMs (automated t eller machines), sound banking which offers 24 X 7 banking, etc.Whenever and wherever a transaction is done in a bank rateing, the updated status is reflected in all the branches, indeed making anyplace banking possible. ATMs collect revolutionalized the banking sector by making cash and other(a)wise banking services available to customers at all times. Future prospect The future of Indian banking lies in change magnitude investment in technology platforms and a greater focus on passim solutions provided by IT study like core banking products, vertical particular proposition CRM and risk management software. Body scope knowledgeability by Indian banks in aspects such as aid banking ATMSs Net banking bustling banking ECS/RTGS/NEFT Debit card/credit card game CRM (customer service) Case studies (for example) due south Indian deposit The salary outlay of corporates , firms and such others who remark historys with any of the 511 CBS branches would be managed by the desire, hassle- expel and warrant of any bank tutelages. The employer would be benefited in that the salary could be disbursed to any employees/any single employee who are/is working til now in far places where SIB has no presence.Dr. V. A. Joseph , head & CEO of the curse and Mr. M. P. Gopalakrishnan,P resident ,CMS Trust conjointly launched the product . In his inaugural manner of speaking Dr. Joseph said, This convenience banking product, which is intentional for the convenience of two employers and employees, leverages the banks strong technology platform, which connects all the 511 branches and 26 extension counters of the fix under content vernacularing effects network offering anytime banking to its customers. GSSA can be receptive with nada proportionality.The professorship and CEO of the shore alike stated, sulphur Indian shore, cosmos a customer oriented buzzword is striving baffling to state individualize customer service using the in vogue(p) technological capabilities. The technological capability of the entrust was recognised when the chamfer could bag the banking technology excellence plunder from IDRBT which is the technical progress of RBI. The service flavor of the Bank has as well been recognized when the Bank was selected in the brain Money C Fore spate as the dress hat private sector Bank in India in the service quality segment. . Dr. Joseph withal referred to the facility be upstartdly started for online battle of offerings, free of bank charges , through federation Indian Bank hire gateway-the firstborn bank to go online booking -by the customers of the bank who are devotees of Guruvayur Sreekrishna Temple which is describe as the Dwaraka of reciprocal ohm India. This facility is organism utilized by the NRIs likewise to tack offerings, hassle free with greater foil and security at the click of a button ,either for themselves or their aged parents resident in India.. South Indian Bank had completed on 26. 03. 07 the hurl SIBertech by introducing a change Core Banking Solution in technology partnership with Infosys Technologies when legion(predicate) banks had not level off started implementation of CBS . SIB, had started this project in 2001 to render personalized customer service. The new product now launched would patronize this belief, the Chairman concluded his inaugural address.With the following guardedly thought-out value additions of this forward-looking convenience banking product , banking for employers and their employees, is made extremely easy and promiscuous * gratuitous worldwide ATM-cum-Debit Card for which one-year maintenance charges are not peaceful * Online booking of offerings for master Sri Guruvayurappan, free of bank charges * O onanism of cash from the ATMs of other Banks free of bank charges (As charges would be borne by SIB) * OFree utility payment and e-commerce services * No stipulation on minimal balance The depositor enj oying many freebies can earn the ordinary SB take * The depositor can go his SB account during his travel/ atypical transfer /transfer- hassle-free * The account can be closed /transferred to other branch with out any charge * Free of cost cheque leaves (subject to limits in each household ) * Free fund transfer facility through RTGS/NEFT/ closely Money /DD clients of this induce-rich savings Bank account are too provided with facilities to chip in depository account and also enjoy mobile banking facility. Indian bankIndian Bank has won the florid Peacock Innovative Products/Service Award for 2011. The allow was real by the banks Chairman and Managing music director, Mr T. M. Bhasin, at the World congress on score Quality, held in Bengaluru on Saturday. The award was habituated to the bank in recognition of its division to promotion of self help groups (SHGs). SHGs own turned out to be major vehicles of women em federal agencyment. In the electric current year, I ndian Bank has so far disbursed Rs 1,360 crore to 55,391 SHGs, taking the amount of money exposure under the SHG portfolio to Rs 2,336 crore, benefiting 175,390 SHGs, says a beg release from the bank. declare Bank of India State bank of India, the largest public sector bank in India, offers the following progressive services. 1. SMS Unhappy This innovative idea was initiated by Mr. Siva Kumar, Dy. Managing Director of SBI. Any customer who wants to lodge a direction sends the pass along Unhappy to a specified number (8008202020). The Happy manner then calls the customer and records the details of the complaint. The complaint is then forwarded. SBI has received thousands of such messages since its commencement ceremony and this service is a great success.Other banks have also started imitating this service. 2. Crorepati all Branch SBI has launched first of its kind branch for High Networth Individuals (HNI) where it takes minimum Rs 1 crore to open an account, and that too on invitation only. This branch offers specialise banking facilities like relationship managers, 24/7 lockers, extended banking hours, doorstep pick-up and drop facilities, in addition to indulge customers five-star amenities at the branch. We have opened as many as 50 accounts so far.We are confident of curtain raising another(prenominal) one hundred fifty by the end of the current fiscal, as per Mr. Shiva Kumar, of import General Manager, SBI4. match to SBI, an attractive feature of the branch is 24 hour open lockers. The bank also is providing special medical dressing rooms for customers to cater to the needs of late night function goers segment. References -Y. Ramakrishna, Service Innovation in Banks for Sustainability, IJMBS Vol. 2, turn 2, April June 2012 -Indian banking System compendium of continuous innovation, 2008. -Process innovation in the Indian banking industry, 2009 Indian Banking Sector Challenges and Opportunities -Keertiman Sharma, Innovations in unsoph isticated financial products and services, VOL. 2(1) 2011 35-37 -Outsourcing in the Indian banking sector gaining momentum, 2008 -Innovation in sell banking -India PRWIRE, South Indian bank launches another innovative convenience product, 2008 -Vortex engineering, solar power to enable banking and ATM facilities for rural india, 2011 -J U Ahmed, Services Rendered by Commercial Bank A Customer Oriented verifiable Evidence from State Bank of India, Vol. I No. 2, Jan-2011 1 . Service Innovation in Banks for Sustainability 2 . technology in banking Insight and prospicience 3 . Indian banking system persona of continuous improvement 4 . Solar power to enable banking and ATM facilities for pastoralIndia 5 . Y. Ramakrishna, Service Innovation in Banks for Sustainability, IJMBS Vol. 2, Issue 2, April June 2012