Volume : 4, Issue : 3, March - 2015
"Banking industry under transition"(Moving towards Customer Focused-Retail Banking)
Noor Alam Khan, Firoz Husain
Abstract :
<p><p>&nbsp;After privatization and liberalization the Indian Banking sector developed and diversified at individual reach. The&nbsp;</p> <div>RBI also nationalized the good amount of commercial banks and co&ndash;operative banks for providing socio&ndash;economic&nbsp;</div> <div>services at micro&ndash;level. All around the world Retail Banking has been an established market; however its rise in emerging&nbsp;</div> <div>economies like India has been of recent origin. India&rsquo;s retail banking is rising continuously where retail is contributing more than 30% of overall&nbsp;</div> <div>credit growth.&nbsp;</div> <div>Banking as a whole is undergoing change and consumer is getting transacted into a larger demand for retail banking products and services.&nbsp;</div> <div>Major product segments of retail credit include housing finance, auto finance, personal loans, consumer durables loan, credit card etc. In India,&nbsp;</div> <div>all the retail Banking segments are expected to witness a tremendous growth owing to the low cost of borrowing, changing customer&rsquo;s attitudes&nbsp;</div> <div>towards borrowing and optimism regarding economic growth. Retail banking in India has to be developed in the Indian way, notwithstanding&nbsp;</div> <div>the long queues in front of the teller counters in the public sector banks.&nbsp;</div> <div>Retail banks provides e&ndash;banking facilities for their high net worth and techno&ndash;savvy customers which enables to do the banking transactions&nbsp;</div> <div>from anywhere in the world without physically going down to the anch. An attempt has been made under this study to observe the transition&nbsp;</div> <div>of banking industry toward customer focused retail banking.</div> <div>Gone are the days when customer use to wait outside SBI Branches for different services. With privatization of banking industry and emergent&nbsp;</div> <div>of new technology based banks like ICICI, HDFC etc, the entire banking system is on transition mode where customer is King and they are on&nbsp;</div> <div>receiving end.</div> <div>Present era is service era where banks have to give prompt service to their customer either being it anch banking or net banking or mobile&nbsp;</div> <div>banking.</div> <div>In short banking now is shifting from leisure ick and mortar to quick and responsive banking. The banks which are quick in their metamorphosis&nbsp;</div> <div>will lead the industry others will only be follower.&nbsp;</div></p>
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Cite This Article:
Noor Alam Khan, Firoz Husain Banking Industry Under Transition (Moving Towards Customer Focused-Retail Banking) Global Journal For Research Analysis, Vol: 4, Issue: 3 March 2015