Evolving Trends in Banking & Finance Industry

After a volatile year that Indian banks went through in 2012, 2013 looks like it will face quite a challenging one in terms of the banking and finance sector. With current evolving times, financial services and banking markets too are undergoing changes. The Indian banking sector has already emerged as one of the strongest drivers of India’s economic growth. The banking and finance industry has started taking initiatives in research and development, impact of digital industry on banking technology and evolving trends in multi-channel distribution. The economic development and financial sector liberalization have already led to a transformation in the banking sector. There have been developments in technological trends and speedy upgradation of IT industry platforms. With evolving technology and the impact of digital industry on banking technology, banks have embraced new tech-trends which are specially designed to cater the widening needs of the business houses and organizations. All of these changes have contributed to the upward direction of banks, helping them to reach out to customers, business houses and SME’s. rnBanks which are the dominant financial intermediaries in India have witnessed tremendous growth. From merely being providing vanilla banking services, Indian banks have gradually transformed themselves into universal banks. With ATMs, mobile banking, social banking and Internet banking; banking is now possible ANYTIME and ANYWHERE. Banks are trying to incorporate from the prevailing trends to attract and retain their customers. Mobile banking and internet banking has helped people stay updated about their bank accounts and credit card anytime and from anywhere in the world. Mobile banking has become more popular in remote areas of India so that people can conveniently and confidently deposit their money and have access to banking facilities. Besides this, worldwide banking technology consortiums have already begun to implement a wide variety of banking services that ensures safety, reliability, security and 360 degree interoperability. Customers now have access to banking services through SMS, IVRS and GPRS. With far more convenient banking services, accelerate e-commerce, personal loans, easy home loans, credit cards, better payment solutions, number of ATMs, easy foreign exchange and other result-oriented banking solutions. By streamlining their business banking processes, banks are able to cater to the vast amount of needs of banking houses and individuals. With the rise of social media and with banks joining the bandwagon, banks are able to communicate with their customers anytime, through full-fledged customer service through Twitter feeds and Facebook posts. Real time responses have proven to be a great customer experience, enabling the customer to increase their loyalty to the brand.