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Innovations in banking in next 5 years in
The document discusses the future of banking in India. It notes that competition between banks will increase as more private players enter the market. International banking giants are also establishing operations in India and bringing superior technology. Customers now have a wider selection of banks and products to choose from. Emerging technologies like biometric ATMs, smart cards, and accelerated loan processing will enhance the customer experience and make banking more secure and convenient. A large young population and many underserved rural customers present opportunities for banks to expand their retail customer base.
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Innovations in banking in next 5 years in
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- 2. Intense competitionbetween banks which is going to be more severe in the coming years and with more private players waiting to step in. International Banking giants setting up operations in India and bringing with them superior technology. The choice before the customer today is far wider both in the selection of banks as well as products than ever before.
- 3. State-of-the-art Technology Accelerating loan disbursementprocess Secured and fast internet banking
- 4. Providing a chatinterface as a service channel One-stop shop for the entire customer’s investment and borrowing needs Biometric ATM’s will replace the conventional ATM’s across the country
- 5. Smart Cardsembedded with microprocessors or memory chips will become tamper proof and replace the existing plastic cards Operational efficiency in processing electronic payment mechanisms will undergo a radical change
- 6. 54% ofthe Indian population being under 25 years of age and 60% within 40 years of age, will be a key driver to create a large retail customer base Can you say what type of Segmentation is this ??? Almost 70% of the rural population does not have a bank account, 85% do not have access to credit and less than 10% have any kind of insurance (life, health, crop insurance etc) Can you say what type of Segmentation is this ???