Innovations in Banking Sector

Presented by:Gaurav Kavankar Nikita Mandawewala

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Introduction
The term Innovation means to make something new Innovation is important because differentiation is the key to success Competition from new players Attract new customers For delivering a superior customer experience and for enhancing channels

Introduction (cont.)
Best banking experiences are those that give you more than just what is expected Banks no longer restricted themselves to traditional banking activities, but explored newer avenues to increase business and capture new market Product Innovation

Process Innovation
Service Innovation

Banking Products
Personal banking Corporate banking

Business

NRI services

Banking Services

Traditional Banking

Account

Deposit

Loans

Customer has to visit several desks

Modern Banking

Innovations in Banking

Example
Vortexs Gramateller ATM can run on solar power Doesnt need air-conditioning, prints receipts in regional languages Is designed to work in extreme temperatures Is all set to aid banks in reaching out to unbanked and under-banked regions.

 Introduced a remittance service banking model

Setting up terminals in existing shops like photocopy shops and kirana stores Banking correspondent agents (BCA) The bank along with its first BCA partner, Suvidhaa Infoserve, developed an application and tested it for customer friendliness, security penetration, and central monitoring

 Savings account Up to 18 years of age It has also started a 10-year recurring deposit (RD) for long term financial planning Interest rate on savings account for children and recurring deposit is the same The account will provide a membership-cum-debit card

ICICI BANK AND VODAFONE INDIA LAUNCH M-Pesa

A unique service to transfer money and make payments via mobile phone Features Deposit and withdraw cash from designated outlets Transfer money to any mobile phone in India Remit money to any bank account in India Make payments to recharge mobile, clear utility bills and for DTH service subscription Shop at select shops Participate in e-commerce/m-commerce

 Axis Bank launches new and improved Senior Privilege Savings Account
Is specially designed for Seniors who are aged 57 years or above Axis Bank has tied up with United Healthcare India to bring this benefit to its customers

Bill payments at Axis Bank branches

Special Senior Citizen ID Card for emergency use

Customer has the freedom to choose the account number of his choice
For NRI savings account Premium number

1.

2.
3.

Favorite number
Lucky number

 SMS UNHAPPY
Facility launched by the Bank to improve customer service If you are not happy with the services offered by the bank, just SMS Unhappy to 8008202020 and happy executives will call you and get details regarding the issue from you