A study of technological innovations in India...

A study of technological innovations in Indian banking sector and its impact on customer satisfaction

Author Name : Nidhi Srivastava, CA Anu Tyagi

ABSTRACT The banking sector in India has seen a number of changes. And to meet the challenges of changing needs and perceptions of customers, new regulations over the years and great advances in technologies, most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers in the banks. Today we have electronic payment system along with currency notes. India’s financial sector is moving towards a scenario, where it can have new instruments along with liquidity and safety. Arrival of card, introduction of Electronic Clearing Service (ECS) in late 1990’s , introduction of Electronic Funds Transfer, Real Time Gross Settlement (RTGS), introduction of NEFT (National Electronic Funds Transfer), mobile banking, online banking are the various innovations in banking. Banks are investing heavily in adoption of these innovations. This paper highlights the benefits of changing banking trends. The purpose of this study is to relationship between new technology implementation in banking sector and customers. How they about the technologies and how they are for this study was collected from the various Banking Sectors under the Reserve India. A simple percentage analysis and be done. The ability to deliver new advanced technology products reliably has become a central theme in the marketing strategies of a growing number of banks. The research is an attempt to study the impact of innovative technology on customer satisfaction vis-à-vis public sector and private sector banks According to questionnaire 80 sample are collected and interpretations are given. Data for this study collected from customers of various banking sector under the Reserve bank of India. Primary data was collected from customers of these banks and analyzed, which has given significant results on the subject. It was found that private sector banks were having an edge in terms of success in innovation.