What can be the next innovations for personal banking?

In my view, the future of banking is mBanking. The phone will become your wallet (contactless payments), your branch (for deposit) and your credit card. Just don’t lose it. This could fit it into a social-media culture and for SMEs etc.customers across investing, insurance and banking can use mobile app, which also facilitates on-phone trading, filing claims for auto accidents, loan calculations and the usual access to account information.

Now-a-days it has become a tedious task to remember so many PINs/Passwords. Managing them is getting difficult. 

There could be a single government body which have the custody finger prints of all the citizens (some thing like verisign/verified by visa)

Every mobile and desktop have the capability to capture/scan the finger print and central.

This would also simplyfy the banks operations of securely delivering such a highly important confidential data.

Moreover, in developing countries where education is too low Finger Print could really help.

I totally agree with Leena & Ekta that banking sectors has to start working on many things including mbanking , deposit information through mobile phones etc. and the list is ver long when we are talking about the innovation in the banking sectors which I find still need to be fully loaded with services already being offered in north america and western european countries...Banking sector in India needs to start using the WEB 3.0 Service architechture which is totally absent here where banks will let their customer to utilise the different product and services offered at one place reducing the pain , time and money involve doing the physical transaction and things....The very object of WEB 3.0 is to enhance the power and capability of the web not in terms of network rather it has to be focused on service part which wil finally make the customer delighted..

Innovation need not be an IT related, it can be more to do with convenience and reducing risk. So banking sector will look into "Social networking", which provides convenience, reducing risk and enables multi level marketing. This will resolve the problems with expanding banks to remote locations as well as providing loans to small business through networking.  Bank will get its commission from all parties involved; whereas risk for the lenders will reduce. For example if a person needs Rs.100, from a social networking provided by the bank, 20 people will give Rs.5 each at a certain interest rate. This serves the purpose of the person who takes loan, bank will gain its commission and lender has given only Rs.5 and not all Rs.100, thus reducing risk. This is existing in small scale but making it big, secure and legal is innovation.  

 hai to all the memmbers who read this comments or idea,is mainly banking should have to give some purity to NRE account holders in all the banking those who work under the rule and regulation of RBI. for example: getting some reservation of sits in medical colleges, engineering colleges, for higher stadies, or any kind of vechiles to purchase, any landdealing through banking administration for those who cannt come to india at the time of registration, getting loan oppounities with low interest other than national account person something especial, if the persons get fixed deposits for education,marriages, old age pension's, in this way you can attract the NRE account holders and get amount from outside the country in which we can easly start transcation as soon as possible with sum of amount and we can make money in hand of country, and rupees will be stable and than we can carry inflatration on main causething which is dailyuse in highvolume, such as sugar,tea,rice,wheat, edible oil, etc etc.

Yes, i came to know about iPhone check deposit recently. The military bank and insurance provider USAA has recently launched mobile check-deposit technology, which lets users deposit checks from anywhere using an iPhone. Customers take photos of both sides of a check with the phone and transmit the images to the bank, which then verifies and makes the deposit.

presently the banks send physical instruments through clearing house to the concerned banks and the settlement is done on the next day. for the beginning RBI can consider the idea of image copies of the cheques to be transmitted to the clearing house by the member banks through the internet bank wise, which can be downloaded by the concerned banks, and the concerned banks can pass these instruments as many of them have implemented core banking technologies and these can be stored in the portable media and stored while the instruments are stored by the presenting banker.  which will save a lot of time and settlement could be done on the same day.

Our respective Banks may use a (specified) portion of our surplus fund lying in Savings and CD accounts for lending with our permission to earn more interest for us - not the Banks as is the practice now.

 A pool of accounts may be used to make available huge amount and the (expert) Bank will remain responsible for selecting the loan-asking enteties, recovery of the loan delivered by them and payment of assured return.

This may be a hybrid Account where the depositor will let know for how long their surplus fund may be utilized. An 'early call' may be penalized by offer of less interest. Sounds like a PE Fund ? May be - but here our Bank is in-between and may act as Fund-manager to get their share of profit as 'commission'. Further this may brng desired 'volume' for them.