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How does a retail bank innovate? Traditional innovation literature would suggest that organizations innovate by getting new and/or improved products to market. However, in a service, the product is the process. Thus, innovation in banking lies more in process and organizational changes than in new product development in a traditional sense. This paper reviews a multi-year research effort on innovation and efficiency in retail banking, and discusses both the means by which innovation occurs along with the factors that make one institution better than another in innovation. Implications of these results to the study of the broader service sector will be drawn as well. Innovation in banking is...
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Kundan Jyoti
| Commented
| 2 years ago
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Retaining customers is a critical key for ICICI to improve the numbers this year and time is running out fast. Retaining and deepening customer relationships in these difficult economic times for growth is very crucial for them
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Murali Ramamurthy
| Commented
| 3 years ago
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yes i do agree the article is nice but then what is the new innovative products the banks should come up with that Mr. Iyer is talking about can anybody throw some light on that matter.
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Venkatesh Iyer
| Commented
| 4 years ago
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Nice article. It really touches core of the issue and is very insightful. I agree with you that breaking down the wall between sales and customer service will improve customer experience. Another interesting question to consider is if this will...
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Insight: "Innovating Customer Service: Retail Banking’s New Frontier" deleted from your view.
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Performance
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customer service
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Murali Ramamurthy
| Added idea
"customer service"
| 3 years ago
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I think in recent days there is lack of customer service from the retail banks which is annoying the customers, be standing in long lines for so many things at the bank or the employee of the bank not properly answering to the queries to the...
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Shan Gehlot
| Added idea
"Performance"
| 3 years ago
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According to me, retail banks face some of the specific performance challenges like they must efficiently manage a range of different distribution channels, with branch, telephone, mobile and internet banking all in demand, often for the same...
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G.Srinivasan
| Supported idea
"Performance"
| 3 years ago
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Having been declared best performer in the bank, I feel most of us are looking to add non interest income, by selling non banking products like lic/gic/mf products to cusomers, without considering their interest. This may be due to the income...
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Ideate: "What are the strategic issues in Retail banking?" deleted from your view.
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Yes
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No
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Viswadeep
| Argues in support of
"Yes"
| 3 years ago
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The extension of services through various channels benefits Banks in terms of reducing cost of transaction and offers convenience and flexibility to the customers.Although the delivery of banking services(mainly remittance facility) through...
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Murali Ramamurthy
| Argues in support of
"No"
| 3 years ago
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No it is not mandatory to have distribution channels, plain simple old banking is more than enough for the time being, with all the financial crisis that is happening, banks are in no mood to provide multichannel structures or to widen it's...
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vivek khandelwal
| Argues in support of
"Yes"
| 3 years ago
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Truly said,having multiple distribution channel is key to success in this scenerio.To add to this cross selling channel is key area of focus to reach to the mass customer.Providing all services products to customer under single roof,which could...
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Debate: "Are distribution channels mandatory for the retail banks?" deleted from your view.
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Regulatory System
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Shareholder
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Murali Ramamurthy
| Added idea
"Regulatory System"
| 3 years ago
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Most experts believe the current crisis is an extraordinary situation rather than an exaggerated plunge in the normal business cycle. Many of the causes need further study, but the consensus seems to be that the government will need to reform the...
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Yashpal Singh Tomar
| Added idea
"Shareholder "
| 3 years ago
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I am worried about the program which will encourage risky behavior in the future by shoring up the banks to the benefit of current shareholders. It sets bad precedents for the future, warning that taxpayers could take a hit if the program does not...
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Ideate: "How the Credit Crisis might reshape New Financial Order?" deleted from your view.
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Yes
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Swati Raut
| Argues in support of
"No"
| 3 years ago
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it is naive to think that our financial system, of which banks are an important part, will remain totally unaffected once they are allowed to have overseas exposure. The stock markets have taken a direct beating. There was a boom when the foreign...
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Murali Ramamurthy
| Argues in support of
| 3 years ago
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The Indian economy, which is expected to grow at over 7% per annum, provides better growth prospects for banks than Europe and the USÂ where the economy is in recession. The market has obviously over-reacted to the financial crisis and Indian banks are...
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Debate: "Are Indian Banks not hit by meltdown?" deleted from your view.
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Yes
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No
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Rajat Das
| Argues in support of
"Yes"
| 3 years ago
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 And also it has gained importance in India,the community banking programme is spread over 15 districts in Andhra Pradesh, Tamil Nadu, Karnataka and Pondicherry, and covers a total of 2,210 villages. The programme has linked almost 2,300 groups...
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Murali Ramamurthy
| Argues in support of
"No"
| 3 years ago
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No it has not gained importance in india this type of banking is only in some villages and that too with the help of some NGO organizations and has very limited access as such for the client base or no. of people approaching these type of banks.
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Debate: "Has community banking gained importance in India??" deleted from your view.
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Yes
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No
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Balamurugan Gangadharan
| Argues in support of
"No"
| 3 years ago
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ULIP's should be taken for longer term and it should idealy mature at our retirement year. The mortality charges is lesser than the pure term plan and this enables one to go for high life insurance cover. The returns are also very attractive on a...
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Murali Ramamurthy
| Argues in support of
| 3 years ago
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The insurance industry provides benefits like incentive for the policyholder to stay invested in product for a long term to meet his financial goals, which brings down the comparative cost. If held over longer terms, ULIP pricing is very competitive...
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Manoj Garg
| Argues in support of
"Yes"
| 3 years ago
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Rather buy a performing diversified equity funds and take a term plan......
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Debate: "Are ULIP's a costly proposition ?" deleted from your view.
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3rd Party Logistics Financing
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Letter of Credit Program
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Reuben Ray
| Added idea
"3rd Party Logistics Financing"
| 3 years ago
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Today logistics support has reached new avenues. Logistics companies take care of end-to-end goods support. The same can be funded by funding the first chain recovering from the last, tying up the financing needs of the entire chain through a...
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Yashpal Singh Tomar
| Added idea
"Letter of Credit Program"
| 3 years ago
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The banks provide for opening inland and import letter of credit facility with a collateral margin upto a maximum of 50%. It is a line of credit for working capital purpose only and purchase of any Capital item is restricted.
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Ideate: "New products to be offered in the Corporate & Business Banking sector." deleted from your view.
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From 'In Branch Banking' to 'Net Banking' to 'Phone Banking' to 'Mobile Banking', these all are the efforts of the Past. What banks are now thinking about is Wi-Fi banking. In India, Intel and Yes Bank has come up with the concept of Wi-Fi Banking. According to Rana Kapoor Managing Director CEO of Yes Bank, 'technology needs to be used to differentiate yourself from others' and they are doing same by coming up with this technology. Right now 20 out of the 30 branches would be connected with such a network now. Under this, bank is equipping its branches with wireless LAN networks, so that customers can come to the branch and carry out their transactions on a laptop, without having to wait in...
Insight: "It's Wi-Fi banking now" deleted from your view.
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For financing the business,importers and exporters of commodities and goods use the method of Trade finance. This method of financing is the oldest method and still has a lot of importance in trade example of olden trade finance can be known by early days of China and the silk route, Mesopotamia and Europe. It originated before Europeans settled in America and long before the world’s stock markets were born. At present it is a multi-billion dollar business. As the world trades more and more goods and commodities are bought and sold, so more and more banks and financiers are needed to lend money to finance the purchase and sale of these goods and commodities. Imagine you are a trader in coc...
Trends: "Importance of Trade Finance" deleted from your view.
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