Developing innovative banking products for retail banks customers
Tags :
marketing, product, financial services, retail banks, banking, analytics, distribtuion, branding, Innovative Banking Products
Industry :
Banking
Functional Area : Product Development |
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About "Developing innovative banking products for retail banks customers" topic:
The ever changing consumer needs, innovative financial products, mergers, deregulation, information technology upgrades, and the onset of multiple delivery channels are reshaping the financial services industry today. So to remain competitive in the new landscape, banks are required to expand their product lines and add new delivery channels to develop more effective marketing systems and techniques, and enhance the service quality levels. So how to develop or what are the innovative banking products that are there in the retail banks for the customers. Let us have a discussion on this topic...
2 insight
, 4 debates
, 5 idea contests
, 1 question
on topic: "Developing innovative banking products for retail banks customers"
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Credit : Always available for good projects
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DSA
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Mathew Cherian
| Added idea
"More products for Banks, sure there are a lots of them."
| 3 years ago
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Structured debt is one area the banks can expand into if the financial sector reforms permit this for Indian PSU banks. Then without a secondry bond market how can one mark to market the losses or gain on a daily or weekly basis. I don't think...
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Winslie Leon
| Supported idea
"DSA"
| 3 years ago
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I would certainly appreciate that. I currently run a franchise of Anugrah stock and Broking and s SEBI regd sub-broker. I sure would appreciate any professional support or help from your side. I would also be happy to be of service to you in any...
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Ideate: "New Products in the Banking sector." deleted from your view.
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(rate this)
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Yes
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10
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21
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No
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Nikhil
| Argues in support of
"No"
| 2 years ago
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Selling over phone does not justify the purpose, all points are never covered, moreover all these activities are out sourced the person who sells on phone is not on pay rolls of the company , in order to met target they just say certaisn points...
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Phani Dasam, PMP
| Argues in support of
"Yes"
| 2 years ago
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I support selling of products over phones. Selling products over phone is same as selling products over internet. Moreover the penetration of mobile phones are faster in the rural areas compared to internet penetration. As the mobile channels are...
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Rashmi Patil
| Argues in support of
"No"
| 2 years ago
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I think banks should not be allowed to sell products over phone, they vaguely say about the products, complete information will not be provided, and many times customers are at the receiving end. This process is not a good idea, even if there is...
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Debate: "Banks opting to sell products over phone: Is it a preferrable mode of selling?" deleted from your view.
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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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Shan Gehlot
| Commented
| 3 years ago
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I think one should use more technology or integrate more IT into the banking business during a suituation like this, where banks today are really at a crossroads. And management is faced with increasing pressure from shareholders to determine...
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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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Get our of the stereotype
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Expand New Channels
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vivek khandelwal
| Supported idea
"Expand New Channels"
| 3 years ago
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We might be missing an important but basic thing is expending the reach of banks to the Mass Market as still there are many people in the country who are not doing banking transaction or not operating there bank a/c .We should not forget the a/c...
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Swati Raut
| Supported idea
"Get our of the stereotype"
| 3 years ago
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hmm great insight.....I guess this platform should add such features.....
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Ideate: "How to Create a New niche in Retail banking??" deleted from your view.
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1
Economic viability of the product both for bank as well as customer
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Research
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ATMA RAM CHAVALI
| Added idea
"Economic viability of the product both for bank as well as customer"
| 2 years ago
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In the present day world the customer needs are ever changing, therefore it has become very difficult launch new products by different banks to suit all needs of the highly educated customers. No doubt a research is required before launch of a...
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Dheeraj Singh
| Added idea
"Research"
| 3 years ago
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I guess this should be given more importance than anything else, where as one should conduct research regarding products which are either similar or having same interest rates that you have, so in what way this bank is providing them that...
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Ideate: "How to launch a new product from a retail bank perspective??" deleted from your view.
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(rate this)
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Yes
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4
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0
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No
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pruthviraja pande
| Argues in support of
"Yes"
| 2 years ago
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Mr. Ahmed is totally right, both are very vital and the debate needs fine tuning?!
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Ahmed Sultan, ITC
| Argues in support of
"No"
| 3 years ago
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It seems that the debate needs more clarification. The question is (WHICH IS IMPORTANT AND HOW?) while the two options available are (yes) and (no). Does (yes) mean (important)? Similarly, does (no) mean (unimportant)? Anyway, both banking...
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Debate: "BANKING V/S NON BANKING FINANCIAL INSITUTIONS" deleted from your view.
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Unity of Governments not one world government
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1
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0
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cannto get world leaders to agree
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Gary Larrabee
| Argues in support of
"Unity of Governments not one world government"
| 3 years ago
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We all need to give President Oboma the opportunity to bring unity to the world goverments by giving him a plan to present to the world. We need people of great business and political influence to make this presentation for all the people of the...
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Debate: "Establishing a New world Economy for world pecece using Temple Gold to back world currency" deleted from your view.
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Navin Chand
| Answered
| 4 years ago
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Paypal Online banking in general, including the pure-play online bank ( ING Orange.). The SUICA RFID cellphone payments system in Japan. Scan your phone to pay for subway tickets, at 7-11, at vending machines and more. Automatic voice response...
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Murari Srivastava
| Answered
| 4 years ago
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In the last 10 years the Internet / IP enabling of financial services made virtually everything else possible. ecommerce too
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Answer: "Which have been the top innovations in retail banking & payments in the last 10 years?" deleted from your view.
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(rate this)
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1
One stop shop
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Jyoti Rath
| Supported idea
"One stop shop "
| 3 years ago
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Mr. Vivek i would agree with you.If banks want to sustain and survive in these tough times then they should quickly do changes in the way they provide services to the customers.And on way ca be to provide all services at one place as mentioned by...
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Shan Gehlot
| Added idea
"One stop shop "
| 3 years ago
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According to me they should provide everything at one place like they should take care of their Financial needs, Non-financial advisory services that are an extension of financial assistance in services such as like travel needs, education...
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vivek khandelwal
| Supported idea
"One stop shop "
| 3 years ago
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one stop shop .This is what most private banks are doing.The most important is providing value for money to the customers.We need to readymade the product as per customer need of mass market.Which is actualy not happening.Penetration is...
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Ideate: "In the current scenario what sort of Products should retail banks provide to its customers??" deleted from your view.
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The banking world is being shaken and shaped by relentless forces altering the business landscape, with increased globalization, cut-throat competition, innovative technology, shifting demographics and changing customer needs. Seeking to attain growth and improve customer experience while meeting these challenges, banks are changing drastically to meet those customer needs and providing that innovative service that one could offer. As the imperatives of banking change, they will reshape the industry’s core parameters. In the process, the bank as we know it today will be transformed and must align accordingly its products and services, the experience it provides to customers, the role of the...
Insight: "The Business of retail banking for the Future customers!!" deleted from your view.
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