Challenges of New Technology towards Banking Products and Services

March 2013
International Journal of Exclusive Management Research;Mar2013, Vol. 3 Issue 3, p1
Academic Journal
Indian banks today are as technology products and services as their counter parts in new countries. Introduction of new technology based products and services such as Mobile banking have put the banking industry on a new growth trajectory. The purpose of this research is to study the extent of usage of various banking products and services by customers. Field surveys with structured questionnaires were used to collect primary data from bank staff and customers on random sample basis in Chennai and Salem. Indian banks have effectively leveraged technology and introduced several variants of traditional products and new e-based services. While ATM has become popular for cash withdrawals, other services like mobile banking, home banking and internet banking are Sub-optimally used. Customers are still not using the full range of services available in ATM's. Out of new technology based products is not sufficient. Banks must aggressively promote e-banking services so as to reduce footfalls in branches. Apprehensions of customers to cyber frauds should be addressed by educating them not only in the use of these services but also on the steps taken to secure the transactions. This paper deals with the latest technology, banking products, and social based services are applied by the banking companies in India.


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