Innovations in Banking
2013
Managerial Innovations @ ING
[MANAGERIAL INNOVATIONS @ ING] February 28, 2013
Table Contents
Particulars
Executive Summary Introduction Universal Banking Why Innovations in Banking? Significance of IT Innovation in the Banking Sector Impact of Banking Innovations in a Developing Economy Innovations in Indian Banking Industry – An Update About ING Vysya Bank Innovations @ ING ING Vysya Bank making a difference in Indian Banking Industry Technology in Banking Conclusion References
Pages
2 2 3 4 5 6 7 9 9 10 14 15 16
1
[MANAGERIAL INNOVATIONS @ ING] February 28, 2013
Executive Summary Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India which started in 1786, and the Bank of Hindustan, both of which are now defunct, the reasons can be lack of proper managerial innovations at different stages or according to the industry change. The oldest bank in existence in India is the State Bank of India which is not an innovative bank in fact but follows the industry change & other bank’s innovative ideas & products. Overall, banking in India is considered as fairly mature in terms of supply, product range and reach; even though reach in rural India still remains a challenge for the private sector and foreign banks. Even in terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets, as compared to other banks in comparable economies in its region. Banking environment has become highly competitive today. To be able to survive and grow in the changing market environment banks are inventing innovations & going for the latest technologies, which is being perceived as an ‘enabling resource’ that can help in developing learner and more flexible structure that can respond quickly to the dynamics of a fast changing market scenario. It is also viewed as an instrument of cost reduction and effective communication either people
Managerial Innovations @ ING
[MANAGERIAL INNOVATIONS @ ING] February 28, 2013
Table Contents
Particulars
Executive Summary Introduction Universal Banking Why Innovations in Banking? Significance of IT Innovation in the Banking Sector Impact of Banking Innovations in a Developing Economy Innovations in Indian Banking Industry – An Update About ING Vysya Bank Innovations @ ING ING Vysya Bank making a difference in Indian Banking Industry Technology in Banking Conclusion References
Pages
2 2 3 4 5 6 7 9 9 10 14 15 16
1
[MANAGERIAL INNOVATIONS @ ING] February 28, 2013
Executive Summary Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India which started in 1786, and the Bank of Hindustan, both of which are now defunct, the reasons can be lack of proper managerial innovations at different stages or according to the industry change. The oldest bank in existence in India is the State Bank of India which is not an innovative bank in fact but follows the industry change & other bank’s innovative ideas & products. Overall, banking in India is considered as fairly mature in terms of supply, product range and reach; even though reach in rural India still remains a challenge for the private sector and foreign banks. Even in terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets, as compared to other banks in comparable economies in its region. Banking environment has become highly competitive today. To be able to survive and grow in the changing market environment banks are inventing innovations & going for the latest technologies, which is being perceived as an ‘enabling resource’ that can help in developing learner and more flexible structure that can respond quickly to the dynamics of a fast changing market scenario. It is also viewed as an instrument of cost reduction and effective communication either people