Innovation means something new or something which had not been done before. The same goes for banking section as well. There are many sections in banks which are going through or have gone through innovation in recent past. They are no longer restricted to age-old (traditional) methods. Thus, to increase the business avenues and capture the new market banks are resorting to innovation. This term innovative banking is being in use a lot nowadays. Mobile banking has been a revolution in the past few years. It has completely changed the way banking systems are working. Thus, it is a system that allows customers to perform many types of financial related services through a smartphone. These include services like ATM locations, bill payment alert, inter or intra bank payments, bill payments, and many more. So, services are available at the fingertips of every person. Internet coverage in the last few years has increased drastically. This service is online banking, web banking, or virtual banking Thus, this banking service allows its users to execute and perform any financial transaction or service with the help of the Internet. The banking facilities are provided traditionally at a local bank outlet. Like other businesses, the banking sector to has evolved into retail and wholesale banking and it is also one of the parts of innovative banking. Here, retail banking refers to the banking in which the transactions which are done daily by the banks are executed with consumers.

 

 

 

 

Last Updated on: Jul 05, 2024