Challenges Of Challenges In Banking

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EMERGING CHALLENGES:
Technological changes in Indian banking system presents great opportunities and challenges for the banking industry. The primary challenge is to give consistent service to customers irrespective of the kind of customer. Different banks can differentiate their services by offering more technical facilities. Developing or acquiring the appropriate technology for the product, deploying it efficiently and then managing it to the extreme level is important to achieve and consistently providing high service and optimal standards while remaining economical and delivering sustainable return to shareholders. Leveraging technology is therefore, a key challenge that will be faced by the Indian banking sector.
Payment Banks: India
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A number of banks are also targeting the wallet space, hoping to ensure that their transactions businesses (National Electronic Fund Transfer, or NEFT; Real Time Gross Settlement, or RTGS, and cards) are not captured by the m-wallet providers. Retention of customers is going to be another major challenge that is directly proportional to market share of banks. Technology has made it possible to deliver services throughout the branch bank network, providing continuous updates of customers accounts and rapid movement of money from stock transfers. However, this reliance on the network system has brought IT department’s extra burden and challenges in managing, maintaining and optimizing the productivity of retail banking networks. Illustratively, ensuring that all bank products and services are accessible, at all times, and across the entire workplace is essential for present days retails banks to generate profits and remain competitive. Apart from this, there are system management challenges, whereby keeping these tangles, distributed networks and applications operating properly in support of enterprise objectives becomes…show more content…
One another major concern for bank is about counterfeit of their products for example if a bank comes up with an app of its own then many others will try to follow them and the others might have wrong intentions of misusing secure data of the customer. Some of the challenges that the banks are facing today are:
• Managing broadened needs of customer: Needs of customer may diversify according to the service a customer wants from the Bank. A customer may demand the Bank official for POS facility on two mobile number of a single client.
• Diminishing customer switching: Bank must focus on customer attrition rate. It's a sensitive market place and competitors are ready to cope up every opportunity that can lead to their increasing market

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