What are the recent innovations in banking sector?
Table of Contents
What are the recent innovations in banking sector?
5 big Banking innovations in 2019
- Expanding Open Banking.
- Commitment to Physical and Digital Delivery.
- AI-Driven Predictive Banking.
- Customers are taking more control of their data.
- Cardless ATM service.
What are the recent trends in Indian banking?
Today, we will read about the latest trends that are revolutionising the Indian banking and financial sector.
- Digitization.
- Mobile Banking.
- Unified Payment Interface (UPI)
- Blockchain.
- Artificial Intelligence (AI) Robots.
- Fintech Companies.
- Digital-only Banks.
What are examples of recent digital innovations in banking?
10 Innovations That Deliver the Digital Banking of the Future
- Advanced Self-Service Capabilities.
- APIs.
- Instant Payments.
- Cloud Computing.
- Biometric Technology.
- Chatbots.
- Process Automation – RPA, AI, Machine Learning.
- Micro-services.
What are the banking sector reforms in India?
List of Important Banking Sector Reforms and Acts of India
| S. No. | Banking Acts and Reforms | Year |
|---|---|---|
| 28 | Central Sales Tax Act | 1956 |
| 29 | The State Bank of India (Subsidiary Banks) Act | 1959 |
| 30 | The Subsidiary Banks General Regulation | 1959 |
| 31 | The Deposit Insurance and Credit Guarantee Corporation Act | 1961 |
What is innovation in banking system?
Innovation means something new or something which had not been done before. The same goes for banking section as well. 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.
What are banking reforms?
1. It is the reform of the Indian banking sector under the objectives of solving the chronic nonprofit earning problems and strengthening of the overall health of the public sector banks to face international competitions.
What are the achievements of banking sector reforms in India?
A key achievement of the banking sector reform has been the sharp improvement in the financial health of banks, reflected in significant improvement in capital adequacy and improved asset quality. This has been achieved despite convergence of the prudential norms with the international best practices.