Name: Dr. Paramjeet Kaur
Country: India

Year: 2021
Volume: Volume-8, Issue-2 (July-December)
Page Number: 37-41

Abstract
Over the last three decades the role of banking in the process of financial intermediation as been undergoing a
profound transformation, owing to changes in the global financial system. India‟s banking system has seen some
major financial innovations in the past decade with the aim to take banking services to yet-to-be-banked areas.
The major impetus for financial innovation has been globalization of financial systems, deregulation, and great
advances in technologies. In increasingly integrated financial systems facing higher volatilities, more
competition and wide varieties of risks, innovation has become an essence to provide new products and
strategies to better suit different circumstances of time and market and to meet different requirements of bank
customers. Intense competition among the banks has redefined the concept of the entire banking system. The
banks are looking for new ways not only to attract but also to retain the customers and gain competitive
advantage over their competitors. Today banking is known as innovative banking. The present paper describes
various new ideas adopted by modern banks in order to offer better customer services.
Key Words: Banking, Innovation, Developments, Internet