INNOVATION IN RETAIL BANKING SERVICES – A CASE STUDY ON KVB & IOB, DINDIGUL DISTRICT

Dr.MAHESH DEIVANAYAGAM, A.Meharaj Banu

Abstract


Many people do not think that retail banking is an innovative industry. An annual survey by Business Week and Boston Consulting Group1 ranked Apple, Google and Toyota as the most innovative companies in 2012. The only banks featuring in the top 50 were HSBC and JP Morgan Chase and we don’t think this was particularly for their retail banking activities. Academic research has typically concluded that retail banking is not very innovative. According to one study in the Journal of Marketing Management, “weak consumer demand for unique products and services is a major reason why imitative incremental innovation is more common than radical innovation in retail banking”. This research focused on retail banking innovation between two banks at Dindigul district. The result shows that comparatively public sector, the private sector banks have a significant innovation.

Keywords: Retail Banking, Innovative practices, channel innovation.


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ISSN : 2251-1547