Indian Journal of Science and Technology

Abstract

Background/Objectives: This paper studies the development in information and technology enable banks in value added services to be effective in satisfying customer needs by adopting new innovative solutions in banking services to meet perceived value and expectations. Methods/Statistical Analysis: To study the perceptions of bank customers, bank employees regarding the use of various products/services delivery channels and their acceptability in Andhra Pradesh. 200 sample respondents had interviewed in order to assess the number of existing bank customers availing e-banking services. Correlation analysis also applied in this study. Findings: Regardless of their size, profitability and growth demand that banks focus on serving customers at the right time, with the right level of service and at the right cost. Several factors are driving this customer focus. Number one, today’s customers expect personalized pricing and portfolio mixes. Banks that can’t deliver will suffer reduced profitability. While banks, by default, sell every product to every customer, digital banking allows customization, providing the data and analytics capabilities needed to examine each customer’s profitability and offer individual¬ized or segmented products and pricing. Application/Improvements: To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information.
Keywords: Banking Technology, Customer Centric Model, Digitalization, Technology Led Solutions