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PROJECT REPORT

ON
RECENT TRENDS IN BANKING AND FINANCIAL SERVICES

Submitted To: Submitted By:


Mrs. Shuchi Goel Ashima Ahuja
Department of Commerce B.com (hons.)final year
Roll No:-5580
University Roll No.:-
Reg. No.:-

VAISH MAHILA MAHAVIDYALYA, ROHTAK


Session:-2017-2018
Acknowledgement
I hereby express deep gratitude to all those who helped me directly or
indirectly in completing this project report.
It is my duty and privilege to express my regards to Mrs. Shuchi Goel
of Vaish Mahila Mahavidyalya, Rohtak. Her able guidance and
valuable suggestions let me through the difficult period of the prepration
of this report.
I acknowledge the help and cooperation received from classmates.

Ashima
B.com(hons.)final year
Roll No.5580
Certificate
This is to certify that Anchi of B.com (Hons.)final year of
Vaish Mahila Mahavidyalya, Rohtak has successfully
completed her project report under my supervision. She has
sincerely and honestly completed this report.
This project report has been examined and approved by me.

Mrs. Shuchi Goel


Department of Commerce
FINANCIAL SERVICES
Financial services are the economic services provided by
the finance industry, which encompasses a broad range of
business that manage money, including credit unions ,banks ,
credit-card ,companies ,insurance ,companies ,accountancy
companies , consumer- finance companies, stock brokerages,
investment funds and some government-sponsored
enterprises.

As per section 65(10) of the Financial Act,


1994,banking and financial services means the following services provided by
a banking company or a financial institution including a non-banking financial
company,

i. Financial leasing services including equipment leasing and hire-


purchase by a body corporate;
ii. Credit card services;
iii. Merchant banking services;
iv. Security and foreign exchange broking;
v. Asset management including portfolio management, all forms of
fund management , pension fund management, custodial
depository and depository and trust services, but does not include
cash management;
vi. Advisory and other auxiliary financial services including investment
and portfolio research and advice, advice on mergers and
acquisition and advice on corporate restructuring and services;
vii. Provision and transfer of information and data processing.

Financial services can be defined as the products and service offered


by institutions like banks of various kinds for the facilitation of various
financial transactions and other related activities in the world of finance
like loans, insurance, credit cards, investment opportunities and money
management as well as providing information on the stock market and
other issues like market trends.
CLASSIFICATION OF FINANCIAL SERVICES INDUSTRY
The financial intermediaries in India can be traditionally classified
into two:
1. Capital market intermediaries and
2. Money market intermediaries.

The capital market intermediaries consist of term leading institution


and investing institutions which mainly provide long term funds. In the
other hand, money market consists of commercial banks, co-operative
banks and other agencies which supply only short term funds.
Hence, the term financial services industry includes all kinds of
organizations which intermediate and facilitate financial transactions
of both individuals and corporate customers.

FUNCTIONS OF FINANCIAL SERVICES


1. Financial transactions (exchange of goods and services) in the economy.
2. Mobilizing savings (for which the outlets would otherwise be much more
limited).
3. Allocating capital funds (notably to finance productive investment).
4. Monitoring managers (so that funds allocate will be spend as envisaged).
5. Transforming risk (reducing it through aggregation and enabling it to be
carried by those more willing to be bearing it).

PRESENT SCENARIO
1. Conservatism to dynamism:
At present, the financial system in India is in a process of rapid
transformation, after the liberalization of financial sector. The main
objective of the financial sector reforms is to promote an efficient,
competitive and diversified financial system in the country. Now the
Indian financial services sector is very dynamic and it is adopting itself to
the changing needs.
2. Emergence of Primary Equity Market:
Primary market in India is now very active. India is now witnessing the
emergence of many private sector financial services. Capital market is
one of the major places to raise finance. The aggregate funds raised in
the Indian capital market have doubled over a decade.

3. Concept of Credit Rating:


The facility of credit rating helps the investors in finding a profitable and
safe debt capital. It rates the debt issues and instructs the investors not
to invest in the debt capital of the firms that are badly rated. The
regulators of the Indian capital market are contemplating on introducing
Equity grading, which helps the investors to prudently invest their
savings.

4. Process of Globalization:
Globalization has given way for the entry of innovative and sophisticated
financial products into our country. Government of India is very keen in
removing all the obstacles in the financial sector. Indian capital market
has high potential for the introduction of innovative financial products.

5. Process of liberalization:
Government of India has initiated many steps to reform the financial
services industry. The interest rates have been deregulated. The private
sector has been permitted to participate in banking and mutual fund
sectors. The Finance Act of Government of India is bringing various
amendments every year to keep the financial sector very flexible. A

RECENT TRENDS OF FINANCIAL SERVICES IN INDIA

India has a diversified financial sector undergoing rapid expansion, both


in terms of strong growth of existing financial services firms and new
entities entering the market. The sector comprises commercial banks,
insurance companies, non-banking financial companies, co-operatives,
pension funds, mutual funds and other smaller financial entities. The
banking regulator has allowed new entities such as payments banks to be
created recently thereby adding to the types of entities operating in the
sector. However, the financial sector in India is predominantly a banking
sector with commercial banks accounting for more than 64 per cent of the
total assets held by the financial system.

The Government of India has introduced several reforms to liberalize,


regulate and enhance this industry. The Government and Reserve Bank of
India (RBI) have taken various measures to facilitate easy access to
finance for Micro, Small and Medium Enterprises (MSMEs). These
measures include launching Credit Guarantee Fund Scheme for Micro and
Small Enterprises, issuing guideline to banks regarding collateral
requirements and setting up a Micro Units Development and Refinance
Agency (MUDRA). With a combined push by both government and private
sector, India is undoubtedly one of the world's most vibrant capital markets.

Indias life insurance sector is the biggest in the world with about 360
million policies, which are expected to increase at a compounded annual
growth rate (CAGR) of 12-15 per cent over the next five years.

The insurance industry is planning to hike penetration levels to five per


cent by 2020, and could top the US$ 1 trillion mark in the next seven
years.

The total market size if Indias insurance sector is projected to touch US$
350-400 billion by 2020.india is the fifteenth largest insurance market in
the world in terms of premium volume, and has the potential to grow
exponentially in the coming years. Life insurance penetration in India is
just 3.9per cent of GDP, more than doubled from 2000. A fast growing
economy, rising income levels and improving life expectancy rates are
some of the many favorable factors that are likely to boost growth in the
sector in the coming years. Investment corpus in Indias pension sector is
expected to cross US$ 1 trillion by 2025, following the passage of the
pension fund regulatory and development authority (PFRDA) Act 2013.
6 trends in financial services in 2016
2015 has been the year of security breaches and regulatory fines but also
the year when terms like Shadow IT, Internet of Things as well as
new collaboration & productivity tools made headlines. Here is what is
coming up for the financial firms in 2016.

1. Consolidation - looking beyond compliance & regulations:


Most of the regulated industries have been weighed down by the
investment in technology to meet compliance and regulatory standards.
They, on the main, have put money into tools and applications to plug the
holes in the dam of raft of new regulation, under the shadow of increasingly
large fines. What we predict is that 2016 will be a year of review and
consolidation of these tools. Whilst there will always be point solutions we
see rationalization of the applications and aggregation of the data to save
time but not having to search multiple systems e.g. having one central view
of compliance data combining email, instant messaging, internal chat
rooms, blogs and social systems.

2. Big Data - usability drives efficiency:


This leads neatly into the next growth area of Big Data. Data mining and
identifying trends have been around a while but the tools to conduct these
searches are becoming increasingly sophisticated. With the consolidation
of data for compliance purposes the organisations will become more agile
and proactive in identifying issues and weeding out wrongdoing. Another
benefit for the management of the company is the ability to identify trends
and opportunities in a way never before experienced.

3. Investment in Technology modernizing beyond compliance:


Outside of the substantial investment made in compliance it is clear that in
many cases IT has fallen behind. There was a time when the technology
you had at work was substantially better than the tools out there in the
consumer space. In nearly all cases the reverse is true today and the
internal consumer is increasingly unwilling to accept substandard
applications being proposed by the technology teams. We are seeing the
CIO's & CTO's widening the search and budgeting to make strategic
investments in 2016 into productivity and collaboration tools.
4. Shadow IT managing the uncontrollable:
Born out of frustration with the corporate IT teams failing to provide users
with the latest, secure productivity tools, we are seeing a rapid growth in
the use of consumer applications in the workplace. It is estimated that of
the 1+ billion WhatsApp users 35% are using it for business purposes.
More alarming is the growing evidence that security conscious and
regulatory compliant organizations are using consumer based tools. It is no
surprise as staff recognize that email has had its day and that tools like
WhatsApp, We Chat etc. are a faster, more efficient way of working.
However, as recently seen in Brazil, all Police officers are now banned from
using WhatsApp and other cloud-based chat tools due the security
concerns of using the same insecure tools as the criminal fraternity that
they are trying to apprehend. In 2016, FinServ IT teams will be trying to
proactively manage the rise of Shadow IT, incorporate the principle of it into
their strategic plans (rather than trying to eradicate it) and leverage the
positives coming out of the actual users demanding the best collaborating
& productivity tools out there.

5. Cyber Attacks taking proactive action:


With the growing use of non-approved consumer applications being used
for business purposes and the danger of cyber-attacks, we are seeing an
increasing crack down on those apps. It is impossible to prevent the water
cooler conversation or the use of personal devices to share information,
but the dangers of using non-corporate tools on corporate devices cannot
be underestimated. It seems incredible to think of businesses sharing
confidential financial and personal information using Slack or WhatsApp;
especially with the constant flow of security and hacking stories. (And those
are the ones we know about). In 2016, we see the increasing use of tools
to manage and control mobile devices. That won't necessarily be with the
traditional EMM/MDM solutions but the advent of security built into the
operating systems e.g. Samsung Knox or the applications
themselves.

6. Chat Enabled Collaboration (CEC) improving information


flow:
In 2016, we will continue to see a huge push away from email and a drive
to implement real-time software tools such as messaging, voice & video
applications. It is totally understandable to implement voice and video
solutions to save the cost of traditional telephony systems and it is hard to
argue with the CFO and the Board if you dont. That said the business and
technology leaders are increasingly looking to embrace the trends and
advantages that bring chat & messaging systems to the centre of their
collaboration strategy; a concept that is now widely being referred to as
CEC Chat Enabled Collaboration. The nirvana is to find a secure
alternative to WhatsApp for business use that is fit for the security
conscious, structured, regimented organisation. It doesnt just need to have
the messages secured and encrypted; it needs to be auditable and
compliant. Furthermore in needs to be easily adopted, reflect the corporate
culture and integrated firmly into the very fabric of the business - reducing
email and saving time.

Financial Services Outlooks for 2017


Banking and securities, commercial real estate, investment
management, and insurance
Like Mother Nature, the forecast for the Financial Services industry can be
unpredictable. Will the 2017 financial services environment be hit with more
storms and less fair weather conditions, or vice versa? Learn about the
forces banks, commercial real estate firms, insurance companies, and
investment management firms may need to overcome to stay ahead in the
coming year.

1. Banking and Securities;


Initial market reactions to the unexpected election outcome in the United
States have indicated improved prospects for banks and capital markets
firms in 2017. However, ongoing structural changes are likely to continue in
the form of new operating models and investments in emerging
technologies for greater efficiencies and competitiveness. Meanwhile,
banks and capital markets firms are expected to deepen their engagement
with the fintech ecosystem as the trend towards digitization accelerates. In
this fluid environment marked by policy uncertainty, how will banks and
capital market firms respond?

2. Commercial Real Estate:


The real estate industry is increasingly influenced by rapid technological
advancements and significant demographic shifts, which include growing
urbanization, longevity of Baby Boomers, and differentiated lifestyle
patterns of Millennial. In addition, macroeconomic and regulatory
developments continue to impact profitability. How can companies gain a
competitive advantage and drive top- and bottom-line growth? Here are
some trends to pay attention to in 2017.

3. Investment Management:
Several major trends will likely impact the investment management industry
in the coming year. These include shifts in buyer behavior as the Millennial
generation becomes a greater force in the investing marketplace; increased
regulation from the Securities and Exchange Commission (SEC); and the
transformative effect that block chain, robotic process automation, and
other emerging technologies will have on the industry.

4. Insurance:
Nimble will be the new normal in 2017 as insurance companies confront a
marketplace that is changing more drastically than perhaps ever before. In
addition to macroeconomic, social, and regulatory changes likely to impact
the industry, insurers are coping with longer-term, game-changing trends.
The increased connectivity among household and workplace devices, the
development of autonomous vehicles, and the rising threat of cyber attacks
are transforming the way people live and the risks they need to mitigate
with insurance products. Insurers will need to adapt their business models
to address these changes, which can be viewed as both threats and
opportunities for growth.

NEW FINANCIAL PRODUCTS AND SERVICES


1. MERCHANT BANKING:
Its a financial intermediary who helps to transfer capital from those
who possess it to those need it. Merchant banking includes wide range
of activities such as management of customer securities, portfolio
management, project counseling and appraisal, underwriting of shares
and debentures, acting as banker for refund orders, handling interest
and dividend warrants etc. Merchant banker renders a host of services
to corporate and promotes industrial growth.

2. LOAN SYNDICATION:
Loan arranged by a bank called lead manager for a borrower who is usually
a large corporate customer or a government department. Since single bank
cant provide huge sum of loan, a number of banks join together and form a
syndicate. It also enables the members of the syndicate to share the credit
risk associated with a particular loan among them.

3. MUTUAL FUNDS:
This refers to fund raised by a financial service company by pooling
the savings of the public. It is invested in a diversified portfolio with view
to spreading and minimizing risk. The fund provides Investment Avenue
for small investors who cant participate in the equities of big
companies.
It ensures low risk, steady returns, high liquidity and better capital
appreciation in long run.

4. FACTORING:
It refers to managing the process of sales ledger by financial service
company. Its an arrangement under which financial intermediary
assumes credit risk in the collection of book debts for its clients.
A factor provides credit information, collects debts, monitors sales
ledgers, and provides finance against debts.

5. FORFEITING:
Its a technique by which forfeiter (Financing Agency) discounts an
export bill and pay ready cash to the exporter who can concentrate on
the export front without bothering about the collection of export bills.
The exporter is protected against the risk of non-payment of debts by
the importers.

6. SECUTITIZATION:
Its a process by which a financial company converts its ill-liquid, non-
negotiable and high value financial assets into securities of small value
Which are made tradable and transferable. It is best suited for housing
finance companies whose loans are always long-term in nature and
their money is locked up for a considerable period.
In such cases, securitization would help the financial institution to raise
cash against such assets by means of issuing securities of small values
to the public.

7.DERIVATIVE SECURITY:
Its a security whose value depends on the value of other basic
variables backing the security. A derivative security is basically used as
risk management tool and it is restored to cover the risks due to price
fluctuations by the investments manager. It helps to break the risks into
various components such as credit risk, interest rates risk, exchange
rates risk and so on.
In India some forms of derivatives are in operation namely forwards
in market.

8. NEW PRODUCTS IN FOREX MARKETS:

a) Forward contract:
In a forward transaction the delivery of foreign currency takes place at
a specified future date for a specified price. Forwards transact only
when purchased and on the settlement date.

b) Options:
Buyer of the option has a right to buy or sell a fixed amount of currency
against another currency at a fixed rate on a future date according to
his option. There is no obligation to buy or sell, but it is completely left
to his option.

c) Futures:
Its a legal contract where there is an agreement to buy or sell a stated
quantity of foreign exchange at a future date at an agreed price to
between the parties on the stated exchange. The future date is called
the delivery date or final settlement date.

d) Swaps:
A swap refers to a transaction wherein a financial intermediary buys
and sells a specified foreign currency simultaneously for different
maturity dates.

9. Financial exports:
A financial export is a financial service provided by a domestic firm
(regardless of ownership) to a foreign firm or individual. While financial
services such as banking, insurance and investment management are
often seen as a domestic service, an increasing proportion of financial
services are now being handled abroad, in other financial centers, for a
variety of reasons. Some smaller financial centers, such
as Bermuda, Luxembourg, and the Cayman Islands, lack sufficient size for
a domestic financial services sector and have developed a role providing
services to non-residents as offshore financial centers. The increasing
competitiveness of financial services has meant that some countries, such
as Japan, which were self-sufficient, have increasingly imported financial
services. The leading financial exporter, in terms of exports less imports, is
the United Kingdom, which had $95 billion of financial exports in 2014. The
UK's position is helped by both unique institutions (such as Lloyd's of
London for insurance, the Baltic Exchange for shipping etc.) And an
environment that attracts foreign firms many international corporations
have global or regional headquarters in the London and are listed on
the London Stock Exchange, and many banks and other financial
institutions operate there or in Edinburgh.

CHALLENGES FACING THE FINANCIAL SERVICES


SECTOR
1.Lack of qualified personnel: The financial services sector is
fully geared to the task of financial creativity. However, this sector
has to face many challenges. The dearth of qualified and trained
personnel is an important impediment in its growth.
2.Lack of investor awareness: The introduction of new financial
products and instruments will be of no unless the investor is aware of
the advantages and uses of the new and innovation products and
instruments.
3.Lack of transparency: The whole financial system is undergoing
a phenomenal change in accordance with the requirements of the
national and global environments. It is high time that this sector gave
up their orthodox attitude of keeping accounts in a highly secret
manner.
4.Lack of specialization: In the Indian scene, each financial
intermediary seems to deal in different financial services lines
without specializing in one or two areas. In other countries, financial
intermediaries specialize in one or two areas only and provide expert
services.
5.Lack of recent data: Most of the intermediaries do not spend
more on research. It is very vital that one should build up a proper
data base on the basis of which one could embark upon financial
creativity.
6.Lack of efficient risk management system: With the
opening of the economy to multi-nationals and exposure of Indian
companies to international competition, much importance is given to
foreign portfolio flows. It involves the utilization of multi currency
transactions which exposes the client to exchange rate risk, interest
rate risk and economic and political risk.

BANKING SERVICES IN INDIA


Banking in India was originated in the last decades of the 18th
century. Among the first banks were the Bank of Hindustan, which was
established in 1770 and liquidated in 182932; and the General Bank of
India, established in 1786 but failed in 1791.

The largest bank, and the oldest still in existence, is the State Bank of
India (S.B.I). It originated as the Bank of Calcutta in June 1806. In 1809, it
was renamed as the Bank of Bengal. This was one of the three banks
funded by a presidency government, the other two were the Bank of
Bombay in 1840 and the Bank of Madras in 1843. The three banks were
merged in 1921 to form the Imperial Bank of India, which upon India's
independence, became the State Bank of India in 1955. For many years
the presidency banks had acted as quasi-central banks, as did their
successors, until the Reserve Bank of India was established in 1935, under
the Reserve Bank of India Act, 1934.

In 1960, the State Banks of India was given control of eight state-
associated banks under the State Bank of India (Subsidiary Banks) Act,
1959. These are now called its associate banks. In 1969 the Indian
government nationalized 14 major private banks; one of the big banks
was Bank of India. In 1980, 6 more private banks were nationalized. These
nationalized banks are the majority of lenders in the Indian economy. They
dominate the banking sector because of their large size and widespread
networks.

The Indian banking sector is broadly classified into scheduled banks and
non-scheduled banks. The scheduled banks are those included under the
2nd Schedule of the Reserve Bank of India Act, 1934. The scheduled
banks are further classified into: nationalized banks; State Bank of
India and its associates; Regional Rural Banks (RRBs); foreign banks; and
other Indian private sector banks. The term commercial banks refer to both
scheduled and non-scheduled commercial banks regulated under
the Banking Regulation Act, 1949.

Generally banking in India is fairly mature in terms of supply, product range


and reach-even though reach in rural India and to the poor still remains a
challenge. The government has developed initiatives to address this
through the State Bank of India expanding its branch network and through
the National Bank for Agriculture and Rural Development (NABARD) with
facilities like microfinance. The Indian banking sector is broadly classified
into scheduled banks and non-scheduled banks. All banks included in the
Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled
Banks. These banks comprise Scheduled Commercial Banks and
Scheduled Co-operative Banks. Scheduled Co-operative Banks consist of
Scheduled State Co-operative Banks and Scheduled Urban Cooperative
Banks. Scheduled Commercial Banks in India are categorized into five
different groups according to their ownership and/or nature of operation:

State Bank of India and its Associates


Nationalized Banks
Private Sector Banks
Foreign Banks
Regional Rural Banks
In the bank group-wise classification, IDBI Bank Ltd. is included in
Nationalized Banks.

PRESENT SCENARIO OF BANKING SERVICES


By 2016, banking in India was generally fairly mature in terms of supply,
product range and reach-even though reach in rural India still remains a
challenge for the private sector and foreign banks. In terms of quality of
assets and capital adequacy, Indian banks are considered to have clean,
strong and transparent balance sheets relative to other banks in
comparable economies in its region. The Reserve Bank of India is an
autonomous body, with minimal pressure from the government.

With the growth in the Indian economy expected to be strong for quite
some time-especially in its services sector-the demand for banking
services, especially retail banking, mortgages and investment services are
expected to be strong. One may also expect M&As, take overs, and asset
sales. In March 2014, the Reserve Bank of India allowed Warburg
Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank)
to 10%. This is the first time an investor has been allowed to hold more
than 5% in a private sector bank since the RBI announced norms in 2011
that any stake exceeding 5% in the private sector banks would need to be
vetted by them.
In recent years critics have charged that the non-government owned
banks are too aggressive in their loan recovery efforts in connation with
housing, vehicle and personal loans. There are press reports that the
banks' loan recovery efforts have driven defaulting borrowers to suicide.

By 2013 the Indian Banking Industry employed 1,175,149 employees and


had a total of 109,811 branches in India and 171 branches abroad and
manages an aggregate deposit of 67,504.54 billion (US$1.1 trillion or
890 billion) and bank credit of 52,604.59 billion (US$820 billion or
690 billion). The net profit of the banks operating in India was 1,027.51
billion (US$16 billion or 14 billion) against a turnover of 9,148.59
billion (US$140 billion or 120 billion) for the financial year 201213.

Pradhan Mantri Jan Dhan Yojana is a scheme for comprehensive financial


inclusion launched by the Prime Minister of India, Narendra Modi, in 2014.
Run by Department of Financial Services, Ministry of Finance, on the
inauguration day, 1.5 Crore (15 million) bank accounts were opened under
this scheme. By 15 July 2015, 16.92 crore accounts were opened, with
around rs.20, 288.37 crore (US$3.2 billion) were deposited under the
scheme, which also has an option for opening new bank accounts with zero
balance.

RECENT TRENDS IN BANKING


1.Electronic Payment Services E Cheques
Now-a-days we are hearing about e-governance, e-mail, e-commerce, e-
tail etc. In the same manner, a new technology is being developed in US
for introduction of e-cheque, which will eventually replace the conventional
paper cheque. India, as harbinger to the introduction of e-cheque, the
Negotiable Instruments Act has already been amended to include;
Truncated cheque and E-cheque instruments.

2.Real Time Gross Settlement (RTGS)


Real Time Gross Settlement system, introduced in India since March 2004,
is a system through which electronics instructions can be given by banks to
transfer funds from their account to the account of another bank. The
RTGS system is maintained and operated by the RBI and provides a
means of efficient and faster funds transfer among banks facilitating their
financial operations. As the name suggests, funds transfer between banks
takes place on a Real Time' basis. Therefore, money can reach the
beneficiary instantaneously and the beneficiary's bank has the
responsibility to credit the beneficiary's account within two hours.

3.Electronic Funds Transfer (EFT)


Electronic Funds Transfer (EFT) is a system whereby anyone who wants to
make payment to another person/company etc. can approach his bank and
make cash payment or give instructions/authorization to transfer funds
directly from his own account to the bank account of the
receiver/beneficiary. Complete details such as the receiver's name, bank
account number, account type (savings or current account), bank name,
city, branch name etc. should be furnished to the bank at the time of
requesting for such transfers so that the amount reaches the beneficiaries'
account correctly and faster. RBI is the service provider of EFT.

4.Electronic Clearing Service (ECS)


Electronic Clearing Service is a retail payment system that can be used to
make bulk payments/receipts of a similar nature especially where each
individual payment is of a repetitive nature and of relatively smaller amount.
This facility is meant for companies and government departments to
make/receive large volumes of payments rather than for funds transfers by
individuals.

5.Automatic Teller Machine (ATM)


Automatic Teller Machine is the most popular devise in India, which
enables the customers to withdraw their money 24 hours a day 7 days a
week. It is a device that allows customer who has an ATM card to perform
routine banking transactions without interacting with a human teller. In
addition to cash withdrawal, ATMs can be used for payment of utility bills,
funds transfer between accounts, deposit of cheques and cash into
accounts, balance enquiry etc.
6.Point of Sale Terminal
Point of Sale Terminal is a computer terminal that is linked online to the
computerized customer information files in a bank and magnetically
encoded plastic transaction card that identifies the customer to the
computer. During a transaction, the customer's account is debited and the
retailer's account is credited by the computer for the amount of purchase

7.Tele Banking
Tele Banking facilitates the customer to do entire non-cash related banking
on telephone. Under this devise Automatic Voice Recorder is used for
simpler queries and transactions. For complicated queries and
transactions, manned phone terminals are used.

8.Electronic Data Interchange (EDI)


Electronic Data Interchange is the electronic exchange of business
documents like purchase order, invoices, shipping notices, receiving
advices etc. in a standard, computer processed, universally accepted
format between trading partners. EDI can also be used to transmit financial
information and payments in electronic form.

10 banking trends of 2016


1. Fewer people will head to branches.
Mark Hamrick, senior economic analyst for Bankrate.com, says the number
of Americans foregoing branch visits is on the rise.

Four in 10 Americans havent visited a branch in the last six months, he


says, citing Bank rates Financial Security Index survey last month. That
numbers risen from 18 months earlier. If the trend holds true, even more
people will be doing their banking online, on their phone or at ATMs in
2016.

2. The digital and branch experience will merge.


As mobile services expand, banks will be looking for more ways to
integrate banking on a phone with banking in a branch, says Byron Vielehr,
president of the Depository Institution Services group for Fiserv, which
provides technology solutions for banks and financial institutions.

Banks will be looking to connect the digital experience to the branch


experience, Vielehr says. For example, you may start an application
online, realize you need help and then finish it the branch.

3. Branches will start to go digital.


Mobile banking wont only be something for consumers in 2016. The banks
themselves may start to use mobile technology in their branches. Vielehr
says some branches are unshackling tellers from the counter and giving
them tablets so they can meet with customers more informally and
comfortably either in the lobby or private offices.

Other branches are adding technology by installing self-service kiosks or


video ATMs that provide the opportunity to chat with a remote teller. Vielehr
even tells of one bank in Switzerland that has installed an automated safety
deposit system that allows customers to check their deposit boxes without
ever talking to a live person.

4. Investment options at the bank arent likely to expand.


One area not likely to change this year concerns bank participation in
investment options such as health savings accounts and IRAs. Kevin
Boyles, vice president of retirement planning provider As census, says
institutions could be missing a golden business opportunity, particularly
when it comes to HSAs.

The trend were seeing is that HSAs are growing rapidly, and thats not
going to abate anytime soon, Boyles says. He estimates that only 2,300 of
the nations 12,000 banks and credit unions offer HSA options, and that
number isnt likely go up, meaning many banks are foregoing their share of
a growing market. [Financial institutions] will keep living with the status
quo.

5. Savings account interest rates should go up, but you wont


get rich.
The recent Federal Reserve decision to raise interest rates may mean bank
accounts get a boost, but savers shouldnt get too excited yet, says
WalletHub.com analyst Jill Gonzalez.

Unfortunately, savings accounts are not tied one-to-one to the prime rate
[set by the Federal Reserve], she says, but its probable banks will
increase saving account rates.

The Bank rate CD forecast for 2016 projects a modest increase in CD rates
to 1.02 percent for one-year CDs and 2.21 percent for five-year CDs.

6. Banks could start charging for convenience.


Banks are under pressure from regulators and the public to keep fees
down, but that doesnt mean they wont find ways to tack on new charges in
2016. Fees for convenience services, such as remote check deposits and
expedited payments, top the list of new charges consumers could see in
the coming year, according to Vielehr.

Our mantra at Bank rate is it pays to shop around, Hamrick says. You
can still find accounts that have little or no fees.

7. Online banking will remain popular but wont replace


branches.
In the face of fees, Gonzalez says some consumers may be tempted to do
just that shop around. We have seen that online-only banks have less
fees, she says. We might actually see an increase in the popularity of
online banks.

However, brick-and-mortar bank branches shouldnt worry about mobile or


online banking replacing them completely. A Federal Deposit Insurance
Corp. report last year found that visiting a teller remains the most common
way for people to access their account.
8. Mobile payments will continue to make in-roads.
Despite the onslaught of ads touting the benefits of services like Apple Pay
or Android Pay, only 22 percent of mobile phone users made a mobile
payment with their device in 2014, according to a Federal Reserve mobile
financial services report last year. That could be changing in 2016.

Retailers have been a little slow to sign on, Gonzalez says. They have
been waiting for the big-box retailers to [pilot the technology]. Now that big
merchants are successfully accepting money via smart phones, smaller
companies may be ready to jump aboard the mobile payment bandwagon.

9. Regional banks will get in on mobile deposits.


Before a few years ago, people thought theyd always have to go to
branches to deal with checks, Vielehr says. Now, people can simply snap
a photo of their check to have it instantly deposited, a service over half of
mobile banking customers used in 2014, according to the Federal Reserve.

The ability to make remote deposits has been limited mainly to large,
national banks, but look for the services to expand in the coming year.
Gonzalez estimates regional banks and large credit unions should be ready
to roll out the technology in the next 12 months.

10. Chip cards may finally see some action.


Another technology that may finally be ready for prime-time is chip cards.
While there was much ado about banks switching over to chip cards last
year, you probably havent noticed anything different in the checkout, even
if you have a new card. Thats because some merchants may not have the
right chip software for payment terminals, Hamrick says. Once merchants
begin updating their systems, you can expect to start inserting your card
into the terminal rather than swiping it.

Six banking trends to watch out for in 2017


1. The banking landscape will change forever with one-and-a-half-dozen
new entrants. In 2015, we had seen the birth of two new universal banks
after a gap of 12 years. In the first few months of 2017, there will be 10
small finance banks and eight payments banks joining the fray. To put this
in context, since Independence and till 2014, in 67 years, 12 new banks
were born, but not all of them managed to survive. The new entrants will
intensify competition, particularly in the hinterland of India with new
products and higher rates to woo depositors and lower rates to sell loans.
One payments bank which started a pilot project in south India is offering
7.25% interest on savings accounts (against 4% offered by most banks)
and free talk timea minute per every rupee kept in the bank.

2. Meanwhile, the State Bank of India, the nations largest lender, will
catapult itself into the big league of the worlds top 50 banks by assets in
2017 by merging its five associate banks with itself. The combined entitys
balance sheet will be at least Rs37 trillionfive times that of ICICI Bank Ltd
In 2015, SBI ranked 52nd in the world by assets, according to Bloomberg.
Following the merger, everything remaining the same, it would be ranked
45th. A larger balance sheet will enhance its risk-taking ability and expand
its bandwidth to give loans. Its success may also encourage the
government to tread on the path of consolidation for other state-owned
banks, although the context is different.

3. Is the nightmare of bad loans behind us? We will get to know in 2017.
Between August and December 2015, the RBI had inspected the loan
portfolios of all banks and asked them to clean up their balance sheets by
March 2017. In absolute terms, the gross non-performing assets or NPAs
of the listed banks sequentially or on a quarter-on-quarter rose 6.44% in
the September 2016 quarter, lower than 8.87% in the June quarter, and
around a 32% rise over both the March and December 2015 quarters.
Clearly, it has been coming down. After provisions, the rise in net NPAs in
the September quarter was 4.81%, half of what we had seen in the June
quarter (9.13%) and much lower than the 34.62% rise in March and
33.65% rise in December. If the trend continues, we will see a better
picture in 2017, but all of them will not be back in the pink of health.

4. Indias Rs65, 000 crore microfinance industry will change its ways of
working in 2017, in the aftermath of the ban on high-value notes. Around
85% of the loan disbursements by the microfinance institutions (MFIs) and
close to 95% repayment or collection of loans have traditionally been in
cash. To survive and flourish, the MFIs will forge alliances with different
kinds of bankssmall finance, payments and universal banksas well as
digital wallet service providers and disburse and collect money through the
banking channel. This new architecture will make loans expensive for the
MFI borrowers as the money cannot be disbursed at their doorsteps
anymore. They would need to travel to the nearest bank branch or the
business correspondent and, in the process, they may lose half-a-days
wage and/or incur costs in transport. On the other hand, the operational
cost for the MFIs will come down as they would not need so many people
for the disbursements of loans and collection of repayments. This will help
them bring down the price of loans and compensate for the additional cost
that the borrowers will incur.

5. Not the MFIs alone, all non-banking financial companies (NBFCs) will
have to change their business model following the clampdown on cash. In
the past couple of years, this sector had been growing at a fast pace, but
now things will change. Many of their customers are not in the income tax
bracket and they earn their salary and wages in cash. Till now, while
assessing their repayment capacity, these firms were taking into account
the customers official income as well as the surrogate income in cash, but
now they would need to change the risk assessment process. And, the
most sought-after product, loan against property or LAP, may also face a
tough time. While home loans are the safest bet for the bankers as they are
backed by securities, LAP, the equivalent of home-equity loans
internationally, could be more than 50% of the total mortgage book of many
NBFCs. Small and medium entrepreneurs are big buyers of LAP and as
their transactions are mostly in cash; they are being hit the hardest. The
NBFCs would need to look for newer products to grow.

6. Finally, will we see banks loan portfolios growing in 2017? Thats


anybodys guess. Till the first week of December, the credit growth has
been a meager 5.8%, year on year. Typically, bank credit should grow at
two-and-a-half to three times the countrys GDP, but that has not been the
case in the past few years as the investment climate remained anaemic
and many large corporate houses remained over-leveraged. If the so-called
demonetization move succeeds and the much-awaited goods and services
tax comes in place, the combination may change the sentiment. Armed
with the insolvency law, the banking system may also be willing to take
risks and lend. Inflation is expected to remain within the RBI projection and
we may see at least one round of rate cut in February after the budget.
Relatively easy liquidity and low interest rates could revive the loan market
in 2017.

Top 10 retail banking trends for 2017


The impact of new players, digital technologies, changing regulations and
the power of advanced analytics will define future winners and losers in the
banking industry next year and beyond, according to more than 100
industry leaders who shared their thoughts for the 2017 Retail Banking
Trends and Predictions report. These trends and predictions were also
validated and ranked by responders to a global industry survey, with
strategic priorities identified.

The sixth edition of this proprietary research included insights from


bankers, credit union executives, industry analysts, advisors, authors and
solution providers from Asia, Africa, North, South and Central America,
Europe, the Middle East and Australia, making this report the most
comprehensive in the industry.

The report found that data, advanced analytics, personalization and


improving the customer experience are at the forefront of many of the
predictions. In fact, the impact of improved use of customer insight is the
foundation for most of the trends in 2017.

Expansion beyond traditional products, services and channels is also


predicted, as open APIs (application program interfaces), the Internet of
Things (IoT) and more FinTech/banking partnerships are expected. The
industry will attempt to achieve these goals under an umbrella of cost
cutting pressures, changing regulations and an increasing interest rate
environment.

2017 will be the year of convergence in financial services, says


Sebastien Meunier, senior manager at Chappuis Halder & Co. There will
be more cooperation between financial services and FinTech startups,
blurring lines between traditional products, and the acceleration of the
convergence of technologies including mobile, distributed ledgers, IoT and
cognitive computing.

Brett King, best-selling author and CEO/founder of Moven adds, 2017 will
be the year of the digital-direct effort by banks. In typical form, 7-8 years
after Simple and Moven were founded, banks will finally figure out that
customers arent visiting branches to open accounts anymore and that
digital acquisition is imperative.

Below are the top 10 predictions and selected insights from this years
trends and predictions report:

1.Removing Friction from the Customer Journey: An optimal


customer journey makes every step and touch point in the buying cycle
streamlined, efficient , and consistent and personalized from the consumer
perspective. Financial institutions need to reimagine their core journeys
from front to back by addressing key customer pain points, identifying new
opportunities to delight customers in differentiated ways.
Brian Solis, principal analyst for the Altimeter Group and
bestselling author says, More than ever, the mobile apps that become the
Uber of banking are becoming the minimum ante to compete in a
connected economy. 2017 is a year that calls for transparency in banking,
operations and customer engagement. Its time for leaders to disrupt
themselves before the gift of disruption is given to them by someone else.

2. Increased Use of Big Data, AI and Advanced Analytics:


Tapping into huge quantities of dormant, bank-owned data is essential to
offering the individualized engagement that customers demand. Despite
the vast amount of data available and the industrys formidable resources,
most banks and credit unions are still far from realizing big datas full
potential.
This gap in capabilities is caused by competing priorities, the
complexity of knowing what data to use and how to collect the insight,
as well as the lack of a coordinated vision. Going forward, the use of
machine learning will provide opportunities for greater personalization
and channel optimization.

Over the next few years, banks must embark on Data Gentrification efforts
not just cleaning up the data they have, but collecting and using BETTER
data, says consultant Ron Shevlin from Cornerstone Advisors. Data that
better predicts and explains consumers financial health, directions and
trends in their financial health, and actions needed to better improve
financial health.

Regarding the application of artificial intelligence, Bradley Leimer from


Santander U.S. says, forget rob advisors for investments only ... our entire
financial life will start to have a robo-component. And we will be better off
for it.

3. Improving Integrated Multichannel Delivery: As introduced in


last years trends report, the use of advanced analytics provides an
opportunity for an optichannel experience, where the optimal channel is
based on the customers need and preferred channel. For any
organization, the priorities should be to make basic transactions (balance
inquiry, funds transfer and bill payments) more simple and intuitive, while
also making the next stages of engagement (account opening and check
deposit) more easy to complete with an online and mobile device.
According to Danny Tang, channel transformation leader at IBM,
Leading banks will start converging mobile and online banking into
new digital banking applications composed of widgets built on an agile
micro services architecture. The new digital banking applications will
offer many cross-channel services, such as text with contact center,
video with relationship banker, card less withdrawal at ATMs,
appointment making, and transaction pre-staging prior to a branch
visit.

4.Use of Open APIs: APIs were not even listed as a 2016 trend, but is
number 4 in 2017. The use of open APIs provides banks the ability to
flexibly distribute products through third-party channels provided by
FinTech partners, facilitating innovation and reducing time to market. Banks
could also use open APIs to incorporate third-party offerings into their own
product suites, offering a broader range of services, which would likely
boost customer loyalty.
2017 will be the year of open marketplaces and platforms,
states Chris Skinner, author and CEO of The Finanser Ltd.
Platforms support the rapid cycle deployment of microservices into a
financial marketplace. Those include apps, APIs and analytics that
transform the back, middle and front office respectively. As the
financial world is rapidly moving to open, loosely coupled
marketplaces, any bank with old legacy technology will start to look
like a dinosaur.

5. Partnerships Between Banking and FinTech: Continuing a trend


that emerged in 2016, legacy organizations will leverage the advantages
of scale, stability, trust, experience in navigating regulations and the
access to significant capital to partner with FinTech firms that offer the
agility, innovation culture and technological expertise that legacy
organizations seek. The resultant partnerships will benefit the end
consumer.

In 2017, there will be a widening of the gulf between banks that are
building meaningful partnerships with FinTech firms and those that think
that they are because they have a couple of tech vendors and a
procurement department, according to JP Nicols, managing director of
Fintech Forge and chairman of Next Money U.S.
6. Expansion of Digital Payments: Despite an increase in awareness
of mobile payments, usage continues to remain flat, illustrating the
challenges in changing consumer behavior when merchants and issuers
cant deliver a strong value proposition. To stimulate mobile payment use,
financial institutions will need to test discounts and rewards while
improving the consumer experience.
Matthew Wilcox, senior vice president of marketing strategy and
innovation at Fiserv predicts, Faster payments will start to become the
standard in the U.S. Faster payments will start with simpler payment types,
but will evolve during 2017. Acceleration of payment speed can help
financial institutions regain control of their customers payment relationship
and help drive towards their goal of increasing digital engagement.

7.Responding to Regulatory Challenges: The financial services


regulatory environment continues to be stringent, very complex, highly
uncertain often with conflicting regulations. In addition to causing a huge
increase in the costs of compliance, they have also impacted many
organizations business models. In 2017, it is expected that non-bank
competition will begin to be both authorized and regulated, creating both
risks and opportunities.

2017 will be the year of RegTech, states Matteo Rizzi, co-founder of the
FinTechStage. Regulators are beginning to create environments where
innovators and incumbents can find common ground before scaling their
product or solution. Cross-pollination, and a more coordinated approach
among regulators across geographies, will help FinTech startups while
facilitating a better collaboration with legacy financial institutions.

David Brear, CEO and founder of 11: FS in London adds, PSD2 will put
massive pressure on the U.K. incumbents, global regulators will embrace
FinTech competition and regulatory concessions, Africa will embrace APIs
and financial inclusion will become a mainstream and actionable topic. At
the same time, the U.S. will embrace change in the regulatory and political
system.

8. Exploring Advanced Technologies: While opportunities around


block chain technology did not make the top 10 list of trends in 2017, it
was ranked significantly higher by larger organizations. Of more general
appeal were technologies around artificial intelligence (AI), the Internet of
Things and rob advising. While not ranked as high as other trends, this is
an area which is increasing in importance daily as evidenced by the
massive sale of digital devices like Amazons Echo during the past
holiday season.
The most significant change in 2017 will be voice-mediated AI,
predicts Brian Roemmele, founder of Payfinders.com. AI and machine
learning, with a voice interface, will become a powerful way for banks to
become more relevant with their customers, proactively recommending
new products, on-demand finance and credit.
There will be increasing demand for providing intelligent virtual
assistants to engage with customers through voice and text commands,
states Steve Luong, senior director of marketing for the sponsor of this
years study, Kony, Inc. Both help banks and credit unions offer highly
personalized services to their consumers, improve customer satisfaction,
and much more.

9. Emergence of New Challenger Banks: The term challenger


bank is widely used to describe a banking organization, started from the
ground up and built without relying on another banking firm for back office
support. While very common in the U.K., this breed of bank will begin to
emerge in the U.S. in 2016 as new regulations are beginning to reflect
this form of financial organization.
The integration of advanced analytics, digital delivery and devices will
herald in new challengers that will be watched closely by start-up banks
and legacy organizations, predicts Spiros Margaris, founder of Margaris
Advisory.

10.Investments in Innovation: Investing in innovation dropped in


prioritization in 2017, possibly reflecting the significant increases in
investment over the past several years. In other words, the importance
may be the same, but most firms are geared up adequately (in their
view). One trend we are seeing is a shift in emphasis from innovation
labs to real-time testing both in consumer venues and in partnership with
FinTech start-ups.

CHALLENGES TO INDIAN BANKING SYSTEM


The banking industry in India is undergoing a major change due to the
advancement in Indian economy and continuous deregulation. These
multiple changes happening in series has a ripple effect on banking
industry which is trying to be organized completely, regulated sellers of
market to completed deregulated customers market
1. Deregulation
This continuous deregulation has given rise to extreme competition with
greater autonomy, operational flexibility, and decontrolled interest rate and
liberalized norms and policies for foreign exchange in banking market. The
deregulation of the industry coupled with decontrol in the interest rates has
led to entry of a number of players in the banking industry. Thereby
reduced corporate credit off which has resulted in large number of
competitors battling for the same pie.

2. Modified new rules


As a result, the market place has been redefined with new rules of the
game. Banks are transforming to universal banking, adding new channels
with lucrative pricing and freebees to offer. New channels squeezed
spreads, demanding customers better service, marketing skills heightened
competition, defined new rules of the game pressure on efficiency. Need
for new orientation diffused customer loyalty. Bank has led to a series of
innovative product offerings catering to various customer segments,
specifically retail credit.

3. Efficiency
Excellent efficiencies are required at banker's end to establish a balance
between the commercial and social considerations Bank need to access
low cost funds and simultaneously improve the efficiency and efficacy.
Owing to cut-throat competition in the industry, banks are facing pricing
pressure; have to give thrust on retail assets

4. Diffused customer loyalty


Attractive offers by MNC and other nationalized banks, customers have
become more demanding and the loyalties are diffused. Value added
offerings bound customers to change their preferences and perspective.
These are multiple choices; the wallet share is reduced per bank with
demand on flexibility and customization. Given the relatively low switching
costs; customer retention calls for customized service and hassle free,
flawless service delivery.
5. Misaligned mindset
These changes are creating challenges, as employees are made to adapt
to changing conditions. The employees are resisting to change and the
seller market mindset is yet to be changed. These problems coupled with
fear of uncertainty and control orientation. Moreover banking industry is
accepting the latest technology but utilization is far below from satisfactory
level.

6. Competency gap
The competency gap needs to be addressed simultaneously otherwise
there will be missed opportunities. Placing the right skill at the right place
will determine success. The focus of people will be doing work but not
providing solutions, on escalating problems rather than solving them and
on disposing customers instead of using the opportunity to cross sell.

STRATEGIC OPTIONS TO COPE WITH THE CHALLENGES


Dominant players in the industry have embarked on a series of strategic
and tactical initiatives to sustain leadership. The major initiatives
incorporate:

1. Focus on ensuring reliable service delivery through Investing on and


implementing right technology.
2. Leveraging the branch networks and sales structure to mobilize low
cost current and savings deposits.
3. Making aggressive forays in the retail advances segments of home
and personal loans.
4. Implementing initiatives involving people, process and technology to
reduce the fixed costs and the cost per transaction.
5. Focusing on fee based income to compensate foe squeezed spread.
6. Innovating products to capture customer 'mind share' to begin with
and later the wallet share.
7. Improving the asset quality as Base II norms.
CONCLUSION:
The banking environment of today is rapidly changing and the rules of
yesterday no longer applicable. The corporate and the legal barriers that
separate the various banking, investment and insurance sectors are less
well defined and the cross-over are increasing. As a consequence the
marketing function is also changing to better support the bank in this
dynamic market environment. The key marketing challenge today is to
support and advice on the focus positioning and marketing resources
needed to deliver performance on the banking products and services.
Marketing, as an investment advisor, is about defining 4Ps and
implementing key strategic initiatives to Market segments, increasingly
redefined, relevant micro-segments to survive and flourish in the highly
competitive market.

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