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Posted on January 12th, 2021

The decision-making process was cumbersome. And sure enough, none of them required any new technology (or the cost thereof). During the second phase of reforms, based on the recommendations of the Committee on Banking Sector Reforms 1998 (Chairman M. Narasimham), greater stress has been placed on structural measures and improvement in standards of disclosure and levels of transparency so as to align Indian standards with the best international practices. In internet banking system the bank has a We discovered that they spent (“wasted”?) Embrace Online Banking Technology. We removed the unnecessary activities while preserving adherence to campaign requirements. That was the case here: Fixing this required a deft touch. This, indeed, is a revolution in Indian banking industry. On the recommendations of a Committee of Bankers, the Lead Bank Scheme was introduced and throughout the seventies targets were set for commercial banks to open up branches in rural and semi-urban areas. To mobilise the savings of the villagers, the services of these moneylenders—both professional and agricultural—can be utilised. Seventhly, one problem experienced by banks is that, many a time, villagers divert the loans from productive to unproductive uses. When the banks were nationalised in 1969, the primary focus was on social banking. Dr Anil Kumar Jain is a Professor of Economics, Banaras Hindu University, Varanasi. We uncovered more than 270 improvements to be implemented. Their outlook needs to be changed with the help of banking staff and utilising the services of the mass media. As technology advances and competition increases, banks are offering different types of services to stay current and attract customers. That’s what we helped them to create and implement. Accordingly, scheduled commercial banks’ total advances (direct and indirect) further increased to Rs 16,750 crores in 1990-91 and the number of scheduled commercial banks’ offices increased to 35,206 in rural areas and to 11,344 in semi-urban areas by 1991. After the adoption of the New Economic Policy in 1991, the Indian economy is becoming more and more mature with the passage of time on account of structural changes undertaken in different sectors and areas. The Bank’s staff at these village knowledge centres act as relationship managers, liaising between local authorities and farmers, facilitating the opening of accounts and ensuring that credit is provided to the needy. And most impressive of all, this organization was now able to produce more than 250 additional campaigns each year—a tremendous service to the rest of the enterprise. In their anxiety to reach the target of 40 per cent to the priority sectors, banks have gone in for indiscriminate lending. Sixthly, the commercial banks should also provide credit to the agriculturists on the basis of ‘joint guarantee’ given by the village panchayat or by a few well-known farmers of the village. Would you like to get the full Thesis from Shodh ganga along with citation details? 1. Internet Banking suggestion box. We think that, in spite of different agencies engaged in providing agricultural finance, the village moneylender continues to be a necessary evil. Thirdly, stress should be laid on deposit mobilisation from the agricultural sector itself to finance its own credit requirements. Note: Figure in the brackets represent percentage to net bank credit for the respective groups, Source: RBI, Report on Trend and Progress of Banking in India (different years). Almost 40 per cent of the adult population of the country is unable to access mainstream financial products.3 The Reserve Bank of India has recently adopted a decentralised approach in this regard with close involvement of State Governments and banks and has used multiple channels to expand the outreach of banks. In the meantime, the Working Group on Rural Banks (Chairman M. Narasimham) recommended in 1975 the setting up of Regional Rural Banks, as part of a multi-agency approach to rural credit. ADOPTION of a policy of social control over banks in 1967 and the nationalisation of 14 major scheduled commercial banks in 1969 have provedto be two major turning-points in the history of commercial banks in India. Moreover, very few programmes focused on micro-enterprises or encouraged diversification away from agriculture. It is common knowledge that villagers spend huge sums on unproductive social ceremonies, drinking, litigation, etc. From Table 3, it would be clear that both public and private sector banks had achieved their overall target for priority sector lending in March 2006. However, there are many different types of banks and financial institutions, and depending on the type, they may offer many other bank services in addition to simple accounts. The acceptance of such a basis will greatly help the farmers, particularly small farmers, in securing loans from commercial banks. Learn more about how we work here. The bank’s marketing operation lacked standard guidelines for roles and responsibilities. Non-Performing Assets (NPAs) of the end of March 2006 were 54.07 per cent for the public sector banks, as against 29.17 per cent for the private sector banks.2 The official compulsions of keeping a high proportion of their deposits in liquid form and subsidisation of credit added fuel to fire. Fortunately, many of the problems that hamper good customer service are often fairly easy to avoid. This launch is a part of sustained initiatives the Bank has taken to enable the customers to access banking services remotely at their convenience. In the near future customer-friendly products, delivery channels, relationship banking, dependency on IT systems and competitive pricing would be the driving forces. In both the U.S. and Canada, this bank’s marketing services arm was starving for concise and user-friendly management operating reports (MORs). The bank’s Marketing Services operations witnessed a capacity improvement of 20 to 26 percent. ENHANCING the growth rate in agriculture to 4.1 per cent, as envisaged in the Approach Paper to the Eleventh Five Year Plan, and improving its robustness would require substantial investment in irrigation and water management technologies, diversification and boosting productivity of different crops through improved seeds and plant-care practices. Copyright © Lab Consulting Partnership, 2021 | All rights reserved, Cut Banking Costs Now: Achieve “The New Normal” for Productivity “Big Rock” 1 of 3: The retail branch network, Automate Paycheck Protection Program Loans, Lean Six Sigma Projects for Finance and Accounting, Robotic Process Automation in Credit Unions, Robotic Process Automation in Finance and Accounting, Robotic Process Automation in Financial Services, Robotic Process Automation in Health Insurance, Robotic Process Automation in Investment and Asset Management, Robotic Process Automation Insurance Claims, what are retail banks doing to control costs and improve efficiency. This led to a focus merely on geographical expansion of the rural areas, where the banks’ branches offered credit in sizes which were too large to be made use of by the very poor. This article presents another case study, but a wholly new angle. Basic banking services include a payment account with basic features and an instrument for using the account (e.g. Foreign banks had also advanced 33.4 per cent loans to the priority sector, as against target of 32 per cent, as on last Friday of March 2007. Fourthly, the more important aspect of the whole drive is the deposit of savings by the agriculturist in the banks. RBI Handbook of Statistics on Indian Economy (different years), @ provisional Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet.Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose.Mobile banking is usually available on a 24-hour basis. and most of the efforts have been concentrated in the urban and metropolitan centres, it is also true that priority sector lending, including agriculture, has also continued to grow. Security should be enhanced for online transaction so as to encourage more & more people to do online transactions, If online transactions increases, Black money will reduce automaticcaly. Despite these pressures, the total priority sector lending by public sector banks has come down from 43.6 per cent in March 2004 to 39.6 per cent in March 2007 and lending by the private sector banks from 47.3 per cent to 42.7 per cent during the same period (Table 3). While growth is important, it is also imperative that growth becomes more inclusive because if certain regions, sectors or groups of people are denied economic opportunities for long periods, the spread and sustainability of growth itself is threatened. Economic Survey (different years), @ provisional Coins of … But why does the idea of engaging with a bank sound like such an ordeal? Universal banking … Hence the KCC Scheme has become very popular and by the end of March 2007, 26.6 million KCCs have been issued by the public sector banks, with limits amounting to Rs 94,712 crores. Over the years, there has been growth in staff, resulting in increased operating expenses—although in the recent past this ratio has gone down on account of compulsions of increased competition from private sector and foreign banks. The setting up of Regional Rural Banks in 1975 and nationalisation of another five banks in 1980 further revealed the concern of the government towards meeting the credit requirements of agriculturists. Therefore, the key to survival of banks in future will be the retention of customer loyalty by providing value-added services tailored to their needs. Consequently, the number of accounts, advances to the agricultural sector, as also the number of banks offices in rural and semi-urban areas increased. Since opening its doors in 1993, The Lab has helped some of the best companies in the world become even better. The credit system as a whole—government, commercial and cooperative—must be so knit together that it does not suffer either from a gap or an overlap. 17-18. Contact a local community center or university for the use of neutral, non-threatening facilities, and set up sessions about saving for retirement, banking basics, choosing the right checking account or managing money. Each of the 270 improvements we identified may have been small. Tele banking 2 2 3. Different types of banks focus on different aspects of the industry. There were no submission or intake templates for each gate in the marketing process. Such examples need to be followed by other banks. The Economic Reforms launched by the Indian Government in 1991 were designed to accelerate the overall growth and help India realise its full productive potential. This is the story of a huge (80,000 employees serving 25 million customers) Canada-based bank. To … Services provided by banks include storing and lending money, facilitating both complex and everyday financial transactions and helping companies raise money in public markets. Such a step would help in mobilising savings. The total number of bank accounts in the agricultural sector with public sector banks have increased from 198 lakhs in 1995 to 253 lakhs in 2007 and the total outstanding advances for agriculture have increased from Rs 23,328 crores in March 1995 to Rs 2,05,091 crores in March 2007 (direct finance from Rs 20,562 crores to Rs 1,46,941 crores and indirect finance from Rs 20,766 crores to Rs 58,150 crores. Another trend witnessed since 1991 is that scheduled banks are opening more and more branches in semi-urban, urban and metropolitan centres and the number of rural branches are going down. NEW TECHNOLOGY IN BANKING SERVICES S.No Banking Technique No of Respondents Percentage 1. Report on Trend and Progress of Banking in India (different years) We’ve helped scores of banks with cost cutting and operational improvement, thanks to our non-technology solutions, our unique self-funding engagement model, and irresistible money-back guarantee. Today, it’s not enough to do what everyone else is doing. First, traditionally banks have viewed rural areas as a segment purely in need of upliftment. The harsh reality is that the spread of banking facilities in India is uneven, with a substantial portion … (Table 1). The banks should then ask them to encourage the villagers to deposit their money in the banks and approach the banks for loans through them. Standard Bank is a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider in terms of the National Credit Act, registration number NCRCP15 Again, this is a seemingly simple issue that often hides in plain sight, and requires no technology to resolve. Finally, it needs to be remembered that stray attempts would not solve the problem of agricultural credit. The bank needed a simple, quantitative staffing model that would match workflow volumes to available capacity, productivity targets, and required support. These reforms were supported by reforms in the financial sector, including the banking system which has the prime responsibility for mobilising and allocating financial resources. The Internet would be the engine of the banking revolution in the decades to come and e-commerce would be its fuel. There are some really big opportunities here for innovation, from convenient micro-payments, to transportation ticketing, payments to street stall vendors, and pocket-money for the kids. 2021 Mainstream Have an idea or issue you'd like us to know about? This was about making essential process improvements throughout a bank’s marketing services operation. The services of officers and staff of the community development projects may also be utilised for this purpose. Credit unions are nonprofits with bank-like services. At the end of March 2007, 29.24 lakh SHGs were linked to banks covering a total flow of credit of Rs 18,040 crores. While there has been acceleration in the industrial sector, especially manufacturing and services sector, and the country is graduating from a low-income regime to a middle income regime, there has been deceleration in agricultural growth, which reflects as a broad-based slowdown in the productivity growth. The government has laid emphasis on agricultural credit in the post-1991 period also because agricultural credit, by promoting agricultural and related business, plays an important role in poverty alleviation and creation of employment. Keeping this in view, the Reserve Bank of India had advised the public sector banks to prepare Special Agricultural Credit Plans (SACP) in 1994-95. Banks should provide credit not merely on the basis of collateral security such as land and buildings but they should also advance loans to the agriculturists after assessing the ‘absorptive capacity’ and the increase in productivity that is feasible with the help of such loans. Secondly, commercial banks should change their marketing concept. Anil Kumar Jain, ‘New Scheme of Deposit Mobilisation’, Mainstream, January 30, 1971, pp. We compared their activities to our proprietary marketing-operations templates. As banking services are in the nature of a public utility service, it is essential that banking and payment services are provided to the entire population without discrimination. The nationalised banks may appoint them as their agents. These marketing efforts should specifically highlight the numerous benefits of online banking. The move towards inclusive growth is a big challenge for the financial system of the country, including commercial banks. That was the case here. It will also ensure a fair understanding between them and encourage commercial banks to operate on the principle of collective service for a collective need. Meetings needed to be streamlined. There have been external pressures on the banking sector to lend to weaker sections. The agriculturalists (borrowers) want credit at relatively low rates of interest but the lender desires to charge a higher rate of interest to cover the risk of uncertainty. Under the new concept of marketing, the task of management should not so much be skill in making the customer do what suits the rest of the business, as to be skilful in conceiving and making business do what suits the interest of the customers. Fortunately, The Lab was equal to the task; non-technology improvement is what we’re all about. Added on to the bank as a service is a group of decomposed banking services consisting of an ecosystem of FinTech startups and service providers. Suggestion for Reformation of Indigenous Banking System in India! What is still worse, much of the priority sector lending has to be at a low concessional rate of interest. a debit card and online banking ID), the possibility to withdraw cash, the execution of payment transactions and an electronic means of identification. Their marketing arm, serving both the U.S. and Canada, was struggling to increase both its productivity and agility. But their overall impact was significant. And we helped the bank to implement standardized metrics for improving accountability and monitoring performance. Savings hit $13.5 million. From Table 2 it would be clear that while the total bank offices have increased from 60,220 at the end of June 1991 to 71,781 offices in June 2007, the number of bank offices in the rural areas has gone down from 35,206 offices in 1991 to 30,633 offices in 2007. Villagers must be convinced that money spent on such social obligations is a waste and they themselves would gain in the long run if they would save and invest. Structural reforms were undertaken in industry, trade, foreign investment, fiscal front and various policy initiatives were undertaken in the area of agriculture. The harsh reality is that the spread of banking facilities in India is uneven, with a substantial portion of the households, especially in the rural areas, still outside the coverage of the formal banking system. The bank’s Marketing Services operations witnessed a capacity improvement of 20 to 26 percent. The banking sector, as the most important financial intermediary to mobilise the savings leading to increased investments, facilitating growth would, thus, play the most crucial role in attaining the stipulated economic objectives through expansion of the coverage of banking services by reaching the vast unbanked and underbanked population of the country. However, this is also a broad sense of the many services the banking industry provides. But you’d be mistaken. So, online banking marketers should focus on ways to convince traditional banking users to start using online banking services. Savings hit $13.5 million. The banks may give them a sort of del credere commission, depending upon the quantum of business done by them, as is done in the case of agents of the Life Insurance Corporation, General Insurance Corporation, National Savings Organisation, etc. As a result, as per the results of the Economic Census 2005, employment growth in the non-farm sector is much lower and average employment itself has declined during the 1990s as comparted to the 1980s. Campaigns weren’t prioritized by complexity. Over the course of 16 weeks, we analyzed their marketing process. RBI, Trend and Progress of Banking in India, 2005-06, p. 300. Fifthly, there is need for a reorientation in the credit policy of banks. The entire project broke even in just six months. The Lab was able to identify more than a half-dozen remediation actions, including rework of the database training requirements, ways to ensure consistent documentation of campaigns, and building accountability into the actual QuickBase metrics, to name a few. If you’re looking to boost operational efficiency in the banking sector, too, these types of marketing-department changes might inspire you. As a corollary to this, it is also suggested that, as far as possible, the staff to be deputed in the rural branches, should be drawn from the villages or semi-urban areas themselves and better living conditions be assured for the bank employees. You might think that marketing management spent the bulk of their time producing marketing campaigns. Our last article concerned a case study about the HR department of a big bank and its efforts to cut costs. 3. Many people think of "the bank" as a place to keep money or other liquid financial resources, perhaps in a money market, checking, or savings account. Many a time, superiority complex on the part of the bank employees drives away the villagers. Thus their wish-list, when they reached out to The Lab, was extensive. government thought that it was necessary to ‘control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives’. These moneylenders have been living in villages for a long time and are, therefore, accustomed to the rural way of life. Here, technology is used to help the farmer improve his productivity. Hence, it is imperative to ensure that higher growth is also more inclusive. Such a move will entail two steps—curtailment of unproductive expenditure and deposit of savings by the agriculturists in banks. 4. In recent years, two innovations, namely, micro- finance and Kisan Credit Card (KCC) Scheme, have emerged as the major policy tools to address the problems associated with the distributional aspects of rural credit. The growth of banking sector depends upon the services provided by them to … Not many KPIs were needed, but they were essential: Once these were implemented, the reports skyrocketed in value. Having to interact with customer service at a bank is generally not a pleasant experience. 3. Universal banking is a term for banks that offer a wider variety of services than their competitors, or when compared with traditional banks. While giving credit to farmers in the form of agricultural inputs, it should be ensured that inputs are supplied in adequate quantities and in time and complementary and supplementary facilities are also available. The debates surrounding my well-intentioned suggestion consumed hours of time on behalf of the bank’s compliance team. Providing exceptional customer service in your bank or credit union is important, helping to attract and retain customers in a competitive landscape. Are your MORs delivering similar value? Therefore, one of the important objectives of the nationalisation of 14 major commercial banks in India, among others, was to make a provision of adequate credit for agriculture and the agricultural sector was included in the category of priority sectors. It is only then that the real fruits of credit facilities will be enjoyed by the country at large in the form of agricultural development which still the key to India’s prosperity in future. The QuickBase database which the marketing services operation employed was not being used to its fullest potential: Is the value of your high-tech database being squandered by inefficient processes? With CRM banking technology, each department can access the same information across all customer profiles, while also setting up individual triggers for offering additional services. ROI was greater than six-fold. They need to show people how online banking can solve tradition… Information captured in the database was inconsistently applied to manage campaigns. The appointment of moneylenders as agents has an added advantage. The element of uncertainty is greater in agriculture as compared to other sectors because even today a considerably high proportion of Indian agriculture is dependent on the vagaries of the monsoon. Report on Trend and Progress of Banking in India (different years) Electronic fund transfer 2 2 5. : 7064/62 Some of the poorest and most populous States have fallen behind. Are you seeking process improvement ideas in banking? As technology becomes more robust and customer-buying habits shift, banks and credit unions must constantly be looking for areas of innovation and ways to meet the demands of a 21st-century customer. Today micro-finance, the Self-Help Group-Bank Linkage Programme (introduced in 1992), has emerged on the major micro-finance programme. To position your bank as an expert and to help potential customers understand their banking options, hold a series of educational seminars. In the Draft Approach Paper to the Eleventh Five Year Plan, the Planning Commission has emphasised the need for faster and greater inclusive growth during the Eleventh Plan period. Services Quality and Customer Satisfaction in the Banking Industries Published on October 14, 2014 October 14, 2014 • 49 Likes • 9 Comments Activities among 300 employees the database was inconsistently applied to manage campaigns covering a total flow of of... 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