Today, the banking industry is counted among the rapidly growing industries in India. It has transformed itself from a sluggish business entity to a dynamic industry. The growth rate in this sector is remarkable and therefore, it has become the most preferred banking destinations for international investors. Fast pace growth in the Indian banking sector prompted RNCOS, a leading market research firm, to do a comprehensive research titled, “Booming Indian Retail Banking Sector”.
The Indian banking sector is growing at an astonishing pace and recorded a CAGR of 21% from March 2004 to March 2007. The RNCOS study has analyzed the factors that are giving impetus to the Indian banking industry. In recent years, the Indian banking sector has acquired a new status by offering new services to people with which they were completely unaware of in past. One such new service is retail banking and a big proportion of the Indian youth is reaping benefits from it. The growth in this segment is a combined effort of the banking industry to offer new facilities such as investment in mutual funds, credit & debt cards, ATMs, etc. Consequently, more and more people are gaining from these services. The RNCOS report has given a comprehensive study on how these new services are shaping the future growth of the Indian banking sector.
Till few years back, the Indian banking sector was accused for poor customer service. But now, both public and private banks are paying adequate attention to improve their customer services and therefore, are increasingly using technology to make their customer service fast and hi-tech. Mobile and Internet banking are two fields which reflect use of technology in the banking sector. As per the report, the Indian banking industry is expected to begin offering mobile banking services, which will give people freedom from standing in long queues before ATMs.
“Booming Indian Retail Banking Sector” has discussed not only the current status of the Indian banking sector but also analyzed the future prospects of its various segments, like Internet banking, retail banking, and loan facilities. Based on different parameters, the report has given an overview of the future of the Indian banking sector.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
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