27-09-2013, 03:07 PM
Burgeoning Trends in Banking & Insurance - Challenges and Opportunities
INTRODUCTION
Contemporary banking and insurance sector has come up with an assortment of
initiatives that tilting to providing an enhanced customer services with the help of new-
fangled technologies and opportunities. Banking and Insurance sector mirrors the larger
economies its linkages to all sectors make it surrogate for what is episode in the economy as a
whole. Banking and Insurance sector in our day has the same sagacity of exhilaration and
opportunity that is evidence in the Indian Economy. The departing developments in the
global markets offer so many opportunities to the banking and Insurance sector. In the
cutthroat banking and insurance utterance upgrading day by day in patron services is the most
useful contrivance for their enhanced escalation. Bank and insurance offers so countless
changes to admittance their banking and insurance services.
Banks and Insurance theater an imperative task in the economic maturity of emergent
countries. Economic progress involves investment in various sectors of the economy. The
banks and insurance collect nest egg for investment in various projects. In normal banking
and insurance the banks and insurance execute agency services for their customers and helps
economic development of the country. The procure and sales securities, shares, make
payments, receive subscription funds and collect utility bills for the Government sector.
There for banks and insurance salt away time and energy of hectic peoples. Bank and
insurance arranges foreign exchange for the business transactions with other countries.
Banking and insurance sector are not minimally collecting funds but also serve as a guide to
the customer about the investment of their money.
Afford numerous personnel services
The stipulated times demanded that banks are to endow with several services for
which they have to span in service, social banking with financial potential, perceptive
upgradation, computerization and innovative automation, enhanced customer services,
effectual managerial ethnicity, domestic detention and control, passable fecundity, sturdy
organization mores etc. Consequently banks and insurance must be able to afford inclusive
personal service to the customer who comes with burgeoning.
Conclusion
To conclude, the emergent Indian banking and insurance sector with its brawny home
country linkages, seek a unique mishmash of Indian ethnicity and global standards that offers
a precious challenges opportunities for banks and insurance in burgeoning trends. The
prevalent challenges and opportunities for the Indian banking and insurance sector today is
the “Indian clientele”. Demographic shifts in terms of income level and cultural shifts in
terms of life style aspirations are changing the silhouette of the client. This will be a key
driver of economic growth going forward. The Indian clients now seek to fulfill his lifestyle
aspirations at a younger age with a finest permutation of equity and debt to finance
consumption and asset creation. The Indian punter represents a market for a wide range of
products and services he need a mortgage to finance his house, an auto loan for his car, a
credit card for ongoing purchases, a bank account, a long term investment plan to his child‘s
higher education, pension plans for his retirement, a life insurance policy the possibilities are
endless and this end user does not live just in India‘s top ten cities. He represents across
cities, towns and villages i.e. in rural areas.