Analysis of Innovation and Technology in Banking

Abstract

As proven by both private and public banks, IT-enabled innovation has had a substantial influence on a range of industries, including banking. These financial institutions value innovation and have achieved success as a consequence of technical breakthroughs. The increased competitiveness has compelled all players to act more rapidly. As a result, public sector banks have experienced substantial transformations, and consumers are now confronted with a slew of new options. These banks, which previously depended on traditional methods, are now proactively getting out to the public through billboards, FM radio, and other media outlets. In addition, endorsements from famous people are becoming more common in government entities. The widespread usage of basic banking processes has increased banks' need to innovate. Client satisfaction increases as a consequence in both public and private banks. The study's purpose is to investigate how new technology affects customer satisfaction in Bhopal's public and commercial banks. Customer data obtained from these banks was reviewed, with substantial results. In terms of innovative successes, private banks outscored state banks, according to the poll. Rising banking rivalry is widely considered to have had an immediate influence on how financial institutions prioritize customer-oriented operations and define company goals. Considering the significance of technology and innovation in the modern economy for strategic management, business development, and economic success, new approaches to understanding the relationship among technological innovation and financial services are critical. These unique strategies are required for gaining an advantage over the competition. With this in mind, the goal of this study is to investigate the basic implications of technological innovation on financial services at the bank's location level, specifically through an examination of customer-facing staff input. According to the findings, information and communication technology is critical to the sector's performance. The paper also examines the empirical study's practical implications, strengths, and limitations.