E-Banking Trends in India: Evolution, Challenges and Opportunities

Abstract

The traditional mode of delivering products and services by banks to the consumers’ is through a single distribution channel and that is physical bank branches. Financial services industry is developing due to the introduction of internet, rapid technological evolutions, deregulation, globalization as well as the impact of changing competitive and regulatory forces. In order to cope with the quick changes in the business scenario, banks started to rely on distribution channels as an alternative strategy for differentiation and gaining further competitive advantage. The abovementioned paved way for the development of the E-banking phenomena. The content provided in this chapter would be useful for existing and potential banks to better understand the Indian E-banking trends and thus aid in the effective formulation of channel management strategies and reap the benefits out of it.