Innovations and reforms in banking.2 mark qwestions
Answers
Answer:
Innovation means something new or something which had not been done before. The same goes for banking section as well. There are many sections in banks which are going through or have gone through innovation in recent past. They are no longer restricted to age-old (traditional) methods. Thus, to increase the business avenues and capture the new market banks are resorting to innovation. This term innovative banking is being in use a lot nowaday
There are many types of banking facilities that the banks have started in recent years. These are the following types of innovative banking used by the banks these days:
Mobile Banking
Mobile banking has been a revolution in the past few years. It has completely changed the way banking systems are working. Thus, it is a system that allows customers to perform many types of financial related services through a smartphone.
These include services like ATM locations, bill payment alert, inter or intrabank payments, bill payments, and many more. So, services are available at the fingertips of every person.
Internet Banking
Internet coverage in the last few years has increased drastically. This service is online banking, web banking, or virtual banking.
Thus, this banking service allows its users to execute and perform any financial transaction or service with the help of the Internet. The banking facilities are provided traditionally at a local bank outlet.
There are many types of banking facilities that the banks have started in recent years. These are the following types of innovative banking used by the banks these days:
Mobile Banking