Enfolding Digital Transformation as a Key Marketing Tactics Along with Influence of IT to Transform the Future of Indian Banking | Original Article

ABSTRACT:

India’s banking sector has made rapid strides in reforming and aligning itself to the new competitive business environment. Hi-tech arrangement has become a vital chunk of the modification course in the banking pattern, with the continuous progress of refined mechanisms and innovations in market practices. The banks in India are under immense onus to act exceedingly well as otherwise their very existence would be at stake. Earlier the time was such where consumers preferred on-going relationship with one organization than to switch continuously. On the other hand, seeing the present scenario of intense competition, the banks too are not left behind from any other consumer marketing enterprise. It has become essential for the service firms and that too banks in particular to identify what the individual customer requirements are, how those customer requirements can be met effectively i.e. providing good quality of services tailored as per individual customer's requirement, few Jaw-dropping innovations, thereby retaining them, improving services and marketing mix of services over a period of time and ultimately enhancing the loyal customers as they speak to others about it. In this regard, the major role in the banking field has been played by computer engineering which not only guarantee effortless track of interconnected transactions over the electrically powered medium but also facilitates complex financial product innovation and product development. The usage of IT and continuous shift towards e-banking is becoming the demand of the day as the banking system seems to be progressing towards virtual banking. In context to analyse the above mentioned information the paper discusses in detail the effect of digital transformation, tactics used in keeping the growth momentum surging ahead for banking sector in the Indian economy, cutting edge over rivals and also to be at par with international banking standards.