Financial innovations in Indian Banking Industry: An evaluation of innovativeness and financial performance of selected bank

One of the main engines of India’s economic expansion has been the banking sector. In addition to serving as the county’s wealth repository, banks also serve as a source of capital for fostering economic growth. Financial innovation expands customer options and opens up new markets for banks. It has made it possible for banks to design, deliver, manage and integrate their products in accordance with the needs of their customers. Growth and development are multiplied when technology is used effectively. By overcoming branch banking’s geographical reach restrictions, financial innovations enabled banks to deliver services to customers’ doorsteps. Customer satisfaction is the most crucial element of financial innovation. Technology is the main area of focus for innovation in the banking industry because it will enable better banking products and services, which will increase customer satisfaction. The key for banks is to invest time and resources into redesigning tools and current products to meet customers’ most fundamental financial needs rather than just spending money on creating new ones.