Need for Relationship Banking in India

It’s not only about technology these days. The difference still remains the same that is relationship building. Indian e-Commerce needs Shift to Relationship Driven Methods. Today there are almost 50 banks that have the facility of banking online with major banks like ICICI, HDFC Bank, ABN Amro Bank, Bank of India etc to name a few. But again its not only about Net Banking but rather it is about Relationship Banking. Its emphasis should be on Human Capital, there should be CRM for banking services, tailor made services to its customers which can drive e-Commerce. Security is one the major issue again in terms of Net Banking. Relying only on the technology wouldn’t be a long term solution. To support this there is a quote – One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man by Elbert Hubbard. And that is why need is to focus on the relationship driven methods.

Path ahead for e-Commerce in India

E-commerce is becoming the key to success. The internet usage has made the world really small and through the same business transactions are conducted globally at a faster pace. There is great scope for India as far as internet banking is concerned since the past records in regard to Internet usage in India have been quite optimistic. India’s strength also lies in its untapped market which is the real potential. As we know that with the help of large pool of English speaking and computer literate professionals, competitive telecommunication prices etc India has a great scope for the IT enabled services and is ahead of many countries in being the Hub for IT.

Under e-Commerce the Online Banking services segment in India is on an all time high. Even the Government of India has taken steps over past few years to create an environment which is important for the growth of e-Commerce in India. India is on the threshold of emerging as a key player in global electronic commerce especially in terms of third largest reservoir of technical human resource.

Online banking scenario in India

All the banks and financial Institutions in India are in the process of making their services web-enabled so that the online banking services could be provided to its customers and they can at the other end reap full benefits out of it. This Internet banking arena has also increased the competition among the Banks and in turn has compelled banks to focus more on its customers need and requirements and adoption of upcoming technology on the Internet. It’s being so to keep all the Banks at the same pace. Though as per the global standards India has still to go a long way but gone are those days of traditional banking. Internet banking evolved in the mid-1990s when Internet and the World Wide Web began to catch on. At present Private and Multinational Banks are doing good by implementing Internet Banking in India. Though nationalized banks have not yet implemented Internet Banking system successfully in comparison to the private ones and that is why in such Banks we find mix of both online and manual process.