Technological innovations in the banking sector in India: An analysis

The goal of the paper is to identify ten important innovative solutions in the banking sector and analyze them in the context of assumptions of the paradigm of relationships and features of product orientation with related to technology. Banking is a rapidly changing industry. The biggest paradigm shift that has occurred is the digitalization of banks which aim at providing customers with a broad scope of benefits. Technology-based innovations will be the key determinant in offering diversified and customized banking services to their varied customer portfolios, at a reduced cost. Even if it is convergent with the assumptions of the paradigm of relationships, it should be indicated that some banking products are based on advanced solutions that may surpass real market demands. We examine the development of technology in the banking sector.