TECHNOLOGY INNOVATION IN BANKS - NEED FOR OMNI-CHANNEL SERVICES

Abstract

Technological Innovations have the potential to continue to significantly transform the financial services industry and benefit society. They can replace individual banks’ legacy systems, enhance processes, improve efficiencies and strengthen controls. They can also provide opportunities for the creation of new products and services that benefits customers. Ultimately, technological innovations hold great promise for the identification of new customers and the provision of financial services to the unbanked or under banked community in a safe and sound manner. This paper aims at studying the need for Omni-channel services and the benefits of digitalisation in banking services.