Changing Face Of Financial Services Essay

363 Words2 Pages
In this century, the Financial Services Industry has experienced a boom across the world. In good old times, there were only banks that were the key players in this Industry in India. People used to have saving accounts and could open a fixed deposit or a recurring deposit with a branch. People were not comfortable to take loans to buy things of comfort like car, air conditioner etc. Take the case of Indian farmers, they still shy away from taking loans from the banks due to the paper work involved in taking a loan. They are more comfortable to take finance from money lenders of their area. Even though the rate of interest is high, they prefer this mode of financing. The ease of returning at their own will and the comfort level with the sahukars make them happy. Think of the present day scenario. We go to bank not for depositing or withdrawing money. The e-banking services provided by the banks have reduced our visits to the bank. We can transfer funds, pay our utility bills at a click of the button. The 9-2 banking circle has been transformed. We can withdraw physical cash at any time of the day from ATMs. ICICI that is the leading private sector bank of India has brought the concept of 8-8 banking. We can visit the branch before going to our office and at our convenience at any time between 8 a.m. till 8 p.m. The concept of Universal banking has brought traditional services and the modern facilities under same roof. The traditional products are seeing a lot of variants. Have you heard about wedding insurance. The major coverage under a wedding insurance includes cancellation or postponement of the wedding ceremony due to fire, natural calamities like flood, earthquake etc. The wedding insurance will pay the non refundable expenses incurred for wedding functions incase the wedding does not take place due to the mentioned reason in the clause of the contract.

More about Changing Face Of Financial Services Essay

Open Document