Social and Innovative Banking Strategies for Sustainable Banking in India

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Author	Sanjay Kanti Das
ISSN	2225-7217
On Pages	209-223
Volume No.	2
Issue No.	2
Issue Date	May 01, 2020
Publishing Date	May 01, 2020
Keywords	Indian Banking Sector, Innovative Banking, Social Banking, Service Innovation Model, Sustainable Banking.

Abstract

Indian banking industry has been growing at a fast pace and is challenged with several aspects like new regulations from time to time, changing customer needs and perceptions. The banking system touches the lives of millions and has to be inspired by larger social purpose and has sub-verse national priorities and objectives such as rapid growth of agriculture, small industries and exports, rising of literacy rate, encouraging new entrepreneurs and development of backward areas. Technology has been playing a crucial role in the tremendous improvement of banking services and operations. This paper makes an attempt to analyze the various constructs of social banking and innovative banking in India. It also analyses some of the common issues of social banking and bank marketing. The specific objectives of this research are to study the initiatives undertaken by selected banks in India on social banking and innovative banking. The study is a conceptual one based on survey of literature. Two models of innovation 4P�s of Innovation model by Bessant and Tidd (2007) and Six Dimensional Service Innovation Model by Pim den Hertog et al., (2010) were used in the study. It is observed that banks in India are moving towards sustainability through social banking and innovative service operations and offerings. It is found that both types of banks have embraced service innovation as a part of their future banking strategy and are moving continuously towards customer-centric and service-centric banks.

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