'Indian banks now transforming into multinational banks'

"Indian banks are at present in the process of transforming into multinational banks. In this process, they are learning new practices to become truly professional corporates. Corporate governance and transparency are also rapidly taking place among the banks," Ch S S Kasyapa, assistant general manager of State Bank of India (SBI), Rajahmundry, said.

Addressing a seminar organised by ICFAI University, Hyderabad, for the management and banking professionals on 'The emerging trends in management and banking' in Rajahmundry on Sunday, Kasyapa said that ensuring banking as a convenient and a pleasant experience for customers has been the new mantra of the banks.

"Rapid networking of branches and online services are being taken up, adopting best practices of world-class standards," he said.

Speaking on the consumer habits and patterns, Kasyapa said that there was an advent of a new class of income-earning people and the introduction of new services to cater to their needs.

The banks were ushering in revolutionary changes in credit dispensation and bringing out tailor-made products and services, he said.

"The trends in customer service have been changing from consumer satisfaction to customer delight and it is now emerging as customer hugging," he added.

The main objective of the seminar was to provide an exposure to the executives and professionals to best practices that are emerging in the fields of management and banking. More than 100 professionals from the banking and the corporate sector attended the seminar.

Giving a presentation on the new and emerging trends in banking, Kasyapa said that the banking sector had seen various trends over the years, viz, primarily retail lending in 1950s, emphasis on industrialisation in 1960s, social banking in 1970s and transaction banking to relationship, and universal banking in the 90s and in the present century.