Asian Journal of Management
Year : 2018, Volume : 9, Issue : 3
First page : ( 1149) Last page : ( 1151)
Print ISSN : 0976-495X. Online ISSN : 2321-5763.
Article DOI : 10.5958/2321-5763.2018.00185.3

Impact of New Trends on Banking and Insurance

Renuka S^1,*, Dr. Dinesh G P²

¹Research Scholar, Department of MBA, BITM, Ballari

²Professor and Dean, Department of MBA, BITM, Ballari, gurrumdinesh@gmail.com

*Corresponding Author E-mail: sastryrenu@gmail.com

Online published on 30 January, 2019.

Abstract

Money is the life blood of any economy. In current situation there are new trends which are making the circulation of money more technology oriented. This has impact on the banking and insurance sectors. The major development during 2016–17 financial year is digital currency or money. This has gained more popularity on the paper money. Both banking and insurance sectors have direct dependency on the money. This digitization of currency has brought a paradigm shift in these two sectors. Banking industry and insurance industry have to take new challenges to attract the customers and bring the satisfaction and also if possible delightment among the customers that is both existing and potential. The traditional system of transaction of financial elements are still dominating in India. In Indian context making the new trends popular among the common people is a biggest challenge to the banking and insurance sectors. The concepts of earlier financial system have a straight impact on the transactions in these two sectors that is banking and insurance. New challenges are making them to go beyond the boundaries to serve the needs of the customers. This will bring these sectors into the greatest heights.

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Keywords

Banking, Insurance, Services.

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