Author Co-Author

Mr. Harshit Eric Williams (Assistant Professor, SHIATS)

Mr. Birendra Kumar Shah (Ph.D Research Scholar, SHIATS)

Service In the Emerging Economics: The Road Ahead

Financial Services in India

Securities and Exchange Board of India (SEBI)

Stock Market

Insurance Regulatory and Developmen t Authority (IRDA)

Insurance

Reserve Bank of India (RBI)

Banking

Association of Mutual Funds in India (AMFI)

Mutual Funds

Insurance Sector
Total Premium Collected
` 1,22,661 crores

AprilSeptember 2011

Renewal Premium Increased (17%)

Banking Sector
Different Banks Deposit (Share) Total Deposit increase 18.3% (Dec 2010) 21.6% Total Credit increase 17.08% (Dec 2010) 53.1% Lending (Share) 52.8% 22.1%

According to RBI (Mar 2011)

Nationalized Bank SBI Bank

Private Sector Old Private Sector

Foreign Bank Regional Bank

13.4% 4.6%
4.4% 3%

13.2% 4.6%
4.9% 2.4%

` 73,575 crores

SERVICE SECTOR PLAY THE VITAL ROLE IN ECONOMY

IDBI

Innovation in Financial Services in India

IRDA

IDF
IIFCL
Pure financial Planning

Insurance Product

Insurance Premium Rate

Ameriprise Financial Inc

Wealth Manageme nt Service

Projection of Non life insurance from today to 2015

` 47000 cr. TODAY 18 percent growth per year

` 90000 cr.
2015

GOVERNMENTAL INITIATIVES

Investment

LISTED COMPANIES OF INDIA

Indian Government
Investment
Public sector ` 6000 Cr. During the 2011-12, and they had already provided `. 20157 Cr.

ESTABLISMENT OF RETAIL BANKING IN INDIA

Credit Growth (12.36 %) Banking Sector 42%

Housing Finance (48%)

Auto Finance (27.8 %)

Personal & Educational Loan (16%)

Consumer Durables (7.2%)

Credit Card (1%)

25 %/ Year

Challenge of Retail banking in India

Money Laundering

Outsourcing Of Man Power

Competition

Difficulty to Know of Customer

Difficulties to retain of customer

In coming years the Indian banking industry is expecting lot many changes and innovations to happen due to the high level of competition.

RETAIL BANKING INITIATIVES TO IMPROVE UNDER PRIVILEGED

3.6 Million People On 2010 Improve Under Privileged 7.4 Million People On 2020

IMPLICATIONS IN FINANCIAL SERVICES - DUE TO INNOVATION & CUSTOMIZATION

Omit Short-term losses

Generation of new ideas

Regulation/regulatory pressures Agreement Restrictions. Aversion of risk Easy to replicate/ copy products/services

The Market Maker

Innovate Product/ Services

The Follower
Follow Leader

The Listener

The Skunk Word

Analyze the customer needs

Break Down of Services

Feedback

Copy
Make Market Innovate product and services

Innovation

Evaluate
Innovate Product/ Services

Customize
E.g. Dell, Lexus

Market
E.g. Google, Boss, Philips

E.g. Nike, coca cola, Apple

E.g. Pepsi, Kia motor