Visual Banking, A Modern Techno Dynamismin Smart Phone Banking– A Research on Innovative Banking Technologies in Chennai

Techno dynamism has made tremendous changes in the life style of human beings. Banking is no exception to this. Stormy techno dynamism has been going on in banking technological innovations, since 1990s. Traditional Brick and Desk banking (Branch banking) was replaced by Digital Banking since 1990s. Digital Banking has been more popular since 2014 due to the talk of “Digital India”. Mobile banking is a part of Digital banking. Gone are the days when people trusted on trunk dialing (before 1990s). Mobile phones were converted into smart phones (since 2010s) and such smart phones have been part and parcel of almost all the people, just like 6thfinger of palm in our hand. People have been using Smart phones for multiple purposes, such as phone calling, internet usage and so on. Since internet is embedded in mobile phone, this facilitates mobile banking smoothly and quickly. Year 2016, after demonetization (November 8, 2016) forced most of the people to go for Digital banking. Paytm and Mobikwik, Airtel money, Jio money were becoming more popular and people started using mobile banking since then. Video Banking is a new dimension in mobile banking. This is known as Visual Banking. Very few banks have been following this Video banking, by having a special app. Without app, the customers have to talk to the bank officials by video conferencing method. Some customers have been using mobile banking have been using Video banking (125 customers out of 600). They are mostly corporate customers and few of them are professionals and home makers. This Video conferencing method of banking helps the bank customers to talk to the bankers as if they are seeing them in person. Therefore, personalized attention is possible, integrated with virtual presence. The non-users of Video banking (475 out of 600) are also interested to use Video banking very shortly. This innovation has been going on at infancy level since 2016 in various banks. Therefore, it will pick up at speed here in after. Video banking will be a boon to the future generation, both for bankers and customers. Integration of Robots for banking is mostly wanted by customers, by and large. Interactive Teller machines (ITMs) for withdrawal of money are yet another welcoming technology, due to the advent of Video banking. Customers have been using Video banking for bank transactions clarification, documents verification and confirmation, Digital signature confirmation and so on. In near future, Video banking will be flickering its wings at greater speed and start flying at greater heights. Robot banking will also be more popular here in after. Time will come very soon, by integrating all the banking technologies namely, Digital banking, Mobile banking, Robot Banking together, in the name of Collaborative banking (C Banking), to facilitate individualized attention to customers, mass customization, virtual presence and agility in offering banking services. Time is not so far away in this regard, since we are all living in the era of Techno dynamism. This article brings forth the research data related to mobile banking and video banking