The Hindu Business Line : ‘Innovation is the key to change’

Madurai, Feb. 28 Innovation is the key to change and a continuous process for betterment. Prospects emerge in life for those who are able to think out of the box and come up with an innovative idea under any given circumstances. Combined with technology, it transforms and takes the activities to newer heights, best seen today in the banking sector with value addition in transactions, said Mr S. Sridharan, Assistant Genera Manager, State Bank of India, Zonal Office (Region I), here.

The need for cash is disappearing and customers are facilitated to operate by the touch of a button even staying at home. The change could not have been imagined 20 years ago but is a happening thing today due to innovation in adopting the emerging technologies.

The banking sector has benefited the most and the change is fast and swift with the financial sector leading the process and progress, he said while addressing on ‘Changing scenario in banking’ at a Business Line Club meeting of the Department of Management Studies at Raja College of Engineering And Technology, Veerapanjan, here on Thursday.

Tracing the evolutionary process of the banking system in which the initial barter mode gave way to the basics of banking based on trust as the society turned from nomadic ways to a social life process, he said, continuous innovation saw the emergence of new modes of fulfilling the needs with metallic and paper currency coming into focus.

At the same time, adoption of software computer technology for banking in particular and the financial sector in general has brought about a sea-change in the system. Connectivity has widened the activities and shortened the time in transactions. Earlier banks were known only as custodians of deposits and lenders of credit. Customers were visiting the banks.

Today, segmentation and focus in activities have gained attention as partners in the development process. Adoption of technology has facilitated a milieu of activities and given new instruments in ATM, debit cards, phone banking etc. the volume of business has multiplied and transaction of funds has been made easier within and outside the country. A customer is to a bank and not tied to a branch anymore, with core banking system in operation, Mr Sridharan explained.

Speaking further, he said that the activities of the banks themselves have undergone a change and not restricted to traditional activities. They have widened and include financial consultancy, custodial services, equity management etc. and even market the products for others. Days are not far off when one would see in the banking premises multivarious kiosks, he said and underlined that innovation has been key and urged that innovation should become the mantra for management students.

Mr C. Narayanaswami, Assistant Regional General Manager, The Hindu, Dr V. Madhanagopal, Director, Department of Management Studies, and Prof. P. Rajamani, Dean, Academic and Placement, were present.

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