Essay: Importance of new product development in banking sector

Sample Essay

Economic development and progress are the cumulative terms that represent the effectiveness of the functional financial institutions of a country. The prevailing recession in all the parts of the world has resulted into a great deal of uncertainty about financial institutions in the minds of the customers and consumers.

The financial institutions in response to this uncertainty are adapting new strategies to reinforce the customers trust in the financial sector and more precisely the banking sector. The modern era of banking is therefore regarded as the economic regulator of a country. But in order to sustain momentum, thrust in the marketplace the banking sector also needs to realize the importance of consumers’ trust and customer ship. Keeping the fact in mind the banks have redirected their energies and thrust towards growth rather than survival. This completion of the financial institutions, particularly banks for the growth provides them an edge to successfully encounter the new economic and market place challenges. Besides the importance of innovation the other rather the more important factor is the risk factor involved. The financial institutions involve a huge amount of lending and borrowing of money. New product development in this regard is a crucial issue for the conventional banking sector as the product development in banking is all cash elated. For example if a bank comes up with a new financial aid to facilitate its customers than there is an equal chance that the customer may not relate appropriately to that product and at the same time there are equal chances of one being a defaulter.

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