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Abstract

Technology has become ‘part-n-parcel’ in our day to day life. Nothing can be imagined without intervention of technology. With the advent of Information Technology, the world has come closer and everything is available at convenience. On the same lines, the banking industry is also making it convenient for their existing and prospective customers, with introduction of phone banking, mobile banking, internet banking and a new addition to it is Digital Branches. These digital branches provide round the clock service to the customers and hence they can avail the services of the bank at their convenience. These digital branches are targeted towards the youth, who generally feel it inconvenient and uncomfortable to visit the traditional bank branch due to working hours restrictions and a high turn-around-time for any transaction. This paper is an attempt to study the dynamism shown by the Indian banking sector in implementing new business models by keeping pace with the technology and the customer preferences. Primary data was collected from customers of SBI and ICICI Bank who are having Digital branches in Pune City. The data analyzed has given significant results. It was found that the primary purpose for starting such branches was achieved with the overwhelming response from the customers. Banks are banking on use of technology to achieve competitive advantage by reaching out to a customer segment in a cost-effective manner, keeping in mind the preferences of a new generation of banking customers.

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