Diversification of business

In order to maintain profitability of organisation and to survive in competitive business environment, traditional way of providing banking services is not going to be sufficient. Customer is keen on availing all the financial services required by him under single roof. Concept like banks as a financial super mall is really picking up. Many banks have started providing services such as Utility Bill Payments, Demat, Third party fund transfers, Payment of credit cards etc through Internet banking. Many banks have entered into MOU with Insurance companies to provide life
insurance services to their customers. In order to venture into such things banks today would require strong information platform and capability to share part of their data with outside agencies. Banks also need to have tie up with payment gateway service provides such as pay seal (JCICI) or HDFC.