Problems and Prospects of Banking Sector: A Study

Banks emphasize on customer satisfaction for customer retention. Banks provide banking facilities appropriately to customers to survive in the competitive and dynamic environment of banking sector. Many people suffer to avail banking facilities due to complicated rules and regulations of banks. Rural masses face difficulties to avail bank loans due to complicated procedure of banks. Rural masses avoid banking services due to high bank charges. Customers avoid online banking due to security threat. The infrastructure of banks in rural India is very poor. Customers suffer due to digital fraud. Bank employees are not able to deliver banking facilities appropriately due to lack of training. Banks emphasize to enhance online banking habits among customers. Private sector banks emphasize on customer satisfaction more than public sector banks. The expectation of customers change with the advancement of technology. The study is based on primary and secondary data. Primary data has been collected from public and private sector banks. Secondary data has been collected from journal articles. In this paper, an attempt has been made to find out the problems and prospects of banking sector.