Globalization, coupled with the growth in the world economy as a whole, has set off the spirit of competition among the banks in providing various kinds of products and services. There are advantages as well as risks involved in such innovations. Slowly, the conventional products are being displaced because of the innovative techniques in the traditional banking process. This article provides an interesting insight into these aspects and predicts a future where convenience will be the buzzword for all the banking services provided.

The phenomenon of `globalization' is progressively stirring the economic forces to gush out in crisscross directions, simultaneously lodging, the emptors of the banking services in a miscellany of needs for new and more customized banking products. Totally lost in their own competitive survival, the banking clients are hard pressed for time to visit the bank and consequently fall back more upon services like e-banking, online banking, doorstep banking, which dispense with their presence or that their representatives at banks. Also, a large section of the clientele seeks from banks or financial props not only for acquiring movable and immovable assets as conventional products, but also for meeting professional, educational and familial needs with innovative bundles of facilities like risk cover, travel fares on terms and tenures dictated by their needs.

The banks, thus, face the necessity of obliging a large brigade of customers with motley of needs. Compelled thus by clients' needs, they are striving to shed the conventional `at the counter' banking products and are moving towards a more innovative and `tailor made', `doorstep' products. In addition to these developments in the banker-customer relationship, invasion of technology is driving the banks to innovate products that will suit a larger and growing circle of clientele and fulfill their individual requirements. The complexion and the hue of the banking scenario, having changed they are moving from monochromatic banking products, to polychromatic products.

Professional Banker Magazine, Product Innovation in Banking Industry, E-Banking, Globalization, Marketing Strategies, Financial Economist, Automated Teller Machine, ATM, Online Banking Services, Mortar Banking, Management Objective, E-business, Electronic Security System.