Key Success Factors of Banking Industry

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">Key success factors refer to those factors which are important to future competitive success of industry members&period; These factors include product attributes&comma; competitive capabilities&comma; resources&comma; competencies&comma; market achievements etc&period; It is very important for the strategists to understand the landscape of industry in order to identify the most important competitive success factors&period; Due to changes in driving forces and competitive conditions&comma; the key success factors of one industry differ from other&period; Banking industry is broadly divided into two types of banks i&period;e&period; virtual banks and brick and mortar banks&period; The key success factors of banking industry is discussed below&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>Technology<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Latest technology plays a very important role in the banking industry&period; It helps in introducing innovative products according to the demand of consumers&period; Technology can be used to lower down the cost of transaction and improve the quality of products&period; For example&&num;160&semi; when the banks realized that they can lower down their transaction cost by installing ATMs and debit cards they did so&period;&&num;160&semi; It saved the overhead cost and improved convenience for customer by providing 24&sol;7 service&period;&&num;160&semi; Online banking is increasing tremendously due to rapid technological change&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>BEST RATES<&sol;h3>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Industry of virtual banking is attracted by low cost&period; Competition is such high that to survive in industry low cost is very important&period; As virtual banks have no physical existence of branches and ATM network so they have great advantage to offer their products at lower rates than brick and mortar banks&period; Due to low overhead cost&comma; virtual banks are charging lower transaction cost which gives them a plus point&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>PRODUCT INNOVATION<&sol;h3>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;