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“Did you know that you could now safely buy gifts from anywhere in the world, with just a few clicks on the internet,” says Ajay, a successful stock broker, to his family and friends sitting around him. "See the new painting in the hallway, my son showed me how to buy that, without having to spend hours running around the city. It saved me time and money," he adds, beaming with pride. The impressed but nonetheless skeptical guests inquired, "Aren't you worried about the security risks involved in making internet purchases? There are after all so many stories of fraud going around these days." And, a few casual comments like these soon led to an enlightening discussion, where the "Gen X" as some say, had a few things to teach the rest.

RK Bakshi, general manager of Bank of India, reveals, "A glance at customer preferences show us that more than 50% of people don't have bank accounts. And the ones who have, do only simple banking. As of availing of innovative products offered by banks, the percentage is less than 1%!"

There are two reasons for this. First being ignorance about the products and second, a lack of inclination towards availing them. A cogent argument says that it is the ignorance not the inclination (who doesn't need speedy and timely transactions) about the products that has ensured that the percentage of customers availing of these products remain miniscule.

We at FE Investor present you a study of innovative products, which banks are currently offering, and, availing of which, can save your money, bureaucratic and official hassles, and most importantly TIME: the thing that it is of paramount importance to us all.

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