Synopsis Greater focus on increasing the customer base, its retention, use of various technological tools and integrating different delivery channels are high on the agenda of banks. These delivery channels are working on a common platform to provide information to the management. In this context, the strategies adopted by different banks for remaining competitive are different. Product innovations help keep the organization from remaining competitive. The impact of product innovations on balance sheets of the organizations can be seen as it impacts the Net Interest Income, i.e., nothing but the profitability of the organization. With Basel II implementation, banks face a stiff challenge in raising capital for which each organization comes out with new product line. The strategies adapted by different banks for bringing new customers into its fold and retention of the existing customers are thus different. This book is significant as it focuses on the importance of product innovations and the challenges banks face while implementing new products, and highlights some new products developed by banks. At large, the book deals with the concepts, role of the financial institution in product innovation and different areas of innovation. Through this book the authors attempts to explore various issues and challenges that a financial institution faces not only in developing the new product line but also delivering the same. The book is targeted to students, researchers, professors and scholars in the fields of banking, finance and economics. The target group also includes professionals and executives from banking, finance and financial services industries.