Ever since it’s liberalization and privatization in the year 1993, the Indian banking industry has witnessed huge competition. Till 1993, Public Sector Banks who were fairly insulated from competition dominated the industry. The entry of private players in the industry changed the competitive landscape of the industry forever. The private players would offer new products and services, which would help them, differentiate from the competition. However these products would soon loose their sheen, as they were easily copied by the competition. For example, once innovative products and services like a zero balance salary account, reward points on credit cards, dedicated relationship manager, etc were easily copied by competition. As the products and services quickly lost their differentiated characteristics, they became more and more commoditized, and banks found it difficult to attract and retain customers.