Abstract
Exploring Customer Acceptance and Usage of Mobile Banking Services – Mobile banking has become the modern era in almost all countries in the world. Mobile banking refers to the provision of financial services through mobile phones or smartphones with internet connectivity. The people in the country were very much adapted to the new technology in order to be updated with the promising trends in the market. The aim of this study was to examine the customer acceptance of mobile banking. The Research has found out five factors influence the adoption of mobile banking such as Perceived Usefulness, Perceived Ease of Use, Satisfaction, Security and Trust and Website Convenience. The study has adopted descriptive research design. The primary data is collected from 135 respondents who are the customers and users of mobile banking by using a questionnaire. Collected data were analyzed with the help of Percentage analysis and Statistical Package for Social Science(SPSS) and the hypothesis were tested using Chi-squared tests & correlations. The people who are Older are not ready to take risks and to trust modern technology and also hesitate to undergo a new adoption. As a huge amount of funds has been spent to develop the Apps for Mobile Banking, Some crucial actions can be taken to familiarize those apps to the Mobile Banking users. The study suggests the banks take some appropriate measures to acquire the trust and satisfaction of Consumers on Mobile banking which leads to the rapid adoption and acceptance and usage of Mobile banking.
Introduction
Banking sector nowadays has undergone an extreme transformation in various developing countries with its new products and services, and new channels appearing practically on a daily basis. Over time, the banking sector has shifted its mode of rendering services from traditional to latest day or branch less modes, where the banks and the customers can avail the services at any time and from anywhere. This enormous change in the sector can be featured to the expeditious advancement of new technologies and also to the growth in mobile penetration in most of the countries in the World. Most of the people in the developing countries also in developed countries use to adapt to the mobile banking in the present modern era to do their business transactions. While technology has modified the modes and channels of delivering the services and the way consumers interact with their financial service providers, it was a shoot up in the use of wireless telecommunications like mobile phones, Internet enabled Smart-phones and PDAs ( Personal digital assistants) also hand out to this conversion to a greater extent.
Mobile banking was enabled in the year 1999 and it was completed through text or SMS which was then called SMS banking. Many European banks were bound to offer mobile banking services with the help of mobile web through Wireless Application Protocol (WAP). Then, with the evolution of smartphones with iOS or Android operating systems, mobile banking applications set about to progress. And thus, mobile banking services have been expanded to use on a daily basis.
Mobile Banking Advantages
Convenience :
- Mobile Banking allows you not only to make transactions and manage accounts from anywhere you are, but also at any time whenever you are in the need of Services. Mobile Banking does not have any break off like Physical and Mortar Branches and It allows us to make use of services at our convenience.
Ease of Access :
- Mobile banking provides easy access to our Bank accounts for 24/7. We can access our bank accounts without the help of the Banks whenever needed.
Security :
- We can integrate the loyalty of the financial transactions done through Mobile banking once we get logged into the Apps. Because the several levels authentication system that insists the user to undergo a two or more spiked Security Layout before managing the account.
Helps to track your finances :
- As we manage our accounts through the apps which leads us to compute the financial Standings easily. We can view the account statements and download it from the apps whenever needed
Mobile Banking Disadvantage
Restricted Plans :
- Mobile Banking still provides restricted services like Money transfer and Bank balance updates.
Technical Problems :
- Mobile Banking also has some Technical issues, Security problems, Cost Restrictions. The Wireless Application Protocol (WAP) is demonstrated to be too slow and fails to satisfy the Customer.
Excessive Charges :
- The most remarkable problem of Mobile Banking is that the Expectations of the Customers for the benefits are not meeting the costs incurring for it. The mobile data transmitted is very high while using the Applications of Mobile Banking.
Mobile Banking Applications in India:
The Indian Banking Sector is making critical changes in banking techniques by introducing the digital medium of approaching the financial and non-financial Services. Mobile Banking has undergone a productive growth with instant Payment systems and much more. The top ten Mobile Banking Applications are as follows:
- ICICI iMobile Application
- HDFC Mobile Banking App
- State Bank of India YONO App
- HDFC PayZapp
- Bank of Baroda M-Connect Plus App
Need for the Study
- This study helps to know the perception of people towards the usage of mobile banking.
- This Research helps the banks to know the drawbacks of mobile banking in providing financial services.
- This study helps to bring a better change in Mobile banking.
- This study helps to enhance a relationship between the Banks and the Customers by the smooth layout of the mobile banking where the customers can adopt any new upgradation in the modern technology.
- The study is to reveal the factors influencing the adoption of mobile banking.
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : Marketing Final Year Project
Delivery Time : Within 2 hours.
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