Description
The extent in which ‘mobile banking’ is being favored and used by the students for their day-to-day banking operations.
Mobile Banking
Research Methodology Project
COMPILED BY: TM SWATHI 2009A27 DEEPAK L 2009A28 KHUSHBOO MAKHIJA 2009A26
MOBILE BANKING
2009
Contents
Contents................................................................................................................. 2 EXECUTIVE SUMMARY............................................................................................3 BACKGROUND........................................................................................................4 RESEARCH OBJECTIVES..........................................................................................4 EXPLORATORY RESEARCH FINDINGS:....................................................................5 SECONDARY DATA................................................................................................. 9 RESEARCH METHODOLOGY..................................................................................12 DATA COLLECTION METHODS...........................................................................12 QUESTIONNAIRE DESIGN..................................................................................12 SAMPLING:........................................................................................................13 MAJOR FINDINGS AND RECORDINGS....................................................................13 CHI-SQUARE FINDINGS......................................................................................14 DETAILED FINDINGS.............................................................................................15 SRO #1............................................................................................................. 15 SRO#2.............................................................................................................. 22 SRO #3............................................................................................................. 26 SRO #4............................................................................................................. 29 SRO#5.............................................................................................................. 32 CONCLUSION........................................................................................................35 RECOMMENDATIONS............................................................................................35 SCREENING QUESTIONNAIRE...............................................................................36 STUDENT’S QUESTIONNAIRE................................................................................37 QUESTIONNAIRE DESIGN PROCESS......................................................................44 STUDENTS QUESTIONS - PERSONAL.................................................................47
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EXECUTIVE SUMMARY
Mobile banking (also known as M-Banking, mbanking, SMS Banking etc.) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. Mobile banking today (2007) is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device. "Mobile Banking refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customised information." The amount of banking you are able to do on your cell phone varies depending on the banking institution you use. Some banks offer only the option of text alerts, which are messages sent to your cell phone that alert you to activity on your account such as deposits, withdrawals, and ATM or credit card use. This is the most basic type of mobile banking
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BACKGROUND
Knowledge of the customer's awareness of, expectations of, and motivations to purchase products and services is critical in any economic environment where alternatives are available. To develop ideas and remain informed of the ever changing consumer demands, student surveys must be administered periodically. Measuring students' changing desires, preferences and aversions, through applied marketing research, is imperative to remain on the cutting edge of consumer demand. Also the demands of students are at times unique. The objective of this research was to ascertain the perceptions and expectations of students with regards to “mobile banking” feature.
RESEARCH OBJECTIVES
PRIMARY RESEARCH OBJECTIVE (PRO): To determine the extent in which ‘mobile banking’ is being favored and used by the hostel students for their day-to-day banking operations. SECONDARY RESEARCH OBJECTIVE (SRO) ? To determine the awareness level among students about mobile banking features vis-à-vis other related features. ? To determine the level of security expected by the students with regards to mobile banking. ? To determine the availability of compatible of compatible phones owned by students for mobile banking.
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? To determine the level of operational knowledge possessed by students for using mobile banking. ? To determine the quickness and efficiency of query response feature in mobile banking.
EXPLORATORY RESEARCH FINDINGS:
The purpose of the exploratory research was to gain a comprehensive understanding of the problems and the related variables. The exploratory research focused on identifying the following: ? To find out the various parameters affecting the outcome i.e. the extent in which “Mobile Banking” is being favoured and used by the hostel students
? The psychological factors/reasons which affect the preference level
for mobile banking. The Exploratory Research was conducted through a three-pronged approach. ? Secondary data (service offerings and market research) was collected from online research websites and also from bank’s website. ? A representative group of 30 students were interviewed to gain an understanding about their viewpoint on mobile banking. Care was taken to ensure that our representative group included students of both genders and different backgrounds so as to closely represent the entire hostel students community
? Since the SROs are related to the psychological aspects of the
mobile banking users, two Focus group discussions (FGDs) were conducted among different group of hostel students so as to get a clearer understanding of the parameters involved in each SRO.
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The key findings under each SRO based on the exploratory research conducted are: SRO 1: To determine the awareness level among students about mobile banking features vis-a-vis other related features.
•
Most of the respondents were aware of the availability of the mobile banking feature.
•
But a far lesser number of them were fully aware of the features and the exact utility.
•
A small number of the respondents had just heard about mobile banking (from friends/ internet/ media/ Ads etc.) but had no first hand experience in using it.
•
Further there were another small group of people who utilized most of the features after being pursued by the bank.
SRO 2: To determine the level of security expected by the students with regards to mobile banking.
•
Majority of the respondents were not confident of the security features provided.
•
Most of the respondents opted for conventional banking methods because of unwillingness to divulge their account details to a faceless entity.
•
A large number of the respondents felt more comfortable to either interact one on one with the bank officials or use the ATM facility personally.
•
Few of the respondents felt that telephone networks were the most unreliable medium for money transactions.
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•
A small number of the respondents avoided mobile banking due to lack of flexibility as Passwords/ PIN Numbers cannot be changed easily as per customer convenience.
SRO 3: To determine the availability of compatible phones owned by students for mobile banking.
• It was observed largely that the respondents do not have compatible
phones or had outdated phone models without GPRS facility.
• Some of the respondents had compatible phone models but never
used GPRS because of the concern for high charges.
• A
few of the respondents did not want to risk incomplete
transactions using mobile banking due to unstable or unreliable internet connectivity.
• A huge majority of the respondents felt more comfortable using
online banking. • There was a very limited availability of 3G phones in the student community. • One major observation was that non-local students mostly used low end phones for day to day activities.
SRO
4:
To
determine
the
level
of
operational
knowledge
possessed by students for using mobile banking.
• Many of the respondents do not understand the software provided
by the particular bank for mobile banking services.
• A huge number of the respondents do not have on hand the phone
number of their respective banks where they have an account.
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• Most of the respondents are reluctant to use the software or the
phone number of their respective banks. SRO 5: To determine the quickness and efficiency of query response feature in mobile banking.
• A lot of respondents who use mobile banking feature feel that it
saves them a lot of time when compared to conventional banking.
• A conspicuous majority of the people feel that mobile banking is the
best methodology for small, easy, day-to-day transactions.
• A few of the respondents feel that they get a prompt and clear
response
for
the
problems
they
face
during
their
mobile
transactions.
• Many of the respondents feel that transaction alerts and other alerts
through SMS help them keep a check and verify their transactions on the particular day.
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SECONDARY DATA
There were two objectives behind conducting the Dataquest Mobile Banking Survey—one, to ascertain the level of awareness about mobile banking, about the services offered, and about the banks that offered them; and two, to find out what services were used, and with what frequency. The first question was asked of the entire sample size of 360 respondents, while the second was posed only to those respondents who were aware of m-banking services. Since only a few private and MNC banks offer m-banking services in India, and because only people in ‘Class A’ cities would be able to use these services, a few filters were put in place. One, all respondents had to be mobile phone users. Two, they had to have accounts in banks that offer m-banking services. And three, they would either belong to the IT industry or be from prominent corporates. Finally, the survey was conducted in upmarket locations and IT campuses across the three cities of Bangalore, Mumbai and Delhi (NCR).
Mobile Banking - The Services Bouquet ICICI Bank HDFC Bank IDBI Bank HSBC Bank of Ameri ca ? ? ? Citiba nk ABN Amro
Balance enquiry Last few transactions Cheque payment status Stop payment of cheques Statement request
9
? ?
? ?
? ? ?
? ? ?
? ? ?
? ? ?
?
?
?
?
?
?
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Cheque book request
?
?
?
Are you aware of mobile banking and do you use it? All Del Ba Kol Mu Ch Ahm Triv Hyd Pun Cha hi ng kat mb en eda andr erab e ndig alo a ai nai bad um ad arh re Awar 48 73 45 58 36 65 3 58 11 19 63 e? Use? 7 12 15 8 3 13 0 4 0 5 1 All So figur urc es in e: perc Voi enta ce ge & Dat a Sample Size: 754 mobile phone subscribers across 10 cities While 47.7% of Indian cellphone users are aware of mobile banking services, only 7.4% of them actually use the facilities. The level of awareness was highest in Delhi (72.8%), followed by 65% in Chennai and 63.4% in Chandigarh. Cellphone users in Ahmedabad, Hyderabad and Pune were the least aware, with awareness levels of 3.4%, 11% and 18.5%, respectively. Also, while none of the respondents reported using the facility in Ahmedabad and Hyderabad, Pune showed a much higher usage trend—5.3%. Interestingly, despite a #3 position in terms of awareness, Chandigarh was much below in the usage table, with a hit ratio of only 0.6%. Dataquest’s estimated user base of under 10,000 for mobile banking services in 2000, there are over 120,000 today who SMS from their mobiles to do their banking. Even this number of 120,000 represents only 1% of the overall mobile user base. Also, a majority of those who do use mobile banking services only do it to check account balance, with very few actually conducting transactions. Reasons for this—lack of awareness of services offered by banks, and equally important, a perceived issue of
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security and confidentiality. Clearly, banks have not done enough to push their bouquet of mobile banking services. Also, e-commerce as a medium of purchasing and transacting has not really caught on, and the basket of mobile banking offerings is, in itself, very limited. The good news—the technology backbone is in place, and getting better. There’s CDMA, there’s GSM. Barring a few private banks—ICICI Bank, HDFC Bank, IDBI Bank—and a few MNC entities—Citibank, ABN Amro, Stanchart and Hongkong Bank—few others offer a wide portfolio of mobile services. Public sector banks do not figure prominently in this picture yet. But the number of users is growing. Unlike Internet banking that is PC-restricted, mobile banking provides banks with an unparalleled opportunity to reach customers in an unrestricted environment. Better-integrated customer relationship channel for better service is what these banks believe in. While, some like HDFC Bank are riding on their existing infrastructure of Netbanking, others like the IDBI Bank are making considerable investments to provide wirefree banking experience The most frequent transactions performed by a customer includes personal financial management services, messaging, portfolio management, etc. Since many of these "on-demand" services are driven by customer mobility, this kind of information is considered crucial and will accelerate a customer’s decision-making process. Of the people who are both aware of and use m-banking services, most say "security" is a key concern. While there’s hardly any security risk in sending SMS’, a perception about it is there—banks, therefore, need to educate consumers on this front. The next reason is that people generally feel more comfortable making physical transactions. In the case of mobile payments, willingness to pay bills "the old-fashioned way" was cited by 15% of respondents, indicating that mobile payments
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must show a clear value-add over cheque-writing. One important factor to be addressed by banks in the future would be that of trust. Today, lack of service availability is the concern for potential users, but that should be addressed in coming times. SOURCE:www.dqindia.ciol.com/content/top_stories/103012702.asp
RESEARCH METHODOLOGY
DATA COLLECTION METHODS
• • Data was collected from the respondents using primary data collection method – direct structured questionnaire was used. Since the data entered was verified immediately, there was no necessity to use item non response handling strategies.
QUESTIONNAIRE DESIGN
• • Open ended questions were used to know if any other specific category preferred by respondents. Multiple choice questions were also used to determine the type of mobile phone used and also the value-added features used by the respondent. • Rating methods were used to find out the awareness levels of mobile banking function, expected security level and level of customer satisfaction among features offered by mobile banking
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• •
Ranking methods were used to gauge the preference levels of mobile banking functions. The questionnaire used was pre tested among 10 respondents and necessary changes were made based on the feedback received.
SAMPLING:
1. Universe: Students of the SCMHRD,SIIB and SCIT
who used
mobile phones and have a bank account in their name.
2. Determination of Variable: The study attempts to determine
features essential for a student in a mobile phone.
3. Sample Unit: Responses were obtained from 100 randomly
selected respondents and the responses were analysed to arrive at the key findings.
4. Sample
Method:
Respondents
(SCMHRD,
SIIB
and
SCIT
students from MBA-I and MBA-II batches) were selected for analysis using judgmental sampling.
5. ANALYSIS TECHNIQUES:
? ? ?
Cross Tabulation Statistical methods Frequency Tables and Chart
MAJOR FINDINGS AND RECORDINGS
1) 57% of hostel students have an account in State bank of India followed by ICICI bank with 23 % and remaining banks have a minor share among hostel students.
2) A mere 28% of the hostel students use mobile banking
feature.
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3) 36% of respondents came to know about mobile banking through banks followed by 33% of students from media and 29% from peers and colleagues.
4) There is a rarity in changing the password on a frequent
basis. 5) All respondents require confidentiality in password followed by 31% saying account number as well and also 24% tilting also in favour of account balance.
6) 81% of the mobile phones used by the hostel students
are compatible to upload software’s which is important for initiating mobile banking feature. 7) Almost every mobile banking user uses mobile banking to find out balance enquiry followed by ticket booking and monetary transactions. 8) On the whole, the respondents are almost sure that they prefer online banking over mobile banking. 9) On any parameter headed (The SROs) , we can find that online banking is preferred to mobile banking by almost 3 times on a average. 10) It can be infered that on a majority, hostel students use customer care at 55% followed by peers at roughly 30%. 11) It can be inferred that respondents are satisfied 5/10 scale levels which means they are moderately satisfied.
CHI-SQUARE FINDINGS
• Awareness level of mobile banking is dependent of the type of bank the respondent has an account in at 90% confidence level.
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•
Satisfaction level of information provided by banks about mobile banking is independent of the type of bank the respondent has an account on at 90% confidence level.
•
The reliability level of transactions in mobile banking is independent of the service provider at 90% confidence level
•
the efficiency and reliability of GPRS service provided is independent of the actual service provider at 90% confidence level.
•
level of satisfaction is dependent of the type of query resolution technique at 90% confidence level
DETAILED FINDINGS
SRO #1
A) The banks in which hostel students have an account
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Finding: 57% of hostel students have an account in State bank of India followed by ICICI bank with 23 % and remaining banks have a minor share among hostel students. B) Percentage of hostel students using mobile banking feature
Finding: A mere 28% of the hostel students use mobile banking feature.
C) Medium through which students came to know about mobile banking
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FINDING: 36% of respondents came to know about mobile banking through banks followed by 33% of students from media and 29% from peers and colleagues.
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Cross tab with chi-square
Ho- Awareness level of mobile banking is independent of the type of bank the respondent has an account on at 90% confidence level. Ha- Awareness level of mobile banking is dependent of the type of bank the respondent has an account on at 90% confidence level. Bank/aware ness not at all aware slightly aware' somewhat aware' moderately aware extremely aware 0 2 1 2 0 0 0 2 6 1 7 3 1 1 1 6 0 12 1 1 4 1 4 0 22 0 0 1 Axis bank 0 ICICI bank 3 0 16 HSBC SBI Stanch art 0 Citiba nk 0 Other s 2
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MOBILE BANKING Welcome to Minitab, press F1 for help.
2009
Chi-Square Test: axis bank, ICICI, HSBC, SBI, Stanchart, Citibank, others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts 1 axis bank 0 0.84 0.840 1 1.12 0.013 1 1.00 0.000 2 0.84 1.602 0 0.20 0.200 4 ICICI 3 4.41 0.451 4 5.88 0.601 6 5.25 0.107 6 4.41 0.573 2 1.05 0.860 21 HSBC 0 0.42 0.420 0 0.56 0.560 0 0.50 0.500 1 0.42 0.801 1 0.10 8.100 2 SBI 16 12.39 1.052 22 16.52 1.818 12 14.75 0.513 7 12.39 2.345 2 2.95 0.306 59 Stanchart 0 0.84 0.840 0 1.12 1.120 1 1.00 0.000 3 0.84 5.554 0 0.20 0.200 4 Citibank 0 0.42 0.420 0 0.56 0.560 1 0.50 0.500 1 0.42 0.801 0 0.10 0.100 2 others 2 1.68 0.061 1 2.24 0.686 4 2.00 2.000 1 1.68 0.275 0 0.40 0.400 8 Total 21
2
28
3
25
4
21
5
5
Total
100
Chi-Sq = 35.178, DF = 24 WARNING: 17 cells with expected counts less than 1. Chi-Square approximation probably invalid. 29 cells with expected counts less than 5.
Since chi-square value i.e. (35.178) is greater than chi-square critical i.e..(33.19), Ho is rejected. To conclude, Awareness level of mobile banking is dependent of the type of bank the respondent has an account in at 90% confidence level.
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Cross tabs with chi-square
Ho- Satisfaction level of information provided by banks about mobile banking is independent of the type of bank the respondent has an account on at 90% confidence level. Ha- Satisfaction level of information provided by banks about mobile banking is dependent of the type of bank the respondent has an account on at 90% confidence level. Bank/aware ness
Highly satisfied somewhat satisfied' Neither satisfied nor dissatisfied somewhat dissatisfied very dissatisfied
Axis bank 1 2 1
ICICI bank 2 7 8
HSBC
SBI
Stanch art
Citiba nk 1 0 1
Other s 1 1 2
0 1 1
4 19 24
1 1 2
0 0
4 2
0 0
6 4
0 0
0 0
2 2
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Chi-Square Test: Axis bank, ICICI, HSBC, SBI, Stanchart, Citibank, others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts 1 Axis bank 1 0.40 0.900 2 1.24 0.466 1 1.56 0.201 0 0.48 0.480 0 0.32 0.320 4 ICICI 2 2.30 0.039 7 7.13 0.002 8 8.97 0.105 4 2.76 0.557 2 1.84 0.014 23 HSBC 0 0.20 0.200 1 0.62 0.233 1 0.78 0.062 0 0.24 0.240 0 0.16 0.160 2 SBI 4 5.70 0.507 19 17.67 0.100 24 22.23 0.141 6 6.84 0.103 4 4.56 0.069 57 Stanchart 1 0.40 0.900 1 1.24 0.046 2 1.56 0.124 0 0.48 0.480 0 0.32 0.320 4 Citibank 1 0.20 3.200 0 0.62 0.620 1 0.78 0.062 0 0.24 0.240 0 0.16 0.160 2 others 1 0.80 0.050 1 2.48 0.883 2 3.12 0.402 2 0.96 1.127 2 0.64 2.890 8 Total 10
2
31
3
39
4
12
5
8
Total
100
Chi-Sq = 16.404, DF = 24 WARNING: 19 cells with expected counts less than 1. Chi-Square approximation probably invalid. 29 cells with expected counts less than 5.
Since chi-square value i.e. (16.404) is lesser than chi-square critical i.e..(33.19), Ho is not rejected. To conclude, Satisfaction level of information provided by banks about mobile banking is
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independent of the type of bank the respondent has an account on at 90% confidence level.
SRO#2
FINDING:There is a rarity in changing the password on a frequent basis. CONFIDENTIALITY REQUIREMENT
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FINDING: All respondents require confidentiality in password followed by 31% saying account number as well and also 24% tilting also in favour of account balance.
CROSS TABS WITH CHI-SQUARE Ho- The reliability level of transactions in mobile banking is independent of the service provider at 90% confidence level Ha- The reliability level of transactions in mobile banking is dependent of the service provider at 90% confidence level
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Network provider/relia bility level
Very high reliability High reliability fairly good reliability Low reliability No reliability
Airtel Vodafo Relian ne ce
Idea
Tata
Virgi n
Other s
6 14 28 4 2
2 4 6 1 1
0 1 3 5 2
0 1 2 4 2
1 1 2 1 0
0 2 2 1 0
0 0 2 0 0
Chi-Square Test: Airtel, Vodafone, Reliance, Idea, Tata, Virgin mobile, Others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts Airtel 6 4.86 0.267 14 12.42 0.201 Vodafone 2 1.26 0.435 4 3.22 0.189 Reliance 0 0.99 0.990 1 2.53 0.925 Idea 0 0.81 0.810 1 2.07 0.553 Tata 1 0.45 0.672 1 1.15 0.020 Virgin mobile 0 0.45 0.450 2 1.15 0.628 Others 0 0.18 0.180 0 0.46 0.460 Total 9
1
2
23
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MOBILE BANKING 3 28 24.30 0.563 4 8.64 2.492 2 3.78 0.838 54 6 6.30 0.014 1 2.24 0.686 1 0.98 0.000 14 3 4.95 0.768 5 1.76 5.965 2 0.77 1.965 11 2 4.05 1.038 4 1.44 4.551 2 0.63 2.979 9 2 2.25 0.028 1 0.80 0.050 0 0.35 0.350 5 2 2.25 0.028 1 0.80 0.050 0 0.35 0.350 5 2 0.90 1.344 0 0.32 0.320 0 0.14 0.140 2 45
2009
4
16
5
7
Total
100
Chi-Sq = 31.300, DF = 24 WARNING: 16 cells with expected counts less than 1. Chi-Square approximation probably invalid. 31 cells with expected counts less than 5.
Since chi-square value i.e. (31.300) is lesser than chi-square critical i.e..(33.19), Ho is not rejected. To conclude, The reliability level of transactions in mobile banking is independent of the service provider at 90% confidence level
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SRO #3
FINDING: 65% people rarely or never use GPRS facility provided by network service provider with only 21% hostel students using it on a daily basis
FINDING: 81% of the mobile phones used by the hostel students are compatible to upload softwares which is important for initiating mobile banking feature.
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CROSS TAB WITH CHI-SQUARE H0- The efficiency and reliability of GPRS service provided is independent of the actual service provider at 90% confidence level Ha- The efficiency and reliability of GPRS service provided is dependent of the actual service provider at 90% confidence level
Cross tabulation SERVICE PROVIDER/EFFIC IENCY OF GPRS CONNECTIVITY
Excellent above average Average below average Poor
Airte l
Vodafo Relia ne nce
Idea
Tata
Virgi n
Othe rs
3 5 32 10 4
1 2 10 1 0
0 1 8 2 0
0 1 5 2 1
0 0 3 2 0
0 1 3 1 0
0 2 0 0 0
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Chi-Square Test: Airtel, Vodafone, Reliance, Idea, Tata, Virgin, Others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts 1 Airtel 3 2.16 0.327 5 6.48 0.338 32 32.94 0.027 10 9.72 0.008 4 2.70 0.626 54 Vodafone 1 0.56 0.346 2 1.68 0.061 10 8.54 0.250 1 2.52 0.917 0 0.70 0.700 14 Reliance 0 0.44 0.440 1 1.32 0.078 8 6.71 0.248 2 1.98 0.000 0 0.55 0.550 11 Idea 0 0.36 0.360 1 1.08 0.006 5 5.49 0.044 2 1.62 0.089 1 0.45 0.672 9 Tata 0 0.20 0.200 0 0.60 0.600 3 3.05 0.001 2 0.90 1.344 0 0.25 0.250 5 Virgin 0 0.20 0.200 1 0.60 0.267 3 3.05 0.001 1 0.90 0.011 0 0.25 0.250 5 Others 0 0.08 0.080 2 0.24 12.907 0 1.22 1.220 0 0.36 0.360 0 0.10 0.100 2 Total 4
2
12
3
61
4
18
5
5
Total
100
Chi-Sq = 23.876, DF = 24 WARNING: 18 cells with expected counts less than 1. Chi-Square approximation probably invalid. 29 cells with expected counts less than 5.
Since chi-square value i.e. (23.876) is lesser than chi-square critical i.e..(33.19), Ho is not rejected. To conclude, the efficiency and reliability of GPRS service provided is independent of the actual service provider at 90% confidence level.
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SRO #4
A) Features utilisation liking of mobile banking (OUT OF 100)
FINDING: Almost every mobile banking user uses mobile banking to find out balance enquiry followed by ticket booking and monetary transactions. B) Preference of online banking over mobile banking
Preference of online banking over mobile banking Certainly almost sure Probably some possibility very low possibility Frequenc y 5 4 3 2 1 23 34 39 4 0
Value
Median value
4
FINDING: on the whole, the respondents are almost sure that they prefer online banking over mobile banking.
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c) Mobile banking Vs Online banking
FINDING: On any parameter headed (The SROs) , we can find that online banking is preferred to mobile banking by almost 3 times on a average. Cross tabs with chi-square
Mobile banking 28 12 14 9 29 online banking 72 88 86 91 71
Features Resource/Technology availability security awareness operational knowledge query or problem solving
Ho- Preference of online banking over mobile banking is independent of the feature at 90% confidence level. Ha- Preference of online banking over mobile banking is dependent of the feature at 90% confidence level.
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Chi-Square Test: Mobile banking, online banking
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts Mobile banking 28 18.40 5.009 12 18.40 2.226 14 18.40 1.052 9 18.40 4.802 29 18.40 6.107 92 online banking 72 81.60 1.129 88 81.60 0.502 86 81.60 0.237 91 81.60 1.083 71 81.60 1.377 408 Total 100
1
2
100
3
100
4
100
5
100
Total
500
Chi-Sq = 23.524, DF = 4, P-Value = 0.000 Since chi-square value is greater than chi-square critical, reject Ho.
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SRO#5
1) How mobile banking query resolution happens
FINDING: It can be infered that on a majority, hostel students use customer care at 55% followed by peers at roughly 30%. 2) satisfaction levels of query resolution
satisfaction levels of customer care service 1 2 3 4 5 6 7 8 9 10
Frequency 3 4 18 14 13 18 11 13 6 0
Median
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Finding: It can be inferred that respondents are satisfied 5/10 scale levels which means they are moderately satisfied. Cross tab with chi-square Ho- level of satisfaction is independent of the type of query resolution technique at 90% confidence level Ha- level of satisfaction is dependent of the type of query resolution technique at 90% confidence level
Rating level of satisfaction 1 2 3 4 5 6 7 8 9 10 Peers & colleagues 0 1 1 0 2 6 2 0 0 0 bank's customer help care 0 0 0 1 3 4 2 5 6 0 user manual 0 1 3 1 0 0 0 0 0 0 recurrent usage 0 0 0 0 0 0 1 0 0 0
Chi-Square Test: Peers & colleagues, customer care, user manual, recurrent usag
Skipping rows and/or columns filled with zeros. Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts Peers & colleagues 1 0.62 0.240 1 1.23 0.043 0 0.62 0.615 2 1.54 0.138 6 3.08 customer care 0 1.08 1.077 0 2.15 2.154 1 1.08 0.005 3 2.69 0.035 4 5.38 user manual 1 0.26 2.156 3 0.51 12.063 1 0.26 2.156 0 0.64 0.641 0 1.28 recurrent usage 0 0.05 0.051 0 0.10 0.103 0 0.05 0.051 0 0.13 0.128 0 0.26 Total 2
2
3
4
4
2
5
5
6
33
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MOBILE BANKING 2.777 7 2 1.54 0.138 0 1.54 1.538 0 1.85 1.846 12 0.356 2 2.69 0.178 5 2.69 1.978 6 3.23 2.374 21 1.282 0 0.64 0.641 0 0.64 0.641 0 0.77 0.769 5 0.256 1 0.13 5.928 0 0.13 0.128 0 0.15 0.154 1 5
2009
8
5
9
6
Total
39
Chi-Sq = 42.645, DF = 21 WARNING: 17 cells with expected counts less than 1. Chi-Square approximation probably invalid. 31 cells with expected counts less than 5.
Since chi square value (42.64) is greater than chi-square critical (29.61), Ho is rejected.To conclude, level of satisfaction is dependent of the type of query resolution technique at 90% confidence level
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CONCLUSION
All respondents require confidentiality in password followed by 31% saying account number as well and also 24% tilting also in favour of account balance. Most of the students are using Mobile Phones that are compatible to upload software’s which is one of the most important feature for initiating Mobile Banking Most of the mobile banking users use mobile banking to find out balance enquiry followed by ticket booking and monetary transactions. On the whole, the respondents are almost sure that they prefer online banking over mobile banking. Therefore, Mobile banking is yet to make a significant impact on hostel students for their day-to-day banking operations. The level of impact is only 28/100 students who have bank account, use mobile banking facility.
RECOMMENDATIONS
In order to promote Mobile Banking the Banks should take more initiatives in advertising through all sources in order to improve the awareness levels about the feature among the students as well as the working population. The banks can have collaboration with Mobile service providers for the purpose of promoting the feature.
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SCREENING QUESTIONNAIRE
We are conducting a research on mobile banking. With regard to this, please take some time to fill the following questionnaire. This wouldn’t take you more than 5 minutes to complete. We assure you that the information provided by you will be kept strictly confidential.
NAME: _____________________ COLLEGE: ___________________ GENDER: A) Male B) Female
1) Do you currently stay in the hostel for pursuing your education? a) Yes b) No 2) Do you own a mobile phone? a) Yes b) No 3) Do you have a bank account? a) Yes b) No
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STUDENT’S QUESTIONNAIRE
We are conducting a research on mobile banking. With regard to this, please take some time to fill the following questionnaire. This wouldn’t take you more than 5 minutes to complete. We assure you that the information provided by you will be kept strictly confidential. NAME: ___________________________ 1. How did you come to know about Mobile Banking? a) Peers & Colleagues b) Banks c) Media / Print Media / Online Ads d) Others, Please specify___________________
2. In which Bank do you have an Account? a) AXIS Bank b) ICICI c) HSBC d) SBI e) Standard Chartered f) Citibank g) Others , Specify - _______________________________________
3. Have you opted for the Mobile Banking facility? If No, Why?
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___________________________________________________________________________ ___________________________________________________________________________
4. Do you pay attention to the promotional pamphlets provided by the banks? a) Not at all aware b) Slightly aware c) Somewhat aware d) Moderately aware e) Extremely aware
5. What all features do you utilise or would you like to utilise using Mobile Banking? a) Balance enquiry b) Monetary Transactions c) Details of Previous Transactions d) Ticket Booking e) Others , specify
________________________________________________________
6. Do you feel your telephone network reliable enough to carry out monetary/confidential transactions? a) Very high reliability
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b) c) d) e)
High reliability Fairly good reliability Low reliability No reliability
7. How often do you change or wish to change the password for confidentiality reasons? a) Once a week b) Once in fortnight c) Once in a month d) Once in a year e) Others, Please specify__________________
8. Which details would you like the bank to maintain top confidentiality? (You can choose more than one option) a) Account Number b) Account Balance c) Password / PIN d) Statement of Transactions e) Others specify________________________________________________________ ,
9. Rate the importance of reversal of transactions on a scale of 1 to 10 (1 – Least important, 10 – Very important)
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1 9
2 10
3
4
5
6
7
8
10.Which Service Provider have you subscribed to? a) Airtel b) Vodafone c) Reliance d) Idea e) Tata f) Cellone g) Aircel h) Virgin i) Others, specify_________________________________________________________
11.How reliable and efficient is the GPRS service provided by your service provider? a) Excellent b) Above Average c) Average d) Below Average e) Poor
12.What is your frequency of usage of the GPRS facility? a) More than once a day
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b) Daily once c) Weekly d) Fortnightly e) Rarely
13.Are you satisfied by the information provided by the banks regarding Mobile Banking? a) Highly satisfied b) Somewhat Satisfied c) Neither satisfied or dissatisfied d) Somewhat dissatisfied e) Very dissatisfied
14.How frequently would you like to receive updates from the bank regarding latest features in Mobile Banking? a) b) c) d) e) Immediately whenever there is a new feature Weekly once Fortnightly Monthly Only when asked for
15.Rate the efficiency of the features provided in the Software of the Banks a) Excellent
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b) Good c) Average d) Poor e) Very poor
16.Do you prefer Online Banking over Mobile Banking? a) certainly b) almost sure c) probably d) some possibility e) very low possibility
17.Which mode of banking is more preferred by you in consideration with the following features? (Place a tick mark on appropriate boxes wherein you agree)
FEATURES
MOBILE BANKING
ONLINE BANKING
RESOURCE/TECHNOLOG Y AVAILABILITY SECURITY AWARENESS OPERATIONAL KNOWLEDGE QUERY SOLVING OR PROBLEM
18.How do you usually get your Mobile Banking queries resolved?
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a) Peers & Colleagues b) Bank’s Customer Help Care c) User Manuals d) By Recurrent usage (Self)
19.How satisfied are you with the customer care service provided by your Bank? (1 – Not at all satisfied, 10 – Extremely Dissatisfied)
1 9
2 10
3
4
5
6
7
8
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QUESTIONNAIRE DESIGN PROCESS
PRO: To determine the extent in which “Mobile Banking” is being favoured and used by the hostel students for their day-to-day banking operations SRO 1: To Determine the Awareness Level among students about Mobile Banking Features vis-a-vis other related features Information Needed : 1. Awareness among the Students 2. Mode of Information 3. Type & Level of Promotion RESPONDENTS Stud ents Students S/D/P METHODS S/D/P
S.NO 1. 2.
INFORMATION NEEDED Awareness among the Students Mode of Information
3.
Type & Level of Promotion
Students
S/D/P
SRO 2: To Determine the Level of Security expected by the students with regards to Mobile Banking Information Needed : the Banks 1. Security Level of Software provided by 2. Satisfaction levels of the Students 3. Transaction Tracking Abilities 4. Reversion of Transactions RESPONDENTS METHODS Students S/D/M
S.NO 1.
INFORMATION NEEDED Security Level of Software provided by the Banks Satisfaction levels of the Students
2.
Students
S/D/P
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3.
Transaction Tracking Abilities Reversion of Transactions
Students
S/D/M
4.
Students
S/D/MI
SRO 3: To Determine the Availability of Compatible Mobile Phones owned by students for Mobile Banking Information Needed : 1. GPRS Facility 2. Availability of 3G Phone Models 3. Availability of High-End phones 4. Possibility of Software Installation RESPONDENTS METHODS Students S/D/P
S.NO 1.
INFORMATION NEEDED GPRS Facility
2.
Availability of compatible phones(Software installable) Possibility of Software Installation
Students
S/D/P
3.
students
S/D/p
SRO 4: To Determine the Level of Operational Knowledge possessed by the students for using Mobile Banking Information Needed : the Banks 3. Knowledge regarding accessibility 4. Updating Customers with latest features S.NO 1. INFORMATION NEEDED RESPONDENTS Students I METHODS S/D/P 1. Existing Features used by the students 2. Manual & Demonstration given by
Existing Features used by the students
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2.
Manual & Demonstration given by the Banks Knowledge regarding accessibility Updating Customers with latest features
Students
S/D/P
3. 4.
Students Students
S/D/P S/D/P
SRO 5: To Determine the Quickness and Efficiency of the Query Response feature in Mobile Banking Information Needed : 1. Frequency of Query generated 2. Percentage of queries satisfied 3. Time taken for query resolution 4. Different modes available for query RESPONDENTS Students METHODS S/D/P S/D/M S/D/P
resolution S.N INFORMATION O NEEDED 1. Frequency of Query generated Percentage of queries satisfied Time taken for query resolution Different modes available for query resolution
2.
Students
3.
Students
S/D/P S/D/M S/D/P S/D/M
4.
Students
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STUDENTS QUESTIONS - PERSONAL
S.NO 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. INFORMATION NEEDED Awareness levels among students Mode of receiving information Type of promotion strategies Satisfaction Levels Availability of GPRS facility Availability of 3G phone models Availability of High-End phones Existing features used by students Manuals and demonstrations given by the banks Knowledge regarding accessibility Updating of customers with latest information Frequency of queries generated Percentage of queries satisfied Time taken for query resolution METHODS S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P
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15.
Different modes available for query resolution
S/D/P
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doc_266336326.doc
The extent in which ‘mobile banking’ is being favored and used by the students for their day-to-day banking operations.
Mobile Banking
Research Methodology Project
COMPILED BY: TM SWATHI 2009A27 DEEPAK L 2009A28 KHUSHBOO MAKHIJA 2009A26
MOBILE BANKING
2009
Contents
Contents................................................................................................................. 2 EXECUTIVE SUMMARY............................................................................................3 BACKGROUND........................................................................................................4 RESEARCH OBJECTIVES..........................................................................................4 EXPLORATORY RESEARCH FINDINGS:....................................................................5 SECONDARY DATA................................................................................................. 9 RESEARCH METHODOLOGY..................................................................................12 DATA COLLECTION METHODS...........................................................................12 QUESTIONNAIRE DESIGN..................................................................................12 SAMPLING:........................................................................................................13 MAJOR FINDINGS AND RECORDINGS....................................................................13 CHI-SQUARE FINDINGS......................................................................................14 DETAILED FINDINGS.............................................................................................15 SRO #1............................................................................................................. 15 SRO#2.............................................................................................................. 22 SRO #3............................................................................................................. 26 SRO #4............................................................................................................. 29 SRO#5.............................................................................................................. 32 CONCLUSION........................................................................................................35 RECOMMENDATIONS............................................................................................35 SCREENING QUESTIONNAIRE...............................................................................36 STUDENT’S QUESTIONNAIRE................................................................................37 QUESTIONNAIRE DESIGN PROCESS......................................................................44 STUDENTS QUESTIONS - PERSONAL.................................................................47
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EXECUTIVE SUMMARY
Mobile banking (also known as M-Banking, mbanking, SMS Banking etc.) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. Mobile banking today (2007) is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device. "Mobile Banking refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customised information." The amount of banking you are able to do on your cell phone varies depending on the banking institution you use. Some banks offer only the option of text alerts, which are messages sent to your cell phone that alert you to activity on your account such as deposits, withdrawals, and ATM or credit card use. This is the most basic type of mobile banking
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BACKGROUND
Knowledge of the customer's awareness of, expectations of, and motivations to purchase products and services is critical in any economic environment where alternatives are available. To develop ideas and remain informed of the ever changing consumer demands, student surveys must be administered periodically. Measuring students' changing desires, preferences and aversions, through applied marketing research, is imperative to remain on the cutting edge of consumer demand. Also the demands of students are at times unique. The objective of this research was to ascertain the perceptions and expectations of students with regards to “mobile banking” feature.
RESEARCH OBJECTIVES
PRIMARY RESEARCH OBJECTIVE (PRO): To determine the extent in which ‘mobile banking’ is being favored and used by the hostel students for their day-to-day banking operations. SECONDARY RESEARCH OBJECTIVE (SRO) ? To determine the awareness level among students about mobile banking features vis-à-vis other related features. ? To determine the level of security expected by the students with regards to mobile banking. ? To determine the availability of compatible of compatible phones owned by students for mobile banking.
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? To determine the level of operational knowledge possessed by students for using mobile banking. ? To determine the quickness and efficiency of query response feature in mobile banking.
EXPLORATORY RESEARCH FINDINGS:
The purpose of the exploratory research was to gain a comprehensive understanding of the problems and the related variables. The exploratory research focused on identifying the following: ? To find out the various parameters affecting the outcome i.e. the extent in which “Mobile Banking” is being favoured and used by the hostel students
? The psychological factors/reasons which affect the preference level
for mobile banking. The Exploratory Research was conducted through a three-pronged approach. ? Secondary data (service offerings and market research) was collected from online research websites and also from bank’s website. ? A representative group of 30 students were interviewed to gain an understanding about their viewpoint on mobile banking. Care was taken to ensure that our representative group included students of both genders and different backgrounds so as to closely represent the entire hostel students community
? Since the SROs are related to the psychological aspects of the
mobile banking users, two Focus group discussions (FGDs) were conducted among different group of hostel students so as to get a clearer understanding of the parameters involved in each SRO.
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The key findings under each SRO based on the exploratory research conducted are: SRO 1: To determine the awareness level among students about mobile banking features vis-a-vis other related features.
•
Most of the respondents were aware of the availability of the mobile banking feature.
•
But a far lesser number of them were fully aware of the features and the exact utility.
•
A small number of the respondents had just heard about mobile banking (from friends/ internet/ media/ Ads etc.) but had no first hand experience in using it.
•
Further there were another small group of people who utilized most of the features after being pursued by the bank.
SRO 2: To determine the level of security expected by the students with regards to mobile banking.
•
Majority of the respondents were not confident of the security features provided.
•
Most of the respondents opted for conventional banking methods because of unwillingness to divulge their account details to a faceless entity.
•
A large number of the respondents felt more comfortable to either interact one on one with the bank officials or use the ATM facility personally.
•
Few of the respondents felt that telephone networks were the most unreliable medium for money transactions.
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•
A small number of the respondents avoided mobile banking due to lack of flexibility as Passwords/ PIN Numbers cannot be changed easily as per customer convenience.
SRO 3: To determine the availability of compatible phones owned by students for mobile banking.
• It was observed largely that the respondents do not have compatible
phones or had outdated phone models without GPRS facility.
• Some of the respondents had compatible phone models but never
used GPRS because of the concern for high charges.
• A
few of the respondents did not want to risk incomplete
transactions using mobile banking due to unstable or unreliable internet connectivity.
• A huge majority of the respondents felt more comfortable using
online banking. • There was a very limited availability of 3G phones in the student community. • One major observation was that non-local students mostly used low end phones for day to day activities.
SRO
4:
To
determine
the
level
of
operational
knowledge
possessed by students for using mobile banking.
• Many of the respondents do not understand the software provided
by the particular bank for mobile banking services.
• A huge number of the respondents do not have on hand the phone
number of their respective banks where they have an account.
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• Most of the respondents are reluctant to use the software or the
phone number of their respective banks. SRO 5: To determine the quickness and efficiency of query response feature in mobile banking.
• A lot of respondents who use mobile banking feature feel that it
saves them a lot of time when compared to conventional banking.
• A conspicuous majority of the people feel that mobile banking is the
best methodology for small, easy, day-to-day transactions.
• A few of the respondents feel that they get a prompt and clear
response
for
the
problems
they
face
during
their
mobile
transactions.
• Many of the respondents feel that transaction alerts and other alerts
through SMS help them keep a check and verify their transactions on the particular day.
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SECONDARY DATA
There were two objectives behind conducting the Dataquest Mobile Banking Survey—one, to ascertain the level of awareness about mobile banking, about the services offered, and about the banks that offered them; and two, to find out what services were used, and with what frequency. The first question was asked of the entire sample size of 360 respondents, while the second was posed only to those respondents who were aware of m-banking services. Since only a few private and MNC banks offer m-banking services in India, and because only people in ‘Class A’ cities would be able to use these services, a few filters were put in place. One, all respondents had to be mobile phone users. Two, they had to have accounts in banks that offer m-banking services. And three, they would either belong to the IT industry or be from prominent corporates. Finally, the survey was conducted in upmarket locations and IT campuses across the three cities of Bangalore, Mumbai and Delhi (NCR).
Mobile Banking - The Services Bouquet ICICI Bank HDFC Bank IDBI Bank HSBC Bank of Ameri ca ? ? ? Citiba nk ABN Amro
Balance enquiry Last few transactions Cheque payment status Stop payment of cheques Statement request
9
? ?
? ?
? ? ?
? ? ?
? ? ?
? ? ?
?
?
?
?
?
?
?
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Cheque book request
?
?
?
Are you aware of mobile banking and do you use it? All Del Ba Kol Mu Ch Ahm Triv Hyd Pun Cha hi ng kat mb en eda andr erab e ndig alo a ai nai bad um ad arh re Awar 48 73 45 58 36 65 3 58 11 19 63 e? Use? 7 12 15 8 3 13 0 4 0 5 1 All So figur urc es in e: perc Voi enta ce ge & Dat a Sample Size: 754 mobile phone subscribers across 10 cities While 47.7% of Indian cellphone users are aware of mobile banking services, only 7.4% of them actually use the facilities. The level of awareness was highest in Delhi (72.8%), followed by 65% in Chennai and 63.4% in Chandigarh. Cellphone users in Ahmedabad, Hyderabad and Pune were the least aware, with awareness levels of 3.4%, 11% and 18.5%, respectively. Also, while none of the respondents reported using the facility in Ahmedabad and Hyderabad, Pune showed a much higher usage trend—5.3%. Interestingly, despite a #3 position in terms of awareness, Chandigarh was much below in the usage table, with a hit ratio of only 0.6%. Dataquest’s estimated user base of under 10,000 for mobile banking services in 2000, there are over 120,000 today who SMS from their mobiles to do their banking. Even this number of 120,000 represents only 1% of the overall mobile user base. Also, a majority of those who do use mobile banking services only do it to check account balance, with very few actually conducting transactions. Reasons for this—lack of awareness of services offered by banks, and equally important, a perceived issue of
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security and confidentiality. Clearly, banks have not done enough to push their bouquet of mobile banking services. Also, e-commerce as a medium of purchasing and transacting has not really caught on, and the basket of mobile banking offerings is, in itself, very limited. The good news—the technology backbone is in place, and getting better. There’s CDMA, there’s GSM. Barring a few private banks—ICICI Bank, HDFC Bank, IDBI Bank—and a few MNC entities—Citibank, ABN Amro, Stanchart and Hongkong Bank—few others offer a wide portfolio of mobile services. Public sector banks do not figure prominently in this picture yet. But the number of users is growing. Unlike Internet banking that is PC-restricted, mobile banking provides banks with an unparalleled opportunity to reach customers in an unrestricted environment. Better-integrated customer relationship channel for better service is what these banks believe in. While, some like HDFC Bank are riding on their existing infrastructure of Netbanking, others like the IDBI Bank are making considerable investments to provide wirefree banking experience The most frequent transactions performed by a customer includes personal financial management services, messaging, portfolio management, etc. Since many of these "on-demand" services are driven by customer mobility, this kind of information is considered crucial and will accelerate a customer’s decision-making process. Of the people who are both aware of and use m-banking services, most say "security" is a key concern. While there’s hardly any security risk in sending SMS’, a perception about it is there—banks, therefore, need to educate consumers on this front. The next reason is that people generally feel more comfortable making physical transactions. In the case of mobile payments, willingness to pay bills "the old-fashioned way" was cited by 15% of respondents, indicating that mobile payments
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must show a clear value-add over cheque-writing. One important factor to be addressed by banks in the future would be that of trust. Today, lack of service availability is the concern for potential users, but that should be addressed in coming times. SOURCE:www.dqindia.ciol.com/content/top_stories/103012702.asp
RESEARCH METHODOLOGY
DATA COLLECTION METHODS
• • Data was collected from the respondents using primary data collection method – direct structured questionnaire was used. Since the data entered was verified immediately, there was no necessity to use item non response handling strategies.
QUESTIONNAIRE DESIGN
• • Open ended questions were used to know if any other specific category preferred by respondents. Multiple choice questions were also used to determine the type of mobile phone used and also the value-added features used by the respondent. • Rating methods were used to find out the awareness levels of mobile banking function, expected security level and level of customer satisfaction among features offered by mobile banking
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• •
Ranking methods were used to gauge the preference levels of mobile banking functions. The questionnaire used was pre tested among 10 respondents and necessary changes were made based on the feedback received.
SAMPLING:
1. Universe: Students of the SCMHRD,SIIB and SCIT
who used
mobile phones and have a bank account in their name.
2. Determination of Variable: The study attempts to determine
features essential for a student in a mobile phone.
3. Sample Unit: Responses were obtained from 100 randomly
selected respondents and the responses were analysed to arrive at the key findings.
4. Sample
Method:
Respondents
(SCMHRD,
SIIB
and
SCIT
students from MBA-I and MBA-II batches) were selected for analysis using judgmental sampling.
5. ANALYSIS TECHNIQUES:
? ? ?
Cross Tabulation Statistical methods Frequency Tables and Chart
MAJOR FINDINGS AND RECORDINGS
1) 57% of hostel students have an account in State bank of India followed by ICICI bank with 23 % and remaining banks have a minor share among hostel students.
2) A mere 28% of the hostel students use mobile banking
feature.
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3) 36% of respondents came to know about mobile banking through banks followed by 33% of students from media and 29% from peers and colleagues.
4) There is a rarity in changing the password on a frequent
basis. 5) All respondents require confidentiality in password followed by 31% saying account number as well and also 24% tilting also in favour of account balance.
6) 81% of the mobile phones used by the hostel students
are compatible to upload software’s which is important for initiating mobile banking feature. 7) Almost every mobile banking user uses mobile banking to find out balance enquiry followed by ticket booking and monetary transactions. 8) On the whole, the respondents are almost sure that they prefer online banking over mobile banking. 9) On any parameter headed (The SROs) , we can find that online banking is preferred to mobile banking by almost 3 times on a average. 10) It can be infered that on a majority, hostel students use customer care at 55% followed by peers at roughly 30%. 11) It can be inferred that respondents are satisfied 5/10 scale levels which means they are moderately satisfied.
CHI-SQUARE FINDINGS
• Awareness level of mobile banking is dependent of the type of bank the respondent has an account in at 90% confidence level.
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KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28
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MOBILE BANKING
2009
•
Satisfaction level of information provided by banks about mobile banking is independent of the type of bank the respondent has an account on at 90% confidence level.
•
The reliability level of transactions in mobile banking is independent of the service provider at 90% confidence level
•
the efficiency and reliability of GPRS service provided is independent of the actual service provider at 90% confidence level.
•
level of satisfaction is dependent of the type of query resolution technique at 90% confidence level
DETAILED FINDINGS
SRO #1
A) The banks in which hostel students have an account
15 KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28 TM SWATHI 2009A27
MOBILE BANKING
2009
Finding: 57% of hostel students have an account in State bank of India followed by ICICI bank with 23 % and remaining banks have a minor share among hostel students. B) Percentage of hostel students using mobile banking feature
Finding: A mere 28% of the hostel students use mobile banking feature.
C) Medium through which students came to know about mobile banking
16 KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28 TM SWATHI 2009A27
MOBILE BANKING
2009
FINDING: 36% of respondents came to know about mobile banking through banks followed by 33% of students from media and 29% from peers and colleagues.
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MOBILE BANKING
2009
Cross tab with chi-square
Ho- Awareness level of mobile banking is independent of the type of bank the respondent has an account on at 90% confidence level. Ha- Awareness level of mobile banking is dependent of the type of bank the respondent has an account on at 90% confidence level. Bank/aware ness not at all aware slightly aware' somewhat aware' moderately aware extremely aware 0 2 1 2 0 0 0 2 6 1 7 3 1 1 1 6 0 12 1 1 4 1 4 0 22 0 0 1 Axis bank 0 ICICI bank 3 0 16 HSBC SBI Stanch art 0 Citiba nk 0 Other s 2
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KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28
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MOBILE BANKING Welcome to Minitab, press F1 for help.
2009
Chi-Square Test: axis bank, ICICI, HSBC, SBI, Stanchart, Citibank, others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts 1 axis bank 0 0.84 0.840 1 1.12 0.013 1 1.00 0.000 2 0.84 1.602 0 0.20 0.200 4 ICICI 3 4.41 0.451 4 5.88 0.601 6 5.25 0.107 6 4.41 0.573 2 1.05 0.860 21 HSBC 0 0.42 0.420 0 0.56 0.560 0 0.50 0.500 1 0.42 0.801 1 0.10 8.100 2 SBI 16 12.39 1.052 22 16.52 1.818 12 14.75 0.513 7 12.39 2.345 2 2.95 0.306 59 Stanchart 0 0.84 0.840 0 1.12 1.120 1 1.00 0.000 3 0.84 5.554 0 0.20 0.200 4 Citibank 0 0.42 0.420 0 0.56 0.560 1 0.50 0.500 1 0.42 0.801 0 0.10 0.100 2 others 2 1.68 0.061 1 2.24 0.686 4 2.00 2.000 1 1.68 0.275 0 0.40 0.400 8 Total 21
2
28
3
25
4
21
5
5
Total
100
Chi-Sq = 35.178, DF = 24 WARNING: 17 cells with expected counts less than 1. Chi-Square approximation probably invalid. 29 cells with expected counts less than 5.
Since chi-square value i.e. (35.178) is greater than chi-square critical i.e..(33.19), Ho is rejected. To conclude, Awareness level of mobile banking is dependent of the type of bank the respondent has an account in at 90% confidence level.
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MOBILE BANKING
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Cross tabs with chi-square
Ho- Satisfaction level of information provided by banks about mobile banking is independent of the type of bank the respondent has an account on at 90% confidence level. Ha- Satisfaction level of information provided by banks about mobile banking is dependent of the type of bank the respondent has an account on at 90% confidence level. Bank/aware ness
Highly satisfied somewhat satisfied' Neither satisfied nor dissatisfied somewhat dissatisfied very dissatisfied
Axis bank 1 2 1
ICICI bank 2 7 8
HSBC
SBI
Stanch art
Citiba nk 1 0 1
Other s 1 1 2
0 1 1
4 19 24
1 1 2
0 0
4 2
0 0
6 4
0 0
0 0
2 2
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KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28
TM SWATHI 2009A27
MOBILE BANKING
2009
Chi-Square Test: Axis bank, ICICI, HSBC, SBI, Stanchart, Citibank, others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts 1 Axis bank 1 0.40 0.900 2 1.24 0.466 1 1.56 0.201 0 0.48 0.480 0 0.32 0.320 4 ICICI 2 2.30 0.039 7 7.13 0.002 8 8.97 0.105 4 2.76 0.557 2 1.84 0.014 23 HSBC 0 0.20 0.200 1 0.62 0.233 1 0.78 0.062 0 0.24 0.240 0 0.16 0.160 2 SBI 4 5.70 0.507 19 17.67 0.100 24 22.23 0.141 6 6.84 0.103 4 4.56 0.069 57 Stanchart 1 0.40 0.900 1 1.24 0.046 2 1.56 0.124 0 0.48 0.480 0 0.32 0.320 4 Citibank 1 0.20 3.200 0 0.62 0.620 1 0.78 0.062 0 0.24 0.240 0 0.16 0.160 2 others 1 0.80 0.050 1 2.48 0.883 2 3.12 0.402 2 0.96 1.127 2 0.64 2.890 8 Total 10
2
31
3
39
4
12
5
8
Total
100
Chi-Sq = 16.404, DF = 24 WARNING: 19 cells with expected counts less than 1. Chi-Square approximation probably invalid. 29 cells with expected counts less than 5.
Since chi-square value i.e. (16.404) is lesser than chi-square critical i.e..(33.19), Ho is not rejected. To conclude, Satisfaction level of information provided by banks about mobile banking is
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MOBILE BANKING
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independent of the type of bank the respondent has an account on at 90% confidence level.
SRO#2
FINDING:There is a rarity in changing the password on a frequent basis. CONFIDENTIALITY REQUIREMENT
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MOBILE BANKING
2009
FINDING: All respondents require confidentiality in password followed by 31% saying account number as well and also 24% tilting also in favour of account balance.
CROSS TABS WITH CHI-SQUARE Ho- The reliability level of transactions in mobile banking is independent of the service provider at 90% confidence level Ha- The reliability level of transactions in mobile banking is dependent of the service provider at 90% confidence level
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MOBILE BANKING
2009
Network provider/relia bility level
Very high reliability High reliability fairly good reliability Low reliability No reliability
Airtel Vodafo Relian ne ce
Idea
Tata
Virgi n
Other s
6 14 28 4 2
2 4 6 1 1
0 1 3 5 2
0 1 2 4 2
1 1 2 1 0
0 2 2 1 0
0 0 2 0 0
Chi-Square Test: Airtel, Vodafone, Reliance, Idea, Tata, Virgin mobile, Others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts Airtel 6 4.86 0.267 14 12.42 0.201 Vodafone 2 1.26 0.435 4 3.22 0.189 Reliance 0 0.99 0.990 1 2.53 0.925 Idea 0 0.81 0.810 1 2.07 0.553 Tata 1 0.45 0.672 1 1.15 0.020 Virgin mobile 0 0.45 0.450 2 1.15 0.628 Others 0 0.18 0.180 0 0.46 0.460 Total 9
1
2
23
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MOBILE BANKING 3 28 24.30 0.563 4 8.64 2.492 2 3.78 0.838 54 6 6.30 0.014 1 2.24 0.686 1 0.98 0.000 14 3 4.95 0.768 5 1.76 5.965 2 0.77 1.965 11 2 4.05 1.038 4 1.44 4.551 2 0.63 2.979 9 2 2.25 0.028 1 0.80 0.050 0 0.35 0.350 5 2 2.25 0.028 1 0.80 0.050 0 0.35 0.350 5 2 0.90 1.344 0 0.32 0.320 0 0.14 0.140 2 45
2009
4
16
5
7
Total
100
Chi-Sq = 31.300, DF = 24 WARNING: 16 cells with expected counts less than 1. Chi-Square approximation probably invalid. 31 cells with expected counts less than 5.
Since chi-square value i.e. (31.300) is lesser than chi-square critical i.e..(33.19), Ho is not rejected. To conclude, The reliability level of transactions in mobile banking is independent of the service provider at 90% confidence level
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KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28
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MOBILE BANKING
2009
SRO #3
FINDING: 65% people rarely or never use GPRS facility provided by network service provider with only 21% hostel students using it on a daily basis
FINDING: 81% of the mobile phones used by the hostel students are compatible to upload softwares which is important for initiating mobile banking feature.
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MOBILE BANKING
2009
CROSS TAB WITH CHI-SQUARE H0- The efficiency and reliability of GPRS service provided is independent of the actual service provider at 90% confidence level Ha- The efficiency and reliability of GPRS service provided is dependent of the actual service provider at 90% confidence level
Cross tabulation SERVICE PROVIDER/EFFIC IENCY OF GPRS CONNECTIVITY
Excellent above average Average below average Poor
Airte l
Vodafo Relia ne nce
Idea
Tata
Virgi n
Othe rs
3 5 32 10 4
1 2 10 1 0
0 1 8 2 0
0 1 5 2 1
0 0 3 2 0
0 1 3 1 0
0 2 0 0 0
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MOBILE BANKING
2009
Chi-Square Test: Airtel, Vodafone, Reliance, Idea, Tata, Virgin, Others
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts 1 Airtel 3 2.16 0.327 5 6.48 0.338 32 32.94 0.027 10 9.72 0.008 4 2.70 0.626 54 Vodafone 1 0.56 0.346 2 1.68 0.061 10 8.54 0.250 1 2.52 0.917 0 0.70 0.700 14 Reliance 0 0.44 0.440 1 1.32 0.078 8 6.71 0.248 2 1.98 0.000 0 0.55 0.550 11 Idea 0 0.36 0.360 1 1.08 0.006 5 5.49 0.044 2 1.62 0.089 1 0.45 0.672 9 Tata 0 0.20 0.200 0 0.60 0.600 3 3.05 0.001 2 0.90 1.344 0 0.25 0.250 5 Virgin 0 0.20 0.200 1 0.60 0.267 3 3.05 0.001 1 0.90 0.011 0 0.25 0.250 5 Others 0 0.08 0.080 2 0.24 12.907 0 1.22 1.220 0 0.36 0.360 0 0.10 0.100 2 Total 4
2
12
3
61
4
18
5
5
Total
100
Chi-Sq = 23.876, DF = 24 WARNING: 18 cells with expected counts less than 1. Chi-Square approximation probably invalid. 29 cells with expected counts less than 5.
Since chi-square value i.e. (23.876) is lesser than chi-square critical i.e..(33.19), Ho is not rejected. To conclude, the efficiency and reliability of GPRS service provided is independent of the actual service provider at 90% confidence level.
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MOBILE BANKING
2009
SRO #4
A) Features utilisation liking of mobile banking (OUT OF 100)
FINDING: Almost every mobile banking user uses mobile banking to find out balance enquiry followed by ticket booking and monetary transactions. B) Preference of online banking over mobile banking
Preference of online banking over mobile banking Certainly almost sure Probably some possibility very low possibility Frequenc y 5 4 3 2 1 23 34 39 4 0
Value
Median value
4
FINDING: on the whole, the respondents are almost sure that they prefer online banking over mobile banking.
29 KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28 TM SWATHI 2009A27
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c) Mobile banking Vs Online banking
FINDING: On any parameter headed (The SROs) , we can find that online banking is preferred to mobile banking by almost 3 times on a average. Cross tabs with chi-square
Mobile banking 28 12 14 9 29 online banking 72 88 86 91 71
Features Resource/Technology availability security awareness operational knowledge query or problem solving
Ho- Preference of online banking over mobile banking is independent of the feature at 90% confidence level. Ha- Preference of online banking over mobile banking is dependent of the feature at 90% confidence level.
30 KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28 TM SWATHI 2009A27
MOBILE BANKING
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Chi-Square Test: Mobile banking, online banking
Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts Mobile banking 28 18.40 5.009 12 18.40 2.226 14 18.40 1.052 9 18.40 4.802 29 18.40 6.107 92 online banking 72 81.60 1.129 88 81.60 0.502 86 81.60 0.237 91 81.60 1.083 71 81.60 1.377 408 Total 100
1
2
100
3
100
4
100
5
100
Total
500
Chi-Sq = 23.524, DF = 4, P-Value = 0.000 Since chi-square value is greater than chi-square critical, reject Ho.
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2009
SRO#5
1) How mobile banking query resolution happens
FINDING: It can be infered that on a majority, hostel students use customer care at 55% followed by peers at roughly 30%. 2) satisfaction levels of query resolution
satisfaction levels of customer care service 1 2 3 4 5 6 7 8 9 10
Frequency 3 4 18 14 13 18 11 13 6 0
Median
32 KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28 TM SWATHI 2009A27
5
MOBILE BANKING
2009
Finding: It can be inferred that respondents are satisfied 5/10 scale levels which means they are moderately satisfied. Cross tab with chi-square Ho- level of satisfaction is independent of the type of query resolution technique at 90% confidence level Ha- level of satisfaction is dependent of the type of query resolution technique at 90% confidence level
Rating level of satisfaction 1 2 3 4 5 6 7 8 9 10 Peers & colleagues 0 1 1 0 2 6 2 0 0 0 bank's customer help care 0 0 0 1 3 4 2 5 6 0 user manual 0 1 3 1 0 0 0 0 0 0 recurrent usage 0 0 0 0 0 0 1 0 0 0
Chi-Square Test: Peers & colleagues, customer care, user manual, recurrent usag
Skipping rows and/or columns filled with zeros. Expected counts are printed below observed counts Chi-Square contributions are printed below expected counts Peers & colleagues 1 0.62 0.240 1 1.23 0.043 0 0.62 0.615 2 1.54 0.138 6 3.08 customer care 0 1.08 1.077 0 2.15 2.154 1 1.08 0.005 3 2.69 0.035 4 5.38 user manual 1 0.26 2.156 3 0.51 12.063 1 0.26 2.156 0 0.64 0.641 0 1.28 recurrent usage 0 0.05 0.051 0 0.10 0.103 0 0.05 0.051 0 0.13 0.128 0 0.26 Total 2
2
3
4
4
2
5
5
6
33
10
TM SWATHI 2009A27
KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28
MOBILE BANKING 2.777 7 2 1.54 0.138 0 1.54 1.538 0 1.85 1.846 12 0.356 2 2.69 0.178 5 2.69 1.978 6 3.23 2.374 21 1.282 0 0.64 0.641 0 0.64 0.641 0 0.77 0.769 5 0.256 1 0.13 5.928 0 0.13 0.128 0 0.15 0.154 1 5
2009
8
5
9
6
Total
39
Chi-Sq = 42.645, DF = 21 WARNING: 17 cells with expected counts less than 1. Chi-Square approximation probably invalid. 31 cells with expected counts less than 5.
Since chi square value (42.64) is greater than chi-square critical (29.61), Ho is rejected.To conclude, level of satisfaction is dependent of the type of query resolution technique at 90% confidence level
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CONCLUSION
All respondents require confidentiality in password followed by 31% saying account number as well and also 24% tilting also in favour of account balance. Most of the students are using Mobile Phones that are compatible to upload software’s which is one of the most important feature for initiating Mobile Banking Most of the mobile banking users use mobile banking to find out balance enquiry followed by ticket booking and monetary transactions. On the whole, the respondents are almost sure that they prefer online banking over mobile banking. Therefore, Mobile banking is yet to make a significant impact on hostel students for their day-to-day banking operations. The level of impact is only 28/100 students who have bank account, use mobile banking facility.
RECOMMENDATIONS
In order to promote Mobile Banking the Banks should take more initiatives in advertising through all sources in order to improve the awareness levels about the feature among the students as well as the working population. The banks can have collaboration with Mobile service providers for the purpose of promoting the feature.
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MOBILE BANKING
2009
SCREENING QUESTIONNAIRE
We are conducting a research on mobile banking. With regard to this, please take some time to fill the following questionnaire. This wouldn’t take you more than 5 minutes to complete. We assure you that the information provided by you will be kept strictly confidential.
NAME: _____________________ COLLEGE: ___________________ GENDER: A) Male B) Female
1) Do you currently stay in the hostel for pursuing your education? a) Yes b) No 2) Do you own a mobile phone? a) Yes b) No 3) Do you have a bank account? a) Yes b) No
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STUDENT’S QUESTIONNAIRE
We are conducting a research on mobile banking. With regard to this, please take some time to fill the following questionnaire. This wouldn’t take you more than 5 minutes to complete. We assure you that the information provided by you will be kept strictly confidential. NAME: ___________________________ 1. How did you come to know about Mobile Banking? a) Peers & Colleagues b) Banks c) Media / Print Media / Online Ads d) Others, Please specify___________________
2. In which Bank do you have an Account? a) AXIS Bank b) ICICI c) HSBC d) SBI e) Standard Chartered f) Citibank g) Others , Specify - _______________________________________
3. Have you opted for the Mobile Banking facility? If No, Why?
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___________________________________________________________________________ ___________________________________________________________________________
4. Do you pay attention to the promotional pamphlets provided by the banks? a) Not at all aware b) Slightly aware c) Somewhat aware d) Moderately aware e) Extremely aware
5. What all features do you utilise or would you like to utilise using Mobile Banking? a) Balance enquiry b) Monetary Transactions c) Details of Previous Transactions d) Ticket Booking e) Others , specify
________________________________________________________
6. Do you feel your telephone network reliable enough to carry out monetary/confidential transactions? a) Very high reliability
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b) c) d) e)
High reliability Fairly good reliability Low reliability No reliability
7. How often do you change or wish to change the password for confidentiality reasons? a) Once a week b) Once in fortnight c) Once in a month d) Once in a year e) Others, Please specify__________________
8. Which details would you like the bank to maintain top confidentiality? (You can choose more than one option) a) Account Number b) Account Balance c) Password / PIN d) Statement of Transactions e) Others specify________________________________________________________ ,
9. Rate the importance of reversal of transactions on a scale of 1 to 10 (1 – Least important, 10 – Very important)
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1 9
2 10
3
4
5
6
7
8
10.Which Service Provider have you subscribed to? a) Airtel b) Vodafone c) Reliance d) Idea e) Tata f) Cellone g) Aircel h) Virgin i) Others, specify_________________________________________________________
11.How reliable and efficient is the GPRS service provided by your service provider? a) Excellent b) Above Average c) Average d) Below Average e) Poor
12.What is your frequency of usage of the GPRS facility? a) More than once a day
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b) Daily once c) Weekly d) Fortnightly e) Rarely
13.Are you satisfied by the information provided by the banks regarding Mobile Banking? a) Highly satisfied b) Somewhat Satisfied c) Neither satisfied or dissatisfied d) Somewhat dissatisfied e) Very dissatisfied
14.How frequently would you like to receive updates from the bank regarding latest features in Mobile Banking? a) b) c) d) e) Immediately whenever there is a new feature Weekly once Fortnightly Monthly Only when asked for
15.Rate the efficiency of the features provided in the Software of the Banks a) Excellent
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b) Good c) Average d) Poor e) Very poor
16.Do you prefer Online Banking over Mobile Banking? a) certainly b) almost sure c) probably d) some possibility e) very low possibility
17.Which mode of banking is more preferred by you in consideration with the following features? (Place a tick mark on appropriate boxes wherein you agree)
FEATURES
MOBILE BANKING
ONLINE BANKING
RESOURCE/TECHNOLOG Y AVAILABILITY SECURITY AWARENESS OPERATIONAL KNOWLEDGE QUERY SOLVING OR PROBLEM
18.How do you usually get your Mobile Banking queries resolved?
42 KHUSHBOO MAKHIJA 2009A26 DEEPAK L 2009A28 TM SWATHI 2009A27
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2009
a) Peers & Colleagues b) Bank’s Customer Help Care c) User Manuals d) By Recurrent usage (Self)
19.How satisfied are you with the customer care service provided by your Bank? (1 – Not at all satisfied, 10 – Extremely Dissatisfied)
1 9
2 10
3
4
5
6
7
8
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2009
QUESTIONNAIRE DESIGN PROCESS
PRO: To determine the extent in which “Mobile Banking” is being favoured and used by the hostel students for their day-to-day banking operations SRO 1: To Determine the Awareness Level among students about Mobile Banking Features vis-a-vis other related features Information Needed : 1. Awareness among the Students 2. Mode of Information 3. Type & Level of Promotion RESPONDENTS Stud ents Students S/D/P METHODS S/D/P
S.NO 1. 2.
INFORMATION NEEDED Awareness among the Students Mode of Information
3.
Type & Level of Promotion
Students
S/D/P
SRO 2: To Determine the Level of Security expected by the students with regards to Mobile Banking Information Needed : the Banks 1. Security Level of Software provided by 2. Satisfaction levels of the Students 3. Transaction Tracking Abilities 4. Reversion of Transactions RESPONDENTS METHODS Students S/D/M
S.NO 1.
INFORMATION NEEDED Security Level of Software provided by the Banks Satisfaction levels of the Students
2.
Students
S/D/P
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3.
Transaction Tracking Abilities Reversion of Transactions
Students
S/D/M
4.
Students
S/D/MI
SRO 3: To Determine the Availability of Compatible Mobile Phones owned by students for Mobile Banking Information Needed : 1. GPRS Facility 2. Availability of 3G Phone Models 3. Availability of High-End phones 4. Possibility of Software Installation RESPONDENTS METHODS Students S/D/P
S.NO 1.
INFORMATION NEEDED GPRS Facility
2.
Availability of compatible phones(Software installable) Possibility of Software Installation
Students
S/D/P
3.
students
S/D/p
SRO 4: To Determine the Level of Operational Knowledge possessed by the students for using Mobile Banking Information Needed : the Banks 3. Knowledge regarding accessibility 4. Updating Customers with latest features S.NO 1. INFORMATION NEEDED RESPONDENTS Students I METHODS S/D/P 1. Existing Features used by the students 2. Manual & Demonstration given by
Existing Features used by the students
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2.
Manual & Demonstration given by the Banks Knowledge regarding accessibility Updating Customers with latest features
Students
S/D/P
3. 4.
Students Students
S/D/P S/D/P
SRO 5: To Determine the Quickness and Efficiency of the Query Response feature in Mobile Banking Information Needed : 1. Frequency of Query generated 2. Percentage of queries satisfied 3. Time taken for query resolution 4. Different modes available for query RESPONDENTS Students METHODS S/D/P S/D/M S/D/P
resolution S.N INFORMATION O NEEDED 1. Frequency of Query generated Percentage of queries satisfied Time taken for query resolution Different modes available for query resolution
2.
Students
3.
Students
S/D/P S/D/M S/D/P S/D/M
4.
Students
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STUDENTS QUESTIONS - PERSONAL
S.NO 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. INFORMATION NEEDED Awareness levels among students Mode of receiving information Type of promotion strategies Satisfaction Levels Availability of GPRS facility Availability of 3G phone models Availability of High-End phones Existing features used by students Manuals and demonstrations given by the banks Knowledge regarding accessibility Updating of customers with latest information Frequency of queries generated Percentage of queries satisfied Time taken for query resolution METHODS S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P S/D/P
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15.
Different modes available for query resolution
S/D/P
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doc_266336326.doc