Research conducted on the Banking Industry
Problem Statement
To determine the Attitude of Customers towards Public sector & private
Sector banks
Research Objective
To profile the customers in terms of:
Their savings pattern
Their banking pattern (frequency of transactions)
Preferences while selecting a bank for transacting for the first time
Sampling Design
Since most of the country’s population is now engaged in banking transactions, it would be infeasible to interview all of them. Hence the method of sampling was used.
The basic idea of sampling is that by selecting a representative sample, it’ll prove useful in drawing valid conclusions and help in achieving a reliable result for this research.
This method is used mainly because of the large and the widely spread nature of the Banker’s market.
To give reliable results by the sampling procedures 2 important factors should be taken care of:
Accuracy: The degree to which bias is absent from the sample.
Precision: It should fully represent its population in all respects.
Relevant Population
The relevant population in our case is all those transact with banks (Public or
Private) on a rather frequent basis and hold accounts in alteast one bank. The method of simple random sampling is used.
Parameters of Interest
In our survey of estimating the attitudes of the bankers, the entire population is divided into various parameters to enable us to diagnosis the perception the various categories of users. These parameters are:
The income level
The occupation
Area of residence
Sampling Frame
Since only people who hold bank accounts and are engaged in frequent banking transactions applicable for this research, there was a list prepared of selected people doing so. However, it was prepared on random basis.
Type of sample
For the purpose of this research, the probability random sampling method was adopted. With this sample design, care has been taken to avoid arbitrary or biased selection of sample element. Also, it will help in predicting the behaviour of the total population.
Sample size
We intended to follow Normal Distribution curve while testing Hypothesis, a sample of 60 respondents was selected.
We have seen to it that our survey has equal participation from people of both sexes. In addition, we have taken care that the survey has cut across various occupation barriers, so that the results are not job or occupation specific.
Data source
The background information about public and private sector banks was collected by visiting various sites and scanning various magazines.
However, the research analysis was based mainly on the primary data input received from the customers themselves while conducting the fieldwork.
Research Design
Exploration
Purpose of the study:
The research design is of Descriptive type which aims to find out the Attitude of customers towards public and private sector banks while selecting of transactions. It aims to find answers to question like….
Is your bank at a convenient location for you?
Do you trust your bank?
Does the age of the bank matter when selecting them?
Do you prefer to use Modern technology in banking?
To what extent does the physical environment affect your decision about transacting with a bank?
Does your bank’s commitment towards social causes have any bearing your selection decision?
Instrument
The instrument used for the research is the questionnaire, which was prepared after a thorough knowledge of various aspects of factors that influence a particular consumer in the bank-selection procedure.
Questionnaire Design
There were two main objectives while framing the questionnaire.
First it aimed to find out generally to find out the selecting pattern of a person for a bank. For instance,
Is the bank at a convenient location?
To what extent does their friends’ opinion matter?
To what extent does the physical environment affect your decision?
Is the age of the bank important?
And secondly, it aimed at the intricate details, which a customer takes into consideration while selecting a bank like,
Transaction tracking system availability
Staff-friendliness with the customers
ATM coverage by the banks
Net Banking facility
24-customer service
Study’s Variables
The study was mainly focused on getting as diverse sample size, which is a healthy representation of the population. So the incomes, area of residence, occupation were the study’s variables.
Data Collection
Team
The preparation of the questionnaire and the administration of the survey were carried out by the same research team.
Location
All places of Mumbai were covered in the survey.
Data collection time
The instruments were administered from first week of February to fourth week of February 2004 to collect the response. The team took around 4 weeks of time to gather all the relevant information.
Efforts to remove bias:
The survey was conducted in public locations like bus stops, educational institutions, corporate offices etc .to gather the primary data.
Field instructions
Since the questionnaire was designed to be administered only on those consumers who transacted with banks and held alteast one account in any bank, the field staffs were told to ask the consumers before they filled the questionnaire.
Relevance of secondary data
The secondary data was only used to give a brief review about the banking industry and about the features about the 2 sectors in it, namely the Private and the Public that separate them, to the respondents while filling up the questionnaire.
The main reasons noticed for this result are as follows:
1] Customers perceive that private sector provides more facility than public sector banks.
2] Inquiries is more efficiently handled by private sector banks than public sector.
3] Private sector are perceived to be friendlier than public sector.
4] One-to-One Correspondence is perceived to be better in private sector banks.
5] Private sector banks are perceived to have better ATM Coverage.
6] Private Sector Banks are perceived to have a better Crisis Handling System.
7] Private Sector are perceived to be more operationally flexible.
8] Response Time is perceived to be better in private sector banks.
9] Private sector are perceived be more user friendly than public sector bank.
But along with this, there are some factors on which public sector banks gain and they are as follows:
1] Public Sector banks have Better Branch coverage
2] Public sector banks are situated at locations convenient to customers.
3] Charges levied for different transaction are lower in case of public sector banks than private.
Problem Statement
To determine the Attitude of Customers towards Public sector & private
Sector banks
Research Objective
To profile the customers in terms of:
Their savings pattern
Their banking pattern (frequency of transactions)
Preferences while selecting a bank for transacting for the first time
Sampling Design
Since most of the country’s population is now engaged in banking transactions, it would be infeasible to interview all of them. Hence the method of sampling was used.
The basic idea of sampling is that by selecting a representative sample, it’ll prove useful in drawing valid conclusions and help in achieving a reliable result for this research.
This method is used mainly because of the large and the widely spread nature of the Banker’s market.
To give reliable results by the sampling procedures 2 important factors should be taken care of:
Accuracy: The degree to which bias is absent from the sample.
Precision: It should fully represent its population in all respects.
Relevant Population
The relevant population in our case is all those transact with banks (Public or
Private) on a rather frequent basis and hold accounts in alteast one bank. The method of simple random sampling is used.
Parameters of Interest
In our survey of estimating the attitudes of the bankers, the entire population is divided into various parameters to enable us to diagnosis the perception the various categories of users. These parameters are:
The income level
The occupation
Area of residence
Sampling Frame
Since only people who hold bank accounts and are engaged in frequent banking transactions applicable for this research, there was a list prepared of selected people doing so. However, it was prepared on random basis.
Type of sample
For the purpose of this research, the probability random sampling method was adopted. With this sample design, care has been taken to avoid arbitrary or biased selection of sample element. Also, it will help in predicting the behaviour of the total population.
Sample size
We intended to follow Normal Distribution curve while testing Hypothesis, a sample of 60 respondents was selected.
We have seen to it that our survey has equal participation from people of both sexes. In addition, we have taken care that the survey has cut across various occupation barriers, so that the results are not job or occupation specific.
Data source
The background information about public and private sector banks was collected by visiting various sites and scanning various magazines.
However, the research analysis was based mainly on the primary data input received from the customers themselves while conducting the fieldwork.
Research Design
Exploration
Purpose of the study:
The research design is of Descriptive type which aims to find out the Attitude of customers towards public and private sector banks while selecting of transactions. It aims to find answers to question like….
Is your bank at a convenient location for you?
Do you trust your bank?
Does the age of the bank matter when selecting them?
Do you prefer to use Modern technology in banking?
To what extent does the physical environment affect your decision about transacting with a bank?
Does your bank’s commitment towards social causes have any bearing your selection decision?
Instrument
The instrument used for the research is the questionnaire, which was prepared after a thorough knowledge of various aspects of factors that influence a particular consumer in the bank-selection procedure.
Questionnaire Design
There were two main objectives while framing the questionnaire.
First it aimed to find out generally to find out the selecting pattern of a person for a bank. For instance,
Is the bank at a convenient location?
To what extent does their friends’ opinion matter?
To what extent does the physical environment affect your decision?
Is the age of the bank important?
And secondly, it aimed at the intricate details, which a customer takes into consideration while selecting a bank like,
Transaction tracking system availability
Staff-friendliness with the customers
ATM coverage by the banks
Net Banking facility
24-customer service
Study’s Variables
The study was mainly focused on getting as diverse sample size, which is a healthy representation of the population. So the incomes, area of residence, occupation were the study’s variables.
Data Collection
Team
The preparation of the questionnaire and the administration of the survey were carried out by the same research team.
Location
All places of Mumbai were covered in the survey.
Data collection time
The instruments were administered from first week of February to fourth week of February 2004 to collect the response. The team took around 4 weeks of time to gather all the relevant information.
Efforts to remove bias:
The survey was conducted in public locations like bus stops, educational institutions, corporate offices etc .to gather the primary data.
Field instructions
Since the questionnaire was designed to be administered only on those consumers who transacted with banks and held alteast one account in any bank, the field staffs were told to ask the consumers before they filled the questionnaire.
Relevance of secondary data
The secondary data was only used to give a brief review about the banking industry and about the features about the 2 sectors in it, namely the Private and the Public that separate them, to the respondents while filling up the questionnaire.
The main reasons noticed for this result are as follows:
1] Customers perceive that private sector provides more facility than public sector banks.
2] Inquiries is more efficiently handled by private sector banks than public sector.
3] Private sector are perceived to be friendlier than public sector.
4] One-to-One Correspondence is perceived to be better in private sector banks.
5] Private sector banks are perceived to have better ATM Coverage.
6] Private Sector Banks are perceived to have a better Crisis Handling System.
7] Private Sector are perceived to be more operationally flexible.
8] Response Time is perceived to be better in private sector banks.
9] Private sector are perceived be more user friendly than public sector bank.
But along with this, there are some factors on which public sector banks gain and they are as follows:
1] Public Sector banks have Better Branch coverage
2] Public sector banks are situated at locations convenient to customers.
3] Charges levied for different transaction are lower in case of public sector banks than private.