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CONSUMER BEHAVIOUR AND PREFERENCES IN THE DIGITAL BANKING ERA: A STUDY OF USER ADOPTION AND SATISFACTION
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Research dissertation report submitted in partial fulfilment of the requirement for the award of the degree of MASTER OF BUSINESS ADMINISTRATION By Sneha Shaw Roll.No- 226227 Under the esteemed guidance of Prof. Amit Kumar Singh Dept. of Management Studies Babasaheb Bhimrao Ambedkar University Vidya Vihar, Raebareli Road, Lucknow- 226227 May 2024
I, Sneha Shaw, Roll No: 226227 hereby declare that the Project Report titled “CONSUMER BEHAVIOUR AND PREFERENCES IN THE DIGITAL BANKING ERA: A STUDY OF USER ADOPTION AND SATISFACTION” is submitted by me in partial fulfilment of the requirement for the award of the degree of Master of Business Administration under the guidance of Prof. Amit Kumar Singh I confirm that this Report has not been submitted to any other University or Institution in full or in part for the award of any Degree or Diploma. Signature (Student’s name) Place: Date:
I would like to express my sincere gratitude to all those who have contributed to the completion of this dissertation. First and foremost, I am immensely grateful to my supervisor, Prof. Amit Kumar Singh, for their invaluable guidance, encouragement, and support throughout the research process. Their expertise and insights have been instrumental in shaping the direction of this study and refining its methodology. I extend my heartfelt appreciation to the participants who generously shared their time and insights by participating in the survey conducted for this research. Their contributions have been indispensable in gathering the necessary data and informing the analysis. I am also thankful to my family and friends for their unwavering encouragement, understanding, and patience during the course of my studies. Their constant support has been a source of motivation and inspiration. Finally, I would like to acknowledge the academic resources, libraries, and institutions that have provided access to valuable research materials and facilities essential for the completion of this dissertation. Their collective contributions have played a significant role in the successful completion of this research project.
The dissertation titled "Understanding Consumer Behaviour and Preferences in the Digital Banking Era" explores the evolving landscape of digital banking and its impact on consumer behaviour and preferences. The study aims to provide insights into the usage patterns, satisfaction levels, and future trends in digital banking services. The research methodology involved the administration of a structured questionnaire to a sample of banking customers, focusing on aspects such as digital banking usage, user experience, security concerns, adoption drivers, and future preferences. A total of 50 respondents participated in the survey, providing valuable insights into their attitudes and behaviours towards digital banking. Key findings of the study include:
1. Digital Banking Usage : The majority of respondents reported regular usage of digital banking services, with mobile banking apps being the most commonly used platform. 2. User Experience and Satisfaction : Overall, respondents expressed satisfaction with their digital banking experience, particularly highlighting convenience, ease of use, and security features as key drivers of satisfaction. However, suggestions for improvements include enhanced user interface/design and additional features/services. 3. Security and Trust : While most respondents indicated confidence in the security measures provided by their digital banking platforms, factors such as reputation and personal experiences of fraud/theft significantly influenced trust levels. 4. Adoption Drivers and Barriers : Motivations for adopting digital banking services included convenience, recommendations from others, and incentives. However, concerns such as security, privacy, and lack of trust in technology posed barriers to adoption for some respondents. 5. Future Trends and Preferences : Respondents expressed interest in future innovations such as artificial intelligence-powered assistance, enhanced personalization, and integration with other financial services. Willingness to try new technologies or services in the future was generally high among respondents.
Chapter Content Page Number Chapter 1 Introduction to the topic 9 - 10 1.1 Background 1.2 Research Problem 1.3 Research objectives 1.4 Significance of the study 1.5 Structure of the Dissertation Chapter 2 Review of Literature & Research Gap 11 - 12 2.1 Introduction 2.2 Evolution of the digital banking 2.3 User adoption of digital banking 2.4 Consumer satisfaction with digital baking 2.5 Trust and security in digital banking 2.6 Research Gap Chapter 3 Research Methodology 13 - 15 3.1 Research Design 3.2 Sampling Design 3.3 Data collection methods 3.4 Operational Design 3.5 Statistical Design 3.6 Limitations of the study 3.7 Respondent Profile Chapter 4 Data Analysis and Interpretation 16 - 48 References 51 Appendices 52 - 57
The primary objective of this dissertation is to investigate consumer behaviour and preferences in the digital banking era. Specifically, the study aims to:
Understanding consumer behaviour and preferences in the digital banking era is of paramount importance for banks, financial institutions, policymakers, and researchers. Insights from this study can inform the development of strategies to enhance digital banking offerings, improve customer experiences, and foster greater trust and adoption of digital banking services. Moreover, the findings contribute to the broader discourse on the digitization of financial services and its implications for consumer behaviour and financial inclusion.
The dissertation is organized into [insert number] chapters, each focusing on different aspects of consumer behaviour and preferences in the digital banking era. Chapter 2 provides a comprehensive review of the relevant literature on digital banking, consumer behaviour, and related concepts. Subsequent chapters present the research methodology, data analysis findings, discussion of results, and conclusions, followed by recommendations for future research and practice.
2.1 Introduction The literature review examines existing research on digital banking, consumer behaviour, and related topics to provide a comprehensive understanding of the factors influencing consumer preferences and behaviours in the digital banking era. This section begins by discussing the evolution of digital banking and its impact on the financial services industry, followed by an exploration of key concepts such as user adoption, satisfaction, trust, and security in the context of digital banking. 2.2 Evolution of Digital Banking The emergence of digital technologies has revolutionized the banking industry, leading to the development of digital banking services that offer customers greater convenience, accessibility, and flexibility in managing their finances (Sathye, 1999). With the advent of the internet and mobile devices, traditional banking activities such as account monitoring, fund transfers, and bill payments can now be performed anytime, anywhere, through online and mobile banking platforms (Gerrard & Cunningham, 2003). 2.3 User Adoption of Digital Banking User adoption is a critical determinant of the success of digital banking initiatives, as it reflects the extent to which customers embrace and use digital banking services (Karjaluoto et al., 2002). Factors influencing user adoption of digital banking include perceived usefulness, ease of use, compatibility with existing habits and preferences, and perceived risk (Liao et al., 2007). Research suggests that while many consumers are attracted to the convenience and accessibility of digital banking, concerns about security and privacy can act as barriers to adoption (Pikkarainen et al., 2004).
This study adopts a quantitative research design to investigate consumer behaviour and preferences in the digital banking era. A cross-sectional survey approach is employed to collect data from a sample of banking customers. The research design allows for the examination of various factors influencing consumer attitudes and behaviours towards digital banking services.
The sampling frame consists of banking customers aged 18 and above who have used digital banking services in the past six months. A convenience sampling technique is employed to select respondents from various demographic backgrounds and geographic locations. A sample size of 50 respondents is targeted to ensure adequate representation and statistical power.
Data is collected through a structured questionnaire administered online using a survey platform. The questionnaire is designed to gather information on digital banking usage patterns, satisfaction levels, trust factors, adoption drivers, and future preferences. The survey is distributed through social media platforms, email invitations, and online forums to reach a diverse range of respondents.
The questionnaire consists of multiple-choice and Likert-scale items to measure different constructs related to digital banking behaviour and preferences. The questionnaire is pre-tested with a small pilot sample to assess clarity, relevance, and respondent comprehension. Necessary revisions are made based on pilot feedback to ensure the reliability and validity of the instrument.
Descriptive statistics such as frequencies, percentages, means, and standard deviations are used to summarize the demographic characteristics of the sample and key variables of interest. Inferential statistics including correlation analysis, regression analysis, and chi-square tests are employed to examine relationships between variables and test research hypotheses.
Several limitations should be considered when interpreting the findings of this study. Firstly, the use of convenience sampling may limit the generalizability of the results to the broader population of banking customers. Secondly, self-report measures are susceptible to social desirability and recall biases, which may affect the accuracy of responses. Lastly, the cross-sectional nature of the study precludes the establishment of causal relationships between variables.
Fig 4.
The age distribution of respondents provides insights into the demographic composition of the sample population and the representation of different age groups in the study.
1. 30% (18-25):
Limitations:
Fig 4.
The education level distribution of respondents provides insights into the educational attainment of the sample population and the representation of different levels of education in the study.
1. 12% High School or Below:
