Vimal
Volume : 1 | Issue : 5 | Oct 2012 • ISSN No 2277 - 8160
Research Paper
Management
Consumer Preference towards Retail Banking Products
Ms. Avani Shah Ms. Richa Pandit ABSTRACT
Faculty Member Faculty Member
Retail banking is an emerging sector in Indian Banking Industry. It covers segments like current account, saving account, housing loan, auto loan, personal loan, education loan, consumer durable loan, credit card and debit card. There are various drivers of retail banking in India which contributes in the growth of retail banking. Economic prosperity and the consequent increase in purchasing power have given a fillip to a consumer boom. Changing consumer demographics indicate vast potential for growth in consumption both qualitatively and quantitatively By using non-probability convenience sampling a survey of 180 Investors of Ahmedabad was carried out using a structured questionnaire to study consumer preference. Analysis was carried out using graphs & Chi-Square. This paper is intent to study on Customer’s Preference on Retail Banking.
KEYWORDS: Indian Banking Industry, Retail Banking, Customer Preference
INTRODUCTION TO RETAIL BANKING Retail banking has emerged as a new sector in the Indian banking arena. It would be seen from these list of available services that retail banking mainly includes various financial services and products forming part of the assets as well as the liabilities segment of the Banks. It has to be viewed as a market segment by itself. Today’s retail banking sector is characteristics: · · · Multiple products (deposits, credit cards, insurance, investments and securities); Multiple channels of distribution ( call center, branch, internet and kiosk); Multiple customer groups (customer, small business, and corporate). to facilities to customers delight as well as operational efficiency of banks and reducing operational expenses of banking services. Sarkar (2011) proved this statement “If there is any secret of success,
Research Paper
Management
Consumer Preference towards Retail Banking Products
Ms. Avani Shah Ms. Richa Pandit ABSTRACT
Faculty Member Faculty Member
Retail banking is an emerging sector in Indian Banking Industry. It covers segments like current account, saving account, housing loan, auto loan, personal loan, education loan, consumer durable loan, credit card and debit card. There are various drivers of retail banking in India which contributes in the growth of retail banking. Economic prosperity and the consequent increase in purchasing power have given a fillip to a consumer boom. Changing consumer demographics indicate vast potential for growth in consumption both qualitatively and quantitatively By using non-probability convenience sampling a survey of 180 Investors of Ahmedabad was carried out using a structured questionnaire to study consumer preference. Analysis was carried out using graphs & Chi-Square. This paper is intent to study on Customer’s Preference on Retail Banking.
KEYWORDS: Indian Banking Industry, Retail Banking, Customer Preference
INTRODUCTION TO RETAIL BANKING Retail banking has emerged as a new sector in the Indian banking arena. It would be seen from these list of available services that retail banking mainly includes various financial services and products forming part of the assets as well as the liabilities segment of the Banks. It has to be viewed as a market segment by itself. Today’s retail banking sector is characteristics: · · · Multiple products (deposits, credit cards, insurance, investments and securities); Multiple channels of distribution ( call center, branch, internet and kiosk); Multiple customer groups (customer, small business, and corporate). to facilities to customers delight as well as operational efficiency of banks and reducing operational expenses of banking services. Sarkar (2011) proved this statement “If there is any secret of success,
References: • Santhiyavalli, G. and Sandhya, B., “Service Quality Evaluation in Select Commercial Banks: A Comparative Study”, The IUP Journal of Operations Management, Vol. X, No. 1, pp. 43-62, February 2011 | • Kumbhar, Vijay Maruti, “Alternative Banking: A Modern Practice in India”, Professional Banker, Vol. IX, No. 9, December 2009. | • Sarkar, Abhijit, Service in Times of Recession: A Comparative SERVQUAL Study of Retail Banking between Axis Bank and HDFC Bank in Kolkata, India (October 22, 2011). Available at SSRN: http://ssrn.com/abstract=1947804 or http://dx.doi.org/10.2139/ssrn.1947804 | • Swamy, Vighneswara, A Comparative Study of the Borrower Perception of Retail Lending in Private and Public Sector Banks in India (August 26, 2012). Available at SSRN: http://ssrn.com/abstract=2136427 | • www.bankbazar.com | GRA - GLOBAL RESEARCH ANALYSIS X 123