Journal of International Business Research and Marketing
Volume 3, Issue 6, September 2018, Pages 22-34
An Empirical Study of Customers’ Awareness towards Value Added Services at Banks
DOI: 10.18775/jibrm.1849-8558.2015.36.3002
URL: http://dx.doi.org/10.18775/jibrm.1849-8558.2015.36.3002
Vishal Kumar
School of Management, Maharaja Agrasen University, Baddi (H.P), India
Abstract: The growth of value-added services in the economy cannot undermine the relevance of information and communication technology at any point in time, because it plays a critical role in satisfying the needs of customers. Nevertheless, the question arises whether the customers are aware of the use of IT-enabled services. The current study focuses its attention on the Value-added Services i.e., the services that deliver value to the customers and its impact on customers’ satisfaction by taking into consideration their awareness level. For the purpose of a study, two public sector banks and two private sector banks have been selected from Chandigarh Tricity, India i.e., (Chandigarh, Panchkula, and Mohali) and customers are approached to study the impact of their awareness level on the value-added services of these banks. A sample of 400 customers of different age, qualification, occupation, annual income and locality was included in Data Analysis. Descriptive analysis was made with the help of SPSS. It is quite interesting to note that both public and private sector banks are focusing on the need of value-added services for customers so that they can easily meet their banking requirements, whereas people from rural and semi-urban areas are not much aware of the value-added services.
Keywords: Awareness level of customers, Value-added services, E-banking services
An Empirical Study of Customers’ Awareness towards Value Added Services at Banks
1. Introduction
We are living in a world dominated by the economy filled with new ideas, ticking to the beat of promising technology, where the customers are quality conscious, time conscious and price conscious. Technology is creating new agile players making the existing ones obsolete. In this scenario, the role of internet and its impact on banking still appears to be a puzzle. Banks around the world are subject to the same radical changes - new competition, technology, deregulation, and globalization. Eventually, the classic rules of business will reassert themselves in this virtual environment and the winners will be the first and best movers. The challenges for the banking industry in this millennium are enormous. Technology and banking sector reforms are lifting the competitive intensity of banking business. In banking, embedding knowledge into products can enhance value, and connecting different knowledge sources can create innovative products. The banks which are first to market with the right mix of technologies, strategies and partnerships, would be sure winners. Indian Banking Sector has come a long way from being a sleepy business institution to a highly proactive and dynamic entity. Indian banking system is in the midst of a technological revolution. It is influencing the Indian industry in three different ways. Firstly, by providing efficient and effective delivery channels. Secondly, it is dramatically effecting to the client profile, which in turn leads to the third change i.e., the Human Resources Management. As a service sector, it calls for a change in the attitude of the personnel which would have a salutary effect on customers.
2. Review of Literature
Srivastava K. Rajesh (2007) conducted a study on “Customers’ perception on usage of internet banking”. The study was carried out to validate the conceptual model of internet banking. The reasons were identified and the factors responsible for the non-adoption of internet banking were analyzed so that it could be used by more people. The results of the study revealed that education, gender, income played an important role in usage of internet banking.
Mishra Uma Sankar, Mishra Bibhuti Bhusan (2011) in their study on “CRM in Banks: A comparative study of public and private sectors in India”, connoted that both the customer base and performance is a dynamic challenge in the banking industry of India today. Many banks are becoming more customers focused. The study revealed that the implementation of Customer Relationship Management (CRM) concept is the key component of many initiatives. Komal & Rani Vandana (2012) in their research on “Progress of banking in India: Customers’ Perspectives” attempted to study various ways of banking electronically. The research was divided into four sections dealing with four aspects of E-banking i.e., ATM, Internet banking, Mobile banking and Credit cards. It was concerned with the customer aspect of banking that is searching for customer satisfaction level. The study pointed out that there are immense opportunities in e-banking but the only need is to explore them.
Vasagadekar Priya (2012) in his research entitled “A study on the psychology of an Indian customer towards E-banking concerning Pune region”, pointed out that the bank facilities such as ATM’s, and Internet Banking have paved their way as the advancement in technology has taken place. The banks have come a long way from their traditional banking methods. The study brought out a picture on the response to E-Banking facilities by Indian customers. Ravi C.S, Kundan Basavaraj (2013) in their study on “Customers preference and satisfaction towards banking services with special reference to Shivamogga District in Karnataka”, pointed out that, after the implementation of government policies on globalization and liberalization, the banks started providing a variety of products and services to the customers. The customers can utilize the service offered to them only if they are aware of it. The banker and customer have to know about one another. The banker has to understand the customers’ needs and in the same way, the customer has to know about the numerous services offered by the banks. Paul Sabita (2013) highlighted in their research entitled “The adoption of electronic banking (E-banking) in Odisha, India” that in today’s world the emerging technology has made an exponential growth of the Internet which has changed the pattern of almost all the organizations in performing their business. The research aimed to check whether the current and ongoing technological revolution altering the whole world has major impacts on the banking sector in Orissa. It stressed on measuring the ATM standards and service quality with a research focus on the commercial banking sector in Odisha.
Fozia (2013) conducted a study entitled “A comparative study of customer perception towards E-banking services provided by selected private & public sector banks in India” to determine the customer’s perception toward the e-banking services. The study indicated that there was a different perception of the e-banking services of the different occupation group of customers and different age group of customers. The results indicated that demographic factors influenced the internet banking behavior significantly, specifically the factors such as occupation and age. Mahalakshmi V, M. G. Saravanaraj and Umarani T. S (2013) conducted a study on customers’ perception about aggrandizing/augmented services rendered by the banks, namely, ATM Facilities, Debit card facilities, Credit card facilities, Mobile Banking, and Internet banking facilities. The main focus of research was to know how the customers have accepted these facilities, to what extent they are using these facilities and how to improve the usage rate etc. The study revealed the ATM service as the best predictor towards the selection of a bank. Elavarasi R, Surulivel S.T. (2014) in their study on “Customer awareness and preference towards e-banking services of banks (A study of SBI)” highlighted the relevance of customer awareness for adopting e-banking services. The purpose of the study was to create customer awareness & to find out what the most preferred e-banking services of banks.
The satisfaction level of the customers about internet banking was surveyed. It was observed that age, educational qualification, occupation, the income level of customer was a major factor that decided the usage of e-banking services of various banks in the study arena. Singh Shamsher (2014) conducted a study on customer perception of mobile banking in the region of Delhi. The study revealed the technology as third wave of revolution after agriculture and industrial revolution. The adoption and impact of mobile banking on customer of different banks was examined carefully. The study concluded that the factors such as relative advantage, complexity, compatibility, observability, perceived risk and trial-ability influence mobile banking. It was also argued that adoption would not take place unless customers perceive the service to be useful. Kumar, N. Satheesh & Maliqjan, N. (2015) revealed that the growth of Information, Communication and Technology has revolutionized in various aspects of every human. The world at large is rapidly accommodating into the ‘Net Age’. The growth and expansion of internet and information technology have facilitated the emergence of Electronic - Commerce. The main objective of the study was to examine the customers’ attitude towards e-banking and to find out the level of satisfaction of the customers’ towards e-banking services in Krishnagiri town. The study highlighted that ATMs and Credit Cards were the most common Value-added services utilized by the respondents.
In all the above studies, various researchers have given their views about the awareness level of the customers as well as emerging trends of value-added services of banks for satisfying the needs of the customers. While analyzing the studies, it can be comprehended that majority of the customers are not using value-added services of banks or these are used by educated customers only who are familiar with the technology. Customers who are not familiar with technology are happy to use traditional banking system with certain moderate changes. Previous researches study the awareness level of the customers by four or five value-added services i.e., ATM, Debit Card, Credit Card, Mobile banking and Internet banking only but the current study has taken into account thirteen value-added services, and based on which the awareness level of the customers’ is analyzed.
3. Scope of the Study
In the market economies of India, rapid innovation has taken place in the area of customer banking with introduction of services like ATM, Free Checking Accounts, High yielding money Market Accounts, Banking on telephone etc. The focus of the research is to ascertain the awareness level of the customers towards value-added services, which are offering by the banks to satisfy their needs and to retain loyal customers. The current study will be taken for both Public and Private sector banks to draw the analytic comparison in their effectiveness to attract the customers towards their value-added services of the selected banks in the area of Chandigarh Tricity (Chandigarh, Panchkula and Mohali). The following value-added services are be used to test the awareness level of the customers:
- Automated Teller Machines cards (ATM)
- Debit card
- Credit card
- Internet banking
- Phone banking
- Mobile banking
- NEFT/RTGS
- E-Loans/Retail Banking
- Bancassurance
- Prepaid Forex Card
- Tax e-payments
- Utility Payments & Recharge
- Merchant Banking Services
4. Selected Banks
Four banks have been selected from Chandigarh, Panchkula and Mohali. For the better understanding of the customers’ awareness level about the value-added services, two banks from public sector. SBI & PNB have been chosen and ICICI & HDFC banks have been selected from the Private Sector.
5. Objectives of the Study
The focus of the study is to quantify the contribution of value-added services of banks for the customers’ satisfaction. Therefore, the objectives of the study are envisaged as under:
- To study the awareness level of the customers regarding value-added services.
- To analyze the utility of selected value-added services for customers.
6. Hypothesis of the Study
A thorough literature examination helped in generating the hypothesis to test the validity of the study. The following hypotheses are postulated for empirical verification in the study:
- H0 –There is no significant difference between the awareness of the customers regarding value-added services and age of customers.
- H0 –There is no significant difference between the awareness of the customers regarding value-added services and qualification of the customers.
- H0 –There is no significant difference between the awareness of the customers regarding value-added services and the occupation of the customers.
- H0 –There is no significant difference between the awareness of the customers regarding value-added services and the income of the customers.
7. Research Methodology
This study is empirical in nature. The empirical data has been collected for analysing the role of value-added services being offered by the public and private sector banks with special reference to SBI, PNB, HDFC and ICICI bank to their customers.
7.1 Sample Design
To obtain the required information from the respondent, multistage sampling or cluster sampling is used. A sample of 400 customers of SBI, PNB, ICICI and HDFC has been taken on a random basis. The respondents are selected on a convenient basis, which is easily accessible or approachable. For the purpose of making the research more authentic, due representation has been given to the males, females, urban, semi urban and rural areas, educational qualification and occupation of customers in order to test the reliability and validity of the sample.
Table 1
| Sample Size of Customers = 400 | |
| SBI and PNB | 210 |
| ICICI, HDFC and Others | 190 |
8. Data Analysis and Interpretation
It has been attempted to analyse the awareness level of the customers towards value-added services. In this direction, firstly, the information was obtained from the customers about the usage of the selected value-added services and then ANOVA was applied to analyse the variance between awareness level and age, qualification, occupation and the income of the customers. Of the 400 customers surveyed, 95.5 (382) percent customers are using ATM services which tend to be the highest percentage of users. It is followed by Debit Card with 89.5 (358) percent, Internet banking 80.5 (322) percent, Mobile banking 66.5 (266) percent and Credit Card 62.5 (250) percent. On the other hand, the users of Pre-Paid Forex Cards are on the downside which is 3.8 (15) percent followed by Bancassurance 10.8 (43) percent and Merchant Banking Services 10.0 (40) percent. Therefore, based on the results it can be concluded that out of the 13 value-added services selected for the study, only ATM, Debit Cards, Internet Banking, Credit Cards and Mobile Banking services have a significant impact on the customers’ utility. These results are in consistence with the results of studies conducted by Komal & Rani Vandana (2012) and Ravi C.S. & Kundan Basavaraj (2013) on e-banking products who also identified ATM as the highest ranked valued added service as compare to others. The customers have not been frequently using many other services like NEFT, RTGS, Bancassurance, e-Loans, Forex Cards, Utility Payments and Merchant Banking Services. It implies that the customers are either not aware about all value-added services or there are some other reasons for the negative response of the customers. Therefore, an exploratory study is required to establish the relationship between the awareness level of customers and their demographic profile.
Table 2
| Services Used | Customers using Value-added Services | |
| Number | Percentage | |
| ATM | 382 | 95.5% |
| Debit Card | 358 | 89.5% |
| Credit Card | 250 | 62.5% |
| Internet Banking | 322 | 80.5% |
| Phone Banking | 202 | 50.5% |
| Mobile Banking | 266 | 66.5% |
| NEFT/RTGS | 214 | 53.5% |
| Bancassurance | 43 | 10.8% |
| e-Loans/Retail Banking | 73 | 18.2% |
| Tax e-Payments | 109 | 27.2% |
| Prepaid Forex Cards | 15 | 3.8% |
| Utility Payments & Recharge | 169 | 42.2% |
| Merchant Banking Services | 40 | 10.0% |
8.1 Analysis of Variance between Awareness Level and Age of Customers
The worldwide revolution in Information and Communication Technology (ICT) has become the biggest force of change in banking. ICT reduces costs, increases volumes and facilitates customized products. It plays an important role in the payments settlement system. Technology has opened up new avenues in banking for discharging the same functions in a cost-effective manner. Computerization has been mostly directed towards accounting and related activities, without emphasis on critical areas relevant to management, customer service and customized products. The Indian banking system needs to redouble its efforts to build the technological infrastructure not only to provide cost-effective and competitive customer service but also to achieve international recognition and status.
In India, the customers are also moving towards value-added services but at a very slow rate. Banks initially started e-banking services with simple functions such as getting information about interest rates, checking account balances, computing loan eligibility etc; then the services were extended to online bill payment, transfer of funds between accounts, direct payment through debit or credit cards. Many customers have started using value-added services however, a large percentage of customers are not aware of all value-added services. Therefore, to check the awareness level of customers, One Way ANOVA was applied between the awareness level and age, qualification, occupation and the income of the customers to examine the significant relationship and variation. In the table 2, the relation between the awareness of customers towards value-added services and age of customers has been studied. For this purpose, the customers were grouped according to a specific age pattern. Various factors were analysed to see the substantial differences at 0.05 significance level. The exploration of results revealed a significant difference in the awareness level of customers towards value-added services and age of customers except for the variables “VAS as One Stop Window for All Banking Requirements, Faith of Customers in E-Banking Services, Customers still visiting Branch” with significant level at 0.397, 0.762 and 0.176 respectively. As the majority of the variables are significant, therefore, the null hypothesis can be rejected as the results are less than 0.05 significance level. Thus, it can be concluded that there is a considerable difference in the awareness level of customers according to the age group. The results also support the study conducted by Paul Sabita (2013) which propounded that young generation is more familiar with computer knowledge and want to use internet banking or other value-added services. It has also been observed that most of the customers below the age of 30 years are using value-added services as assessed by Umarani T.S and Mahalakshmi V (2013). The study suggested that the banks should concentrate on the middle age group customers who are using value-added services. The study also revealed that the old age customers are reluctant to use e-banking services.
Table 3
| Analysis of Variance between Awareness of Customers towards Value-added Services And
Age of Customers
|
|||||||||
| N | s | Std. Error | 95% Confidence Interval for Mean | F | Sig. | ||||
| Lower | Upper | ||||||||
| Customers with Bank Account | Age below 30 yrs | 145 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | .000 | .000 |
| 31 years-45 years | 186 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| 45 years-60 years | 54 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Above 61 years | 15 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Number of Bank Account Operating by Customers | Age below 30 yrs | 145 | 3.4000 | .50709 | .13093 | 3.1192 | 3.6808 | 31.700 | .000 |
| 31 years-45 years | 186 | 2.5484 | 1.2521 | .09181 | 2.3673 | 2.7295 | |||
| 45 years-60 years | 54 | 1.5000 | .72032 | .09802 | 1.3034 | 1.6966 | |||
| Above 61 years | 15 | 1.7034 | .89072 | .07397 | 1.5572 | 1.8497 | |||
| Total | 400 | 2.1325 | 1.1633 | .05817 | 2.0181 | 2.2469 | |||
| Customers’ Account Preference in Public & Private Banks | Age below 30 yrs | 145 | 2.5931 | 1.7219 | .14300 | 2.3104 | 2.8758 | 5.605 | .001 |
| 31 years-45 years | 186 | 2.4086 | 1.3535 | .09925 | 2.2128 | 2.6044 | |||
| 45 years-60 years | 54 | 2.6852 | 1.5274 | .20785 | 2.2683 | 3.1021 | |||
| Above 61 years | 15 | 1.0000 | .00000 | .00000 | 1.0000 | 1.0000 | |||
| Total | 400 | 2.4600 | 1.5245 | .07623 | 2.3101 | 2.6099 | |||
| Customers’ Operating Type of Bank Account | Age below 30 yrs | 145 | 1.1034 | .30560 | .02538 | 1.0533 | 1.1536 | 4.910 | .002 |
| 31 years-45 years | 186 | 1.0323 | .17716 | .01299 | 1.0066 | 1.0579 | |||
| 45 years-60 years | 54 | 1.1667 | .37618 | .05119 | 1.0640 | 1.2693 | |||
| Above 61 years | 15 | 1.0000 | .00000 | .00000 | 1.0000 | 1.0000 | |||
| Total | 400 | 1.0750 | .26372 | .01319 | 1.0491 | 1.1009 | |||
| Customers’ Awareness about Value-added Services | Age below 30 years | 145 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | 6.186 | .000 |
| 31 years-45 years | 186 | 1.9839 | .12631 | .00926 | 1.9656 | 2.0021 | |||
| 45 years-60 years | 54 | 1.8889 | .31722 | .04317 | 1.8023 | 1.9755 | |||
| Above 61 years | 15 | 1.8759 | .33088 | .02748 | 1.8215 | 1.9302 | |||
| Total | 400 | 1.9325 | .25120 | .01256 | 1.9078 | 1.9572 | |||
| Customers Using Value-added Services | Age below 30 yrs | 145 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | 9.141 | .000 |
| 31 years-45 years | 186 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| 45 years-60 years | 54 | 1.8889 | .31722 | .04317 | 1.8023 | 1.9755 | |||
| Above 61 years | 15 | 1.8759 | .33088 | .02748 | 1.8215 | 1.9302 | |||
| Total | 400 | 1.9400 | .23778 | .01189 | 1.9166 | 1.9634 | |||
| Customers’ Convenience for Accessing Value-added Services | Age below 30 yrs | 145 | 1.8000 | .61914 | .05142 | 1.6984 | 1.9016 | 19.840 | .000 |
| 31 years-45 years | 186 | 1.3226 | .53345 | .03911 | 1.2454 | 1.3997 | |||
| 45 years-60 years | 54 | 1.6852 | .63911 | .08697 | 1.5107 | 1.8596 | |||
| Above 61 years | 15 | 1.4000 | .50709 | .13093 | 1.1192 | 1.6808 | |||
| Total | 400 | 1.5475 | .61944 | .03097 | 1.4866 | 1.6084 | |||
| Customers’ Response about Time Saving | Age below 30 yrs | 145 | 4.1931 | .56883 | .04724 | 4.0997 | 4.2865 | 15.655 | .000 |
| 31 years-45 years | 186 | 4.5968 | .60964 | .04470 | 4.5086 | 4.6850 | |||
| 45 years-60 years | 54 | 4.1111 | .81650 | .11111 | 3.8883 | 4.3340 | |||
| Above 61 years | 15 | 4.2000 | .41404 | .10690 | 3.9707 | 4.4293 | |||
| Total | 400 | 4.3700 | .65511 | .03276 | 4.3056 | 4.4344 | |||
| VAS as One Stop Window For All Banking Requirements | Age below 30 yrs | 145 | 1.8552 | .35315 | .02933 | 1.7972 | 1.9131 | .991 | .397 |
| 31 years-45 years | 186 | 1.8710 | .33614 | .02465 | 1.8223 | 1.9196 | |||
| 45 years-60 years | 54 | 1.8333 | .37618 | .05119 | 1.7307 | 1.9360 | |||
| Above 61 years | 15 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.8650 | .34215 | .01711 | 1.8314 | 1.8986 | |||
| Faith of Customers in E-Banking Services | Age below 30 yrs | 145 | 1.9379 | .24212 | .02011 | 1.8982 | 1.9777 | .388 | .762 |
| 31 years-45 years | 186 | 1.9516 | .21516 | .01578 | 1.9205 | 1.9827 | |||
| 45 years-60 years | 54 | 1.9444 | .23121 | .03146 | 1.8813 | 2.0076 | |||
| Above 61 years | 15 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9475 | .22331 | .01117 | 1.9255 | 1.9695 | |||
| Customers still visiting Branch | Age below 30 yrs | 145 | 1.5517 | .49904 | .04144 | 1.4698 | 1.6336 | 1.657 | .176 |
| 31 years-45 years | 186 | 1.4462 | .49844 | .03655 | 1.3741 | 1.5183 | |||
| 45 years-60 years | 54 | 1.5556 | .50157 | .06826 | 1.4187 | 1.6925 | |||
| Above 61 years | 15 | 1.4000 | .50709 | .13093 | 1.1192 | 1.6808 | |||
| Total | 400 | 1.4975 | .50062 | .02503 | 1.4483 | 1.5467 | |||
Source: Data Compiled through Questionnaire
8.2 Analysis of Variance between Awareness Level and Qualification of Customers
Value-added services play a dominant role in the banking industry. They are considered to be the most vital & vibrant tool in terms of resource mobilisation providing strong base for banking business. The more the customers will be satisfied from the quality of services provided, the more they will use banking and consequently it will create more revenue for the bank. The researcher after analysing the impact of age on the awareness of the customers towards value-added services, attempted to reveal the impact of educational qualification influencing the decision to use value-added services of banks. Various factors were analysed on the basis of the response of the customers of using value-added services.
While evaluating awareness of the customers towards value-added services based on their qualification, significant differences were found except the variables “Faith of Customers in E-Banking Services, Customers still visiting Branch” with significant level at 0.163, and 0.398 respectively as it is higher than the level of significance (0.05) selected for the analysis as depicted by Table 3. The reason can be either the customers are not aware about all value-added services or they are not using the services due to security and reliability factors. Further exploration of the study reveals that the awareness level of the customers is directly linked with the educational qualification of the customers. It was also found that out of the 400 customers surveyed, customers with professional qualification (60) and post graduated customers (172) were much aware about the value-added services. The results also support the study conducted by Paul Sabita (2013) which focused on the literacy level of customers. Therefore, it is suggested that the customers who are not much qualified must be trained to use value-added services.
Table 3
| Analysis of Variance between Awareness of Customers towards Value-added Services And Qualification of Customers | |||||||||
| N | s | Std. Error | 95% Confidence Interval for Mean | F | Sig. | ||||
| Lower | Upper | ||||||||
| Customers with Bank Account | Up to 12th | 30 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | 2.720 | .044 |
| Graduate | 138 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Post Graduate | 172 | 1.9651 | .18402 | .01403 | 1.9374 | 1.9928 | |||
| Professional | 60 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9850 | .12170 | .00609 | 1.9730 | 1.9970 | |||
| Number of Bank Account Operating by Customers | Up to 12th | 30 | 1.2000 | .40684 | .07428 | 1.0481 | 1.3519 | 44.945 | .000 |
| Graduate | 138 | 1.6522 | .70091 | .05967 | 1.5342 | 1.7702 | |||
| Post Graduate | 172 | 2.2907 | 1.1883 | .09061 | 2.1118 | 2.4696 | |||
| Professional | 60 | 3.2500 | 1.2299 | .15878 | 2.9323 | 3.5677 | |||
| Total | 400 | 2.1325 | 1.1633 | .05817 | 2.0181 | 2.2469 | |||
| Customers’ Account Preference in Public & Private Banks | Up to 12th | 30 | 2.8000 | 1.8643 | .34039 | 2.1038 | 3.4962 | 3.447 | .017 |
| Graduate | 138 | 2.3841 | 1.6043 | .13657 | 2.1140 | 2.6541 | |||
| Post Graduate | 172 | 2.2907 | 1.2646 | .09642 | 2.1004 | 2.4810 | |||
| Professional | 60 | 2.9500 | 1.7313 | .22351 | 2.5028 | 3.3972 | |||
| Total | 400 | 2.4600 | 1.5245 | .07623 | 2.3101 | 2.6099 | |||
| Customers’ Operating Type of Bank Account | Up to 12th | 30 | 1.0000 | .00000 | .00000 | 1.0000 | 1.0000 | 7.101 | .000 |
| Graduate | 138 | 1.1522 | .36050 | .03069 | 1.0915 | 1.2129 | |||
| Post Graduate | 172 | 1.0523 | .22333 | .01703 | 1.0187 | 1.0859 | |||
| Professional | 60 | 1.0000 | .00000 | .00000 | 1.0000 | 1.0000 | |||
| Total | 400 | 1.0750 | .26372 | .01319 | 1.0491 | 1.1009 | |||
| Customers’ Awareness about Value-added Services | Up to 12th | 30 | 1.8000 | .40684 | .07428 | 1.6481 | 1.9519 | 4.341 | .005 |
| Graduate | 138 | 1.9348 | .24781 | .02109 | 1.8931 | 1.9765 | |||
| Post Graduate | 172 | 1.9302 | .25550 | .01948 | 1.8918 | 1.9687 | |||
| Professional | 60 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9325 | .25120 | .01256 | 1.9078 | 1.9572 | |||
| Customers Using Value-added Services | Up to 12th | 30 | 1.9130 | .28280 | .02407 | 1.8654 | 1.9606 | 2.630 | .050 |
| Graduate | 138 | 1.9302 | .25550 | .01948 | 1.8918 | 1.9687 | |||
| Post Graduate | 172 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Professional | 60 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9400 | .23778 | .01189 | 1.9166 | 1.9634 | |||
| Customers’ Convenience for Accessing Value-added Services | Up to 12th | 30 | 1.3500 | .57711 | .07450 | 1.2009 | 1.4991 | 6.768 | .000 |
| Graduate | 138 | 1.4709 | .53451 | .04076 | 1.3905 | 1.5514 | |||
| Post Graduate | 172 | 1.6739 | .62971 | .05360 | 1.5679 | 1.7799 | |||
| Professional | 60 | 1.8000 | .88668 | .16189 | 1.4689 | 2.1311 | |||
| Total | 400 | 1.5475 | .61944 | .03097 | 1.4866 | 1.6084 | |||
| Customers’ Response about Time Saving | Up to 12th | 30 | 1.0000 | .00000 | .00000 | 1.0000 | 4.1698 | 11.203 | .000 |
| Graduate | 138 | 1.1522 | .36050 | .03069 | 1.0915 | 4.3440 | |||
| Post Graduate | 172 | 1.0523 | .22333 | .01703 | 1.0187 | 4.5444 | |||
| Professional | 60 | 1.0000 | .00000 | .00000 | 1.0000 | 4.7991 | |||
| Total | 400 | 1.0750 | .26372 | .01319 | 1.0491 | 4.4344 | |||
| VAS as One Stop Window For All Banking Requirements | Up to 12th | 30 | 1.8000 | .40684 | .07428 | 1.6481 | 1.9519 | 2.661 | .048 |
| Graduate | 138 | 1.9348 | .24781 | .02109 | 1.8931 | 1.9439 | |||
| Post Graduate | 172 | 1.9302 | .25550 | .01948 | 1.8918 | 1.8829 | |||
| Professional | 60 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0068 | |||
| Total
|
400 | 1.9325 | .25120 | .01256 | 1.9078 | 1.8986 | |||
| Faith of Customers in E-Banking Services | Up to 12th | 30 | 1.9302 | .25550 | .01948 | 1.8918 | 1.9813 | 1.716 | .163 |
| Graduate | 138 | 1.9130 | .28280 | .02407 | 1.8654 | 1.9765 | |||
| Post Graduate | 172 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0139 | |||
| Professional | 60 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9400 | .23778 | .01189 | 1.9166 | 1.9695 | |||
| Customers still visiting Branch | Up to 12th | 30 | 1.5000 | .50855 | .09285 | 1.3101 | 1.6899 | .988 | .398 |
| Graduate | 138 | 1.5000 | .50182 | .04272 | 1.4155 | 1.5845 | |||
| Post Graduate | 172 | 1.5291 | .50061 | .03817 | 1.4537 | 1.6044 | |||
| Professional | 60 | 1.4000 | .49403 | .06378 | 1.2724 | 1.5276 | |||
| Total | 400 | 1.4975 | .50062 | .02503 | 1.4483 | 1.5467 | |||
8.3 Analysis of Variance between Awareness Level and Occupation of Customers
India cannot possess a healthy economy without a sound and effective banking system. The banking system should not only be hassle free but should also be able to meet the new challenges posed by the technology and any other external and internal factors. For the past three decades, India's banking system has several outstanding achievements to its credit. The most striking feature is its extensive reach. It is no longer confined to metropolitans but also to the cosmopolitans. In fact, Indian banking system has reached even to the remote corners of the country. Now-a-days the banks motivate every class of customers to use value-added services whether they are businessmen, service employees, self-employed or professionals.
Table 4.26 indicates the significant results for almost all the variables except only three i.e., customers with bank account, customers’ account preference in public and private sector banks and faith of customers in e-banking with a significant level of .086, .071 and .079 when compared with 0.05 level of significance. It implies that the opening of bank account and preference of the bank (public or private) is not influenced by the class of customer i.e., businessman, service employee or professional. The mean value of all three variables is almost the same within the group. Furthermore, the F-static score of these three variables is also very low i.e., 2.214, 2.363 and 2.283 which supports the insignificance of these three variables in the awareness of the customers.
When the reliability of other variables was assessed, the results depicted that majority of the variables have significant variation between customers’ awareness and occupation. The results were in accordance with the observations noted by Singh Shamsher (2014). The study found considerable difference in the customer perception of service quality dimensions of mobile banking based on respondents’ occupation. Kumar N.Satheesh & Maliqjan. N (2015) also highlighted in their study that the awareness level of value-added services is restricted to only a certain section of the society. Furthermore, based on the results it can be concluded that value-added services are frequently used by professionals or service class customers only. The customers who are not much qualified, especially, the businessmen are scared to operate banking through online mode and prefer to visit the branch personally. Therefore, there is a need to educate them about using the value-added services more efficiently. The banks should have a customer-centric approach towards rendering banking services so that they can cater to the needs of all type of customers.
Table 5
| Analysis of Variance between Awareness of Customers towards Value-added Services And Occupation of Customers | |||||||||
| N | s | Std. Error | 95% Confidence Interval for Mean | F | Sig. | ||||
| Lower | Upper | ||||||||
| Customers with Bank Account | Business | 72 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | 2.214 | .086 |
| Service | 192 | 1.9688 | .17445 | .01259 | 1.9439 | 1.9936 | |||
| Professional | 61 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Others | 75 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9850 | .12170 | .00609 | 1.9730 | 1.9970 | |||
| Number of Bank Account Operating by Customers | Business | 72 | 1.4028 | .52164 | .06148 | 1.2802 | 1.5254 | 38.385 | .000 |
| Service | 192 | 2.6563 | 1.1240 | .08112 | 2.4962 | 2.8163 | |||
| Professional | 61 | 2.1311 | 1.3961 | .17876 | 1.7736 | 2.4887 | |||
| Others | 75 | 1.4933 | .74204 | .08568 | 1.3226 | 1.6641 | |||
| Total | 400 | 2.1325 | 1.1633 | .05817 | 2.0181 | 2.2469 | |||
| Customers’ Account Preference in Public & Private Banks | Business | 72 | 2.6389 | 1.5501 | .18269 | 2.2746 | 3.0032 | 2.363 | .071 |
| Service | 192 | 2.2500 | 1.4828 | .10702 | 2.0389 | 2.4611 | |||
| Professional | 61 | 2.6557 | 1.1530 | .14763 | 2.3604 | 2.9510 | |||
| Others | 75 | 2.6667 | 1.8034 | .20824 | 2.2517 | 3.0816 | |||
| Total | 400 | 2.4600 | 1.5245 | .07623 | 2.3101 | 2.6099 | |||
| Customers’ Operating Type of Bank Account | Business | 72 | 1.1528 | .36230 | .04270 | 1.0676 | 1.2379 | 5.892 | .001 |
| Service | 192 | 1.0469 | .21192 | .01529 | 1.0167 | 1.0770 | |||
| Professional | 61 | 1.0000 | .00000 | .00000 | 1.0000 | 1.0000 | |||
| Others | 75 | 1.1333 | .34222 | .03952 | 1.0546 | 1.2121 | |||
| Total | 400 | 1.0750 | .26372 | .01319 | 1.0491 | 1.1009 | |||
| Customers’ Awareness about Value-added Services | Business | 72 | 1.9306 | .25599 | .03017 | 72 | 1.9907 | 3.267 | .021 |
| Service | 192 | 1.9375 | .24269 | .01751 | 192 | 1.9720 | |||
| Professional | 61 | 2.0000 | .00000 | .00000 | 61 | 2.0000 | |||
| Others | 75 | 1.8667 | .34222 | .03952 | 75 | 1.9454 | |||
| Total | 400 | 1.9325 | .25120 | .01256 | 400 | 1.9572 | |||
| Customers Using Value-added Services | Business | 72 | 1.8750 | .33304 | .03925 | 72 | 1.9533 | 5.819 | .001 |
| Service | 192 | 1.9688 | .17445 | .01259 | 192 | 1.9936 | |||
| Professional | 61 | 2.0000 | .00000 | .00000 | 61 | 2.0000 | |||
| Others | 75 | 1.8800 | .32715 | .03778 | 75 | 1.9553 | |||
| Total | 400 | 1.9400 | .23778 | .01189 | 400 | 1.9634 | |||
| Customers’ Convenience for Accessing Value-added Services | Business | 72 | 1.6389 | .65661 | .07738 | 72 | 1.7932 | 11.239 | .000 |
| Service | 192 | 1.4375 | .55696 | .04020 | 192 | 1.5168 | |||
| Professional | 61 | 1.8667 | .64375 | .07433 | 75 | 2.0148 | |||
| Others | 75 | 1.3934 | .58534 | .07495 | 61 | 1.5434 | |||
| Total | 400 | 1.5475 | .61944 | .03097 | 1.4866 | 1.6084 | |||
| Customers’ Response about Time Saving | Business | 72 | 4.3889 | .79710 | .09394 | 4.2016 | 4.5762 | 5.781 | .001 |
| Service | 192 | 4.3750 | .65122 | .04700 | 4.2823 | 4.4677 | |||
| Professional | 61 | 4.6066 | .49257 | .06307 | 4.4804 | 4.7327 | |||
| Others | 75 | 4.1467 | .56217 | .06491 | 4.0173 | 4.2760 | |||
| Total | 400 | 4.3700 | .65511 | .03276 | 4.3056 | 4.4344 | |||
| VAS as One Stop Window For All Banking Requirements | Business | 72 | 1.8333 | .37529 | .04423 | 1.7451 | 1.9215 | 4.400 | .005 |
| Service | 192 | 1.8594 | .34854 | .02515 | 1.8098 | 1.9090 | |||
| Professional | 61 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Others | 75 | 1.8000 | .40269 | .04650 | 1.7073 | 1.8927 | |||
| Total | 400 | 1.8650 | .34215 | .01711 | 1.8314 | 1.8986 | |||
| Faith of Customers in E-Banking Services | Business | 72 | 1.9722 | .16549 | .01950 | 1.9333 | 2.0111 | 2.283 | .079 |
| Service | 192 | 1.9219 | .26907 | .01942 | 1.8836 | 1.9602 | |||
| Professional | 61 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Others | 75 | 1.9467 | .22621 | .02612 | 1.8946 | 1.9987 | |||
| Total | 400 | 1.9475 | .22331 | .01117 | 1.9255 | 1.9695 | |||
| Customers still visiting to Branch | Business | 72 | 1.5000 | .50351 | .05934 | 1.3817 | 1.6183 | 5.282 | .001 |
| Service | 192 | 1.4063 | .49242 | .03554 | 1.3362 | 1.4763 | |||
| Professional | 61 | 1.6066 | .49257 | .06307 | 1.4804 | 1.7327 | |||
| Others | 75 | 1.6400 | .48323 | .05580 | 1.5288 | 1.7512 | |||
| Total | 400 | 1.4975 | .50062 | .02503 | 1.4483 | 1.5467 | |||
8.4 Analysis of Variance between Awareness Level and Income of Customers
Customers’ awareness is an ambiguous and abstract concept. It is a big challenge nowadays. Today, almost all banks have adopted ICT as the means of enhancing the quality of banking services because it brings convenience to the customers, enhances service quality, cost effectiveness and provides satisfaction to the customers. Even the customers are also evaluating the banks coming from the quality of value-added services. However, the researcher found that there is still a gap between the customers’ expectation and the perception of service quality, brand perception and perceived value of value-added services. The customers with less earning group are more conscious about their wealth and do not take the chance of operating banking through online mode. They still visit the branch personally to avail banking services. However, the customers with higher income group are inclined to various value-added services.
Table 4.27 analyses the impact of income on awareness level of the customers. The sample of customers drawn (400) was asked few questions for assessing their awareness level about value-added services. The survey of literature highlighted that there was no noteworthy difference found in the majority of the cases for awareness level of customers based on income, as discussed in the study conducted by Singh Shamsher (2014). Nevertheless, a considerable difference was found at 0.05 level of significance except only for ‘Customers having bank account and Customers visiting branch personally’ with significant level 0.333 and .088 respectively. The detailed analysis revealed that the customers with income below 2,50,000 (66), between 2,50,000-5,00,000 (116), between 5,00,000-10,00,000 (143) and above 10,00,000 (75) of sample admitted that they have different perceptions about value-added services. The F-static score of almost all the variables, put together for analysis, also high which supports the variation in the mean values within the group and between the group. Furthermore, the variation in the mean values within the groups as well as P value (< 0.05) also support the analysis to propound that there is a significant difference in the awareness level of customers based on their income. Henceforth, it can be inferred that the customers with low bracket of income (below 250000 and between 250000-500000) are not exposed to all value-added services. They only use ATM, Debit Card and Credit Card for meeting their banking needs. Therefore, an endeavor should be made to promote value-added services amongst all the sections of customers so that they are aware about the advantageous use of these services.
Table 6
| Analysis of Variance between Awareness of Customers towards Value-added Services and Income of Customers | |||||||||
| N | s | Std. Error | 95% Confidence Interval for Mean | F | Sig. | ||||
| Lower | Upper | ||||||||
| Customers with Bank Account | Annual Income Less than 2,50,000 | 66 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | 1.138 | .333 |
| 2,50,000-5,00,000 | 116 | 1.9741 | .15941 | .01480 | 1.9448 | 2.0035 | |||
| 5,00,000-10,00,000 | 143 | 1.9790 | .14382 | .01203 | 1.9552 | 2.0028 | |||
| Above 10,00,000 | 75 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Total | 400 | 1.9850 | .12170 | .00609 | 1.9730 | 1.9970 | |||
| Number of Bank Account Operating by Customers | Annual Income Less than 2,50,000 | 66 | 1.3182 | .70513 | .08680 | 1.1448 | 1.4915 | 25.959 | .000 |
| 2,50,000-5,00,000 | 116 | 2.1897 | 1.0625 | .09865 | 1.9942 | 2.3851 | |||
| 5,00,000-10,00,000 | 143 | 2.6364 | 1.1478 | .09599 | 2.4466 | 2.8261 | |||
| Above 10,00,000 | 75 | 1.8000 | 1.1740 | .13557 | 1.5299 | 2.0701 | |||
| Total | 400 | 2.1325 | 1.1633 | .05817 | 2.0181 | 2.2469 | |||
| Customers’ Account Preference in Public & Private Banks | Annual Income Less than 2,50,000 | 66 | 2.8182 | 1.8885 | .23246 | 2.3539 | 3.2824 | 12.090 | .000 |
| 2,50,000-5,00,000 | 116 | 2.0172 | 1.3830 | .12841 | 1.7629 | 2.2716 | |||
| 5,00,000-10,00,000 | 143 | 2.9091 | 1.2498 | .10452 | 2.7025 | 3.1157 | |||
| Above 10,00,000 | 75 | 1.9733 | 1.5419 | .17805 | 1.6186 | 2.3281 | |||
| Total | 400 | 2.4600 | 1.5245 | .07623 | 2.3101 | 2.6099 | |||
| Customers’ Operating Type of Bank Account | Annual Income Less than 2,50,000 | 66 | 1.1515 | .36130 | .04447 | 1.0627 | 1.2403 | 5.301 | .001 |
| 2,50,000-5,00,000 | 116 | 1.0776 | .26868 | .02495 | 1.0282 | 1.1270 | |||
| 5,00,000-10,00,000 | 143 | 1.0140 | .11785 | .00985 | .9945 | 1.0335 | |||
| Above 10,00,000 | 75 | 1.1200 | .32715 | .03778 | 1.0447 | 1.1953 | |||
| Total | 400 | 1.0750 | .26372 | .01319 | 1.0491 | 1.1009 | |||
| Customers’ Awareness about Value-added Services | Annual Income Less than 2,50,000 | 66 | 1.9545 | .20990 | .02584 | 1.9029 | 2.0061 | 8.117 | .000 |
| 2,50,000-5,00,000 | 116 | 1.8534 | .35519 | .03298 | 1.7881 | 1.9188 | |||
| 5,00,000-10,00,000 | 143 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Above 10,00,000 | 75 | 1.9067 | .29286 | .03382 | 1.8393 | 1.9740 | |||
| Total | 400 | 1.9325 | .25120 | .01256 | 1.9078 | 1.9572 | |||
| Customers Using Value-added Services | Annual Income Less than 2,50,000 | 66 | 1.8788 | .32887 | .04048 | 1.7979 | 1.9596 | 7.892 | .000 |
| 2,50,000-5,00,000 | 116 | 1.8793 | .32718 | .03038 | 1.8191 | 1.9395 | |||
| 5,00,000-10,00,000 | 143 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Above 10,00,000 | 75 | 1.9733 | .16219 | .01873 | 1.9360 | 2.0107 | |||
| Total | 400 | 1.9400 | .23778 | .01189 | 1.9166 | 1.9634 | |||
| Customers’ Convenience for Accessing Value-added Services | Annual Income Less than 2,50,000 | 66 | 1.9242 | .53524 | .06588 | 1.7927 | 2.0558 | 27.841 | .000 |
| 2,50,000-5,00,000 | 116 | 1.6034 | .61685 | .05727 | 1.4900 | 1.7169 | |||
| 5,00,000-10,00,000 | 143 | 1.2308 | .47013 | .03931 | 1.1531 | 1.3085 | |||
| Above 10,00,000 | 75 | 1.7333 | .66441 | .07672 | 1.5805 | 1.8862 | |||
| Total | 400 | 1.5475 | .61944 | .03097 | 1.4866 | 1.6084 | |||
| Customers’ Response about Time Saving | Annual Income Less than 2,50,000 | 66 | 4.0455 | .56655 | .06974 | 3.9062 | 4.1847 | 23.156 | .000 |
| 2,50,000-5,00,000 | 116 | 4.2845 | .60153 | .05585 | 4.1739 | 4.3951 | |||
| 5,00,000-10,00,000 | 143 | 4.6923 | .47812 | .03998 | 4.6133 | 4.7713 | |||
| Above 10,00,000 | 75 | 4.1733 | .82811 | .09562 | 3.9828 | 4.3639 | |||
| Total | 400 | 4.3700 | .65511 | .03276 | 4.3056 | 4.4344 | |||
| VAS as One Stop Window For All Banking Requirements | Annual Income Less than 2,50,000 | 66 | 1.8333 | .37553 | .04623 | 1.7410 | 1.9257 | 13.182 | .000 |
| 2,50,000-5,00,000 | 116 | 1.7672 | .42442 | .03941 | 1.6892 | 1.8453 | |||
| 5,00,000-10,00,000 | 143 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Above 10,00,000 | 75 | 1.7867 | .41242 | .04762 | 1.6918 | 1.8816 | |||
| Total | 400 | 1.8650 | .34215 | .01711 | 1.8314 | 1.8986 | |||
| Faith of Customers in E-Banking Services | Annual Income Less than 2,50,000 | 66 | 1.9848 | .12309 | .01515 | 1.9546 | 2.0151 | 13.421 | .000 |
| 2,50,000-5,00,000 | 116 | 1.9483 | .22243 | .02065 | 1.9074 | 1.9892 | |||
| 5,00,000-10,00,000 | 143 | 2.0000 | .00000 | .00000 | 2.0000 | 2.0000 | |||
| Above 10,00,000 | 75 | 1.8133 | .39227 | .04530 | 1.7231 | 1.9036 | |||
| Total | 400 | 1.9475 | .22331 | .01117 | 1.9255 | 1.9695 | |||
| Customers visiting to Branch | Annual Income Less than 2,50,000 | 66 | 1.5455 | .50175 | .06176 | 1.4221 | 1.6688 | 2.193 | .088 |
| 2,50,000-5,00,000 | 116 | 1.5345 | .50097 | .04651 | 1.4423 | 1.6266 | |||
| 5,00,000-10,00,000 | 143 | 1.4126 | .49403 | .04131 | 1.3309 | 1.4943 | |||
| Above 10,00,000 | 75 | 1.5600 | .49973 | .05770 | 1.4450 | 1.6750 | |||
| Total | 400 | 1.4975 | .50062 | .02503 | 1.4483 | 1.5467 | |||
9. Conclusion
The study analysed the awareness level of the customers on the basis of age, qualification, occupation and income of customers. It was inferred that customers below the age of 30 years are using maximum value-added services. Therefore, the banks should concentrate on the middle age group customers in order to promote value-added services. It was further analysed that the educated customers utilized the value-added services to its maximum. Therefore, the customers who are not much qualified should be trained to use these services. The study further explored that value-added services are used by professionals or service class customers. The businesspersons who are not much qualified are sometimes scared to use banking through online mode and prefer to visit the branch personally. Hence, there is a need to build confidence amongst them so that they can utilize all value-added services to its fullest. It is also observed that the customers with low income are not exposed to many value-added services. They use ATM, debit card and credit card only. Therefore, an endeavour is required to promote value-added services amongst the all income group customers. Henceforth, the study connotes that majority of the customers of Chandigarh Tricity have a responsive outlook towards the upcoming technology, deregulation of banking sector and e-banking services. To avail all the value-added services, they pay close attention to the trends and developments and are also progressing towards digital banking. They accept that value-added services are convenient to use and save a lot of time as compared to traditional banking. However, the people with rural background are reluctant to use online services and still prefer to visit the bank personally. The need of the hour is to tap its vitality by concentrating on the customers’ expectations from value-added services which is an ignored aspect by the public and private sector banks.
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