An exposition of consumer behavior in the financial services industry

Consumer behavior has been significantly impacted by the extremely competitive market conditions brought about by deregulation and the introduction of new technologies. Therefore, bank service providers need to make an effort to learn more about their clients in order to influence and predict consumer purchasing behavior in addition to anticipating it. In light of this, the study proposes and creates a model that aims to explain and categorize consumer behavior in when it comes to making financial product and service purchases. Following that, the model's theoretical insights are applied to analyze qualitative research data gleaned from focus group conversations regarding the views of consumers toward their financial providers and financial products. Lastly, the potential lessons that bank providers might learn from these results are explored in an effort to determine the best approaches that will boost client loyalty and profitability.3, 4, 5 Antony Beckett, Paul Hewer, Barry Howcroft (January 2017)

Factors impacting the adoption of m-banking: understanding brand India’s potential for financial inclusion

The purpose of this study has been to understand brand India’s potential for financial inclusion in the future. Digital channels like mobile banking (m-banking) are likely to provide better coverage and more cost-effective services to the unbanked population of India. Thoughts on m-banking among Indian consumers, particularly those who have not yet embraced it, are crucial to comprehend in order to assess brand India's prospects for financial inclusion in the future. This would highlight m-banking's potential as a means of promoting financial inclusion in accordance with users' plans to use it. Financial inclusion is impossible until all Indians have access to a greater variety of financial services. Similarly, the Government of India's (GOI) ambitions for "Digital India" will remain unrealized until every Indian embraces digital channels to access a greater range of financial and non-financial services. Moreover, a survey of the literature reveals that there is surprisingly little research on mobile banking globally and much less in the Indian setting. Madhurima Deb (February 2019)

Financial inclusion, banking the unbanked: Concepts, issues, and policies for India

Through this article, the researcher analyzed financial inclusion in India using data from the World Bank Global Findex for the years 2011, 2014, and 2017 and then compared India's condition with that of the other BRICS countries. Recognized that achieving inclusive growth in an economy requires financial inclusion as a must-have strategy. Financial inclusion is a socio-economic concept rather than only an economic one because it gives individuals access to healthcare and education, as well as a better standard of living and a secure future. Though policies will assist in reaching out, the ultimate goal of financial inclusion, as we view it in India, is to eliminate obstacles to inclusion that are mostly brought on by voluntary discrimination. Priyanka Menon (June 2022)

Financial inclusion of women and gender gap in access to finance: A systematic literature review

Despite an increase in the global level of financial inclusion overall, World Bank Findex data suggests that there has been a persistent gender difference in financial inclusion over time. In keeping with the UN's 17 Sustainable Development Goals, which include promoting gender equality, women's financial inclusion is important. Studies on women's financial inclusion in academic literature are dispersed, and there are few systematic literature reviews to understand the state of the field and identify research gaps. In order to determine the causes influencing women's financial inclusion, the gender gap that results from it, and the significance of encouraging greater financial inclusion for women, this article attempts to undertake a structured, comprehensive literature review. Literature reviews are important to map the existing landscape of a study problem and develop further knowledge. This study reviews 75 peer-reviewed articles from 2000 to 2021 and presents the findings in a comprehensive manner following a conceptual model. Synthesized evidence reveals the existence of gendered financial inclusion mainly due to demand-side factors. Women's financial exclusion is also thought to be influenced by a number of socioeconomic and cultural variables. The study proposes future research possibilities based on the mapping of existing findings, with emergent themes linked to digital finance, financial self-efficacy, and financial literacy, all of which are critical for improving women's financial inclusion. Priyanka Roy

Statement of problem

The problem is people are still not that aware of various banking products, services, terminologies, and regulations. Also, they do not fully utilize advanced banking services and facilities. For example, online banking services.

Research objectives

The main research objective is to know the "Awareness and use of banking services and products." That would even help the bank and other related entities see the awareness among people and how much more attention is needed. The other objectives are -:

Scope of study

The goal of the research study on public awareness and use of banking products and services is to examine in detail how people's attitudes, knowledge, and behaviors relate to the many financial services that banks offer. This study intends to investigate how well-informed the general public is about various banking products and services, how well-informed they are about various rules and regulations, and what variables influence their decisions to use them.

Both classic banking products like savings accounts, checking accounts, loans, and credit cards as well as contemporary digital services like mobile banking, online payments, and digital wallets are investigated as part of the research.

The study will also look at how these products and services are used, as well as the users' understanding of key concepts linked to banking and how banking operations are carried out. This study will reveal the efficacy of banking institutions' promotional efforts as well as any potential gaps in their education and communication plans.

Research hypothesis

Data analysis and interpretation

Figure 1

Gender of respondents

Figure 2

Occupation of respondents

Figure 3

Familiarity of respondents with online banking and mobile banking.

Mostly, people are familiar with online banking services and mobile banking service applications.

Figure 4

Frequency of usage of online banking services and mobile banking apps

As we can see, a maximum of 64.2 % of respondents are frequently using online banking services and mobile banking apps. And very few do not use it ever.

Clear understanding of the risks associated with various financial products and investments?

Figure 0

As we can see in the graph, majorly people are either somewhat aware or not aware of the above matters. In particular, a maximum number of respondents don’t know about the chargeback in credit cards (44 respondents) and the rule of buying shares for getting loans or FD facilities (40 respondents). But overall, there are also many respondents who are well aware of all the matters. (51 respondents are fully aware of various rules and regulations related to banking products and services?)

Application of tests

Let’s assume the value of α is 5%.

The degree of freedom for chi-square is (r-1)(c-1). Thus the value of degree of freedom is 2.

r= number of rows

c= number of columns

Now,

Chi-square = χ²

^{Critical value = 5.991}

Calculated value = 6.437374996

Result: Here the Critical value is smaller than the calculated value hence the null hypothesis is rejected

Therefore, gender and familiarity with mobile banking apps and online banking services are related to each other.

Let’s assume the value of α is 5%.

The degree of freedom for chi-square is (r-1)(c-1). Thus the value of the degree of freedom is 15

r= number of rows

c= number of columns

Now,

Chi-Square = χ²

Critical Value = 24.996

Calculated value = 25.71009022

Result Here the Critical value is smaller than calculated value hence the null hypothesis is rejected.

Therefore, usage of online banking services or mobile banking apps and occupation is related to each other.

Awareness of the following matters

Result: - As the F critical value is greater than the P-value, therefore, we shall accept the null hypothesis.

This means that overall, people are unfamiliar with the various matters of utilization of banking products and services.