BANKS THAT SCORE BET­TER Mo­bile-bank­ing ser­vices of 10 banks com­pared

Consumer Voice - - Mobile Banking -

In or­der to de­ter­mine the bet­ter mo­bile­bank­ing ser­vice providers, we iden­ti­fied the crit­i­cal stake­hold­ers in­clud­ing banks, their cus­tomers as well as reg­u­la­tory bod­ies such as Re­serve Bank of In­dia and Na­tional Pay­ments Cor­po­ra­tion of In­dia. Cus­tomers con­sti­tute the de­mand side of the ser­vice and banks the sup­ply side.

As a first step, we un­der­took a thor­ough anal­y­sis of the sec­ondary lit­er­a­ture to un­der­stand the con­cept, its evo­lu­tion and the cur­rent sce­nario of mo­bile bank­ing in In­dia. Based on th­ese analy­ses, we iden­ti­fied a check­list of sig­nif­i­cant vari­ables from con­sumers’ per­spec­tive.

Next, we con­ducted ex­ten­sive in­ter­views with cus­tomers, most of whom had mul­ti­ple ac­counts with two or more banks. Th­ese in­ter­views helped us in cre­at­ing a list of 15 banks, of which we chose 10 popular banks for a com­par­a­tive study on their mo­bile-bank­ing ser­vices. The 10 banks are: 1) State Bank of In­dia 2) ICICI Bank 3) Citibank 4) State Bank of Hy­der­abad 5) Yes Bank 6) Pun­jab Na­tional Bank 7) HDFC Bank 8) State Bank of Bikaner and Jaipur 9) Axis Bank 10) Ca­nara Bank

We made a list of 34 vari­ables that most in­flu­enced the level of sat­is­fac­tion of con­sumers with re­gard to mo­bile bank­ing. Th­ese vari­ables were then clas­si­fied un­der three heads: de­mand-side fac­tors, sup­ply-side fac­tors and reg­u­la­tory fac­tors. Out of the 34 vari­ables, the im­por­tant ones were se­lected ob­jec­tively and clas­si­fied un­der five heads, each of which were given weigh­tage as per their sig­nif­i­cance.

Sub­se­quently, banks were as­signed scores against each cat­e­gory on the ba­sis of the re­sponses from cus­tomers, and th­ese were then mul­ti­plied with the weigh­tage of the re­spec­tive cat­e­gories to ob­tain fi­nal scores.

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