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