A Study on Consumer Awareness - MBA Marketing
A Study on Consumer Awareness - MBA Marketing
Abstract
The banking industry relies heavily on technology. Today, banking is a major financial institution that is constantly exploring the vast opportunities of technology-enabled services in order to provide customers with a more convenient and satisfying experience. Mobile banking is still in its infancy in India. In the last 15 years, the banking industry has been transformed by competition, technological advances, and changes in customer lifestyles. Because of the changes that took place, competition and compliance standards have been raised. With 481 million internet users,
India is the world's second-largest telecom market and the banking sector has tremendous opportunities to convert these customers to internet banking. There is still hope that mobile banking will one day become the preferred method of banking for millions of people, which is why the purpose of this study is to examine urban consumers' perceptions of mobile banking in comparison to retail banking and online banking.
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Introduction
In mobile banking, also referred to as M-Banking, transactions are carried out using a wirelessly-connected mobile device. These include cellular (mobile) phones, handheld computers such as Palmtops, Pagers, Smart Phones, Personal Digital Assistants (PDAs), and laptop computers, among other mobile gadgets. It is also known as Next Generation M-Banking, which allows users to access the internet without the use of a computer or any wired connections. As a result of mobile banking, people who live in remote areas can now access banking services at will. Mobile devices are now available in rural areas, where they can be purchased for as little as a few hundred dollars. As mobile phones have become more prevalent in India, the communication system has undergone rapid changes as a result. Mobile technology revolutions like 2G, 3G, and 4G have expanded the market where the potential exists.
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Customers are essential to the banking industry's success. Customers must be informed about various bank schemes and services in order for them to be satisfied, so mobile phones have become an important tool for spreading awareness, and ATMs are also a great way to share information with all end users. As a result, the banking industry benefits greatly from technology.
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