A STUDY OF RESPONSE BEHAVIOUR FOR DIGITAL BANKING SERVICES AND SOCIAL MEDIA PLATFORMS WITH RESPECT TO BANKING CONSUMERâ€™S DEMOGRAPHIC CHARACTERISTICS
Banks in India have been extending the digital services in line with the guidelines issued by the RBI, through mobile banking services to their customers. Various channels such as SMS, unstructured supplementary service data (USSD) and mobile banking applications (apps) are the formats. USSD is a protocol used by GSM cellular telephones to communicate with the telecom service provider’s systems. The use of social media in the banking sector is another important aspect to be looked at. This initiative is aimed to impact on the supply side of the services equation by reduction in the cost of services provided by the banks. The demand side of this equation is perpetually influenced on its acceptance by the customers. The resultant bound to be derived solely on the experiential outcome delivered in the form of a seamless characteristic in comparison with the conventional banking experience by the consumers.
The acceptance of digital platform including the social media platform also largely depends on the individual demographic factors like age, educational level, and income earning and location vicinity from the physical branch. The digitization also allowed the customers to conduct or avail the services they required even at any time the simultaneous percolation of computers and other handheld devices has revolutionized the execution of transaction without visiting the physical branch from their office computers. This virtual access need to be provided an experience of hassle free transaction so repeat it by the consumers.
This paper aims to establish the perceptions analysis with respect to their individual demographic characteristics and various digitalized services provided by the banks to the consumers. This paper also tries to formulate regression equitation to estimate the contribution of the demographic factors on availing the digital services and using the social media platforms for banking.
KEY WORDS: Digital Banking, Social media, Paperless, unstructured supplementary service data (USSD), Reserve Bank Of India (RBI), Branchless Banking