Increasing the effectiveness of Banking Services by listening to marginalized consumers

Cite this:
Anand, S., & Saxena, D. (2014). Increasing the effectiveness of Banking Services by listening to marginalized consumers. Innovative Journal of Business and Management, 3(04), 59–72. https://doi.org/10.15520/ijbm.vol3.iss4.8.pp59-72
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Abstract

Purpose – Considering India’s vast population and its varied geography, the challenge of banking the unbanked cannot be met without appropriate initiatives. Initiatives are being taken by banks in India in various ways i.e. technological advancement, diversification of distribution channels in term of Business Correspondent Model and Business Facilitator Model, by conducting financial literacy programmes and so on.Objective- The objective of this paper is to identify the level of awareness and the level of usage of the initiatives taken by banking services for inclusion of the low income groups of the society into the formal financial services system.Design/methodology/approach – For this purpose, primary data is collected from 50 respondents in Delhi/NCR using a questionnaire. It had questions pertaining to awareness and usage of various services offered by Banking to its consumers. The services were categorized as Online Banking, Tele Banking, SMS Banking, ATM Banking and so on. The responses were analyzed with the help of statistical tools.Findings – The study revealed that people of low income level are aware about those services which are widely spread and have visibility in the society like ATMs. People are also building trust on the business correspondent model as their response towards BCs is positive. SMS service is gaining popularity due to widespread mobile inclusion in India. Originality/value – The paper is particularly useful for banks who would like to increase the effectiveness of the services offered by them. For other initiatives to have wider approach, banks need to spread awareness. They should all realize that spreading financial awareness is not one time initiative, but a continuous process.

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