Science, Technology and Development ISSN : 0950-0707

A COMPARATIVE STUDY BETWEEN CUSTOMER PERCEPTIONS TOWARDS SBI YONO AND OTHER MOBILE BANKING SERVICES

Bhagyalakshmi Burra

Research Scholar, Carrer Point University

Dr.K V Ramana Murthy Research Supervisor, Career point University

ABSTRACT

India is one of the top rising smartphone user nations. In India, we have more than 900 million smartphone users, but only 40 million consumers also use mobile banking. There could be different factors, including the need for active cooperation between banks and Telecom Business, lack of consumer access, prices, knowledge of the mobile banking app, etc. Mobile banking is a movement powered by mobile networking technologies, one of the world's fastest rising markets. There are obstacles to the implementation of mobile banking systems, as with digital technologies. Banks must strive to develop consumer understanding of mobile banking. They ought to encourage the advantages and efficacy of mobile banking. In India, the SBI has extensively used the spectrum of cell phones. As a leader in providing customers with mobile banking application services, SBI has succeeded in launching several such applications which have rendered banking a far simpler business for customers. This paper explores how customers like the different smartphone apps of SBI, how happy they are with multiple applications and how customers of SBI embrace these applications. The research contrasts consumer perceptions of SBI YONO and other mobile banking facilities.

Keywords:Banking Services, Mobile Banking, State Bank of India, Customer Perception and satisfaction, etc.

I. INTRODUCTION

Online banking is a facility that helps consumers to start and/or do banking on their mobile telephones. Most banks in India and abroad provide this. Customers may view their account balance via mobile banking, make immediate funds transactions and pay bills, etc.

Volume IX Issue XII DECEMBER 2020 Page No : 349 Science, Technology and Development ISSN : 0950-0707

M-commerce is the fast-emerging e-commerce concept which offers various mobile device services. Now for days, as the amount of wireless Internet subscribers and mobile users has grown, m-commerce technology is being increasingly embraced worldwide. In India, the commercial banking sector has involved many financial developments, shifting its emphasis from conventional banking to technical banking to fulfil its customers' needs and achieve competitive advantage. One such breakthrough is mobile banking. Mobile banking may consist of three interrelated concepts, namely. Mobile and mobile accounting and financial details.

1.1 MOBILE BANKING AND STATE BANK OF INDIA

More than two centuries earlier, when the Bank of Calcutta came into existence in 1806, the state Bank of India (SBI) was laid. In the developing years of growth and development, the Bank's sector has been limited to the discounting, retention of cash and savings accounts, issuance and delivery of Rs-limited cash notes and lending. Just one lakh. Since then SBI has rapidly extended its company, services and customer base. Just nine purchases are rendered in branches out of 100 transactions at SBI. Although transactions at ATMs were approximately 55% during demonetization, they are now approximately 30%. Mobile banking has risen to 55% now. There are various types of mobile banking, viz. via SMS, USSD and mobile apps. Some of the banks like SBI, have incorporated services like loan approval and linking of insurance policy in their mobile banking apps.

Core elements of the Digital proposition

❖ One view for customer of all wealth and financial assets

❖ 100% digital experience, eliminating need to visit branches

❖ All financial products of SBI group on a single platform

❖ Digital onboarding of customers through e-KYC and biometric authentication

Volume IX Issue XII DECEMBER 2020 Page No : 350 Science, Technology and Development ISSN : 0950-0707

❖ Providing customers financial calculators, comparison tools and life event-based targeting

❖ Big data analytics to target financial products such as insurance, cards, securities etc. to specific customer segments

❖ Personalization of offers with intelligence engine for giving targeted offers

❖ Online store for customers to fulfill their lifestyle needs

❖ Customer segmentation on demographic and financial parameters

❖ Predictive analytics for search, wish list and offer management

1.2 SBI YONO

SBI YONO is only one for you. This digital banking software is a one-stop banking, lifestyle, savings, savings and shopping requires solutions from State Bank of India (SBI). Various steps may be taken with this tool, including loan applications, instant opening of a savings account or even online shopping. State bank of India offers one the most convenient Internet banking service compared to other banks in India. SBI’s new mobile banking app “Yono” offers facilities that are comparatively more convenient and feature-rich compared when compared with any other bank in India. With the SBI mobile banking app Yono, it is very easy to download the SBI bank statement on Mobile. SBI bank statement pdf can be downloaded offline using the Yono app too. SBI also owns a digital wallet called SBI Buddy provides applications for almost any program. There will be more than a dozen different YONO applications. The bank also added that the digitalization of its facilities was rather violent.

Features

✓ Simplified banking – Using the simple functionality of the app to perform basic banking transactions such as checking your balance, making a fixed deposit, adding beneficiaries, etc.

✓ The biggest shopping market in India – Either shopping your grocery, the latest electronics, booking your flight/train tickets or your next holiday, YONO SBI has covered you with exclusive deals and rewards for SBI customers across merchants providing shopping, travel booking, flight and bus ticket reservations, train ticket reservations by IRCTC, food service and more.

✓ Get a summary of your expenses with the intelligent spending analysis, which conveniently defines your expenditures and classifies them accordingly.

✓ Request Cheque Books, ATM Cards / Debit Cards or use emergency facilities to change ATM PINs, block ATM cards / Debit Cards or avoid cheque through YONO SBI

Volume IX Issue XII DECEMBER 2020 Page No : 351 Science, Technology and Development ISSN : 0950-0707

✓ Use the goal-based deposit service to fulfill your goals by saving regularly by YONO SBI.

II. REVIEW OF LITERATURE

The first surge of bank technology started with the usage of specialised distribution machines (ALPM) in the 1980s according to RBI Studies (1998). The RBI urged all banks to conduct big branch computing. Two alternatives were available: automating the front office or the back office. In the first step, various banks decided to automate the front office. Whereas banks such as the State Bank of India have worked on branch automation.

Routray (2008),The study indicates that mobile and wireless networking equipment are being made more competitive and reliable for companies to do business. Mobile banking (M- banking) is one of the most effective apps. Technological advances play a critical role in any application for acknowledgment. An significant problem is to make M-banking an efficient bandwidth management. A broad variety of carriers is driven by the growing simplicity and versatility of the Wireless ATM and their on-demand bandwidth function. However certain things need to be dealt with in WATM. The challenges include cost-effective network preparation, site maintenance and transfer management. In this paper we presented and tested an M-banking technology architecture utilising a wireless ATM, which optimises use of bandwidth and offers efficient control of transfer systems. The results of simulation demonstrate that the resulting system manages the bandwidth and the transmission problem very well in wireless ATM and offers an efficient WATM frame model.

Sharma and Singh (2009)Explained that the cause which emerge from safety concerns such as theft, abuse of accounts and a user-friendly app for less use of mobile banking in India. But with time and the awareness of mobile banking these problems can be minimised by m- payment. It is challenging for the first time for users to use mobile banking or others that seldom do so but the difficulty for users will intensify as such technological approvals are needed for virtual money transfers on their phones. More mobile than bank accounts were disclosed by results. The banks primarily concentrate on providing consumers such as ATMs, smart card services, selling points etc. This facility provides a replacement for money without currency, given by technology.

Abishek Singh, Om Shankar, Vikas Kumar and Tapan Ray (2009)E-banking is now the mainstream pattern in our region, according to their report. There is no longer a decline in the queue at the branches, lots of hours in the bank no more waiting days and weeks. Anything can be achieved with a card, a gadget. It's fast, it functions, and people like it most of all. However, it is also challenging for certain people to utilise this form of technology mostly people used to do things in the old conventional fashion. The usage of ads today allows people to use electronic banking because it avoids the problems they experience when they use the old banking mechanism. Advancing electronic banking or e-banking started with the use, including mobile banking, bill paying, electronic money transfer, on-line banking and other electronic transfers, of automated teller machines (ATMs). They claim that e-banking is

Volume IX Issue XII DECEMBER 2020 Page No : 352 Science, Technology and Development ISSN : 0950-0707

being aimed at mobile banking for many people. Some people still assume that the most common route in future would be online banking.

Uppal (2010)In an inquiry into the reach of mobile banking between the different e-channels between 2000-2001 and 2006-2007, the mobile banking services of various bank groups in India were studied. The study stated that fewer percent of the branches offering mobile banking services are in the SBI community, nationalised banks and the old private sector banks. However, mobile banking systems have steadily increased their percentage development across the years, with the exception of 2005–2006. The study showed that several of the emerging banking firms in the private sector and international banks provide their consumers with mobile banking. Further, the study reported that private and foreign banks have more Mobile banking subscriptions compared to nationalized banks and older private banks. The author concluded that the development of Mobile banking services in India has been driven by the unexpected growth of cell phone users, which provide a greater scope for the Mobile banking improvement and its performance to result in efficiency and service quality for customers. The author suggested that banks should allow cash transactions of small amount as well to bring in more customers and the adoption of such services in rural and backward economies.

Dr. G. Santiyavalli (2011) A Factor Review measures State Bank of India's service quality by describing the major factors responsible for consumer satisfaction in its study article "Customer expectations of service quality." To this end, the technique of SERVQUAL centred on A blueprint. The analysis found that the key element responsible for consumer loyalty is tangibilité. Parasuraman et al.'

Arun Kumar Kaushik., (2012)In his research entitled "SBI e-banking framework," the Internet bank has noticed that it provides consumers with greater scope. The Internet is virtual in nature. Input can be quickly accomplished. The trust of consumers may be earned. The bank should offer personal consideration to the client and quality service can also be offered. The conclusion that the technical advancement of banking industry enhances its services, productivity, branding and loyalty positively can be readily inferred. Such as quality customer care, greater connectivity, customer satisfaction, simple knowledge access, 24-hour access, web apps and so forth, after reviewing the SWOT review, the different strengths of SBI. SBI should aim to maximise the amount of strengths. In view of the vulnerability of customer's lack of information regarding Internet banking, obsolescence of protection technologies, difficult procedures for the usage of Internet banking facilities and lack of expertise among SBI personnel. SBI should reflect on and minimise vulnerabilities to none. We addressed opportunities including 95 percent of the online sector, the direction of SBI into becoming a first virtual bank, in the third portion of SWOT research on the web banking. In the latest section there is a need for numerous provider supports in complex technologies, management of stable IT networks and alternate solutions in the event of a breakdown of the current protection framework.

Dr. Harikant (2012) in his research article on “Customer Perception Towards Computerization in Indian Banks – A Study of Selected Banks” examined the impact of

Volume IX Issue XII DECEMBER 2020 Page No : 353 Science, Technology and Development ISSN : 0950-0707

computerization on the perception of banks with special reference to State Bank of Hyderabad and Andhra Bank. The study revealed that the computerization saves time and ensures fastness in service. The study identified failure of the system, high charges and security concern.

“Nayak, Nath & Goel, (2014) were used to determine the attitude of users to mobile banking, in order to recognise factors which determine the acceptance of mobile banking customers. The acceptance and popularity of mobile banking depends on customers' trust. Their finding was that mobile banking, fraud detection and protected privacy efficacy allow clients to extend (continue to use) mobile banking transactions.”

Jones, (2015)Mobile banking not only provides equity tests or purchases that influence consumer behaviour. They also have an effect. Customers became more interested with applications than ever in the convergence of finance with their personal electronic devices. Mobile devices enable consumers to utilise banks without any physical presence in the sector. Customers may also use a click to control their income. It allows consumers to utilise mobile banking and give them real-life experience. You may execute your main mobile purchases to save time and expense. “Phone banking is easy to access and is widely used. Using these software routinely allows banks 30-40 times a month to show customers. In this text, we attempted, through mobile banking purchases, to describe our consumer engagement and attitude improvements. The literature on client activity in mobile banking is endorsed as a consequence.

III. OBJECTIVES OF THE STUDY

The main objective of the Research study is stated as follows:

1. To determine the customer preference towards mobile banking products of SBI.

2. To find out if there is a significant relation between Gender & mobile banking apps

3. To compare Customer Perceptions towards SBI YONO and other Mobile Banking Services.

IV. RESEARCH METHODOLOGY

4.1 RESEARCH METHOD

The Study is Descriptive in nature.

4.2 DATA COLLECTION

Primary Data: A well-structured questionnaire served as the primary source. The data for the survey was collected from SBI Banks.

Volume IX Issue XII DECEMBER 2020 Page No : 354 Science, Technology and Development ISSN : 0950-0707

Secondary Data: Direct interview with the managers of various SBI branches served as the secondary data. Age, gender, occupation have been included to access their relation to the acceptance/use of mobile banking applications

4.3 SAMPLING

Sample Size: The sample of the study are 100 Respondents, all customers of SBI Bank in particular.

4.4 HYPOTHESIS OF THE STUDY

H0: There is no relationship between gender & use of mobile banking applications among the respondents

H1: There is a slight relationship between gender & use of mobile banking applications among the respondents

4.5 TOOLS OF THE STUDY

Correlation was used for analyzing the data.Customer satisfaction & preference was analyzed with the help of percentage analysis.

V. ANALYSIS AND INTERPRETATIONS

5.1 DEMOGRAPHIC ANALYSIS

Table 1: Gender of the Respondents

Gender Frequency Percentage Male 60 60% Female 40 40% Total 100 100%

Table 2: Age of the Respondents

Age Frequency Percentage 25-30 years 20 20% 31-35 years 30 30% 36-40 years 40 40% 41-45 years 20 20% Total 100 100%

Table 3: No. of years of using Mobile Banking

Age Frequency Percentage 2 years 20 20% 5 years 40 40% 7 years 25 25%

Volume IX Issue XII DECEMBER 2020 Page No : 355 Science, Technology and Development ISSN : 0950-0707

Not using 15 15% Total 100 100%

5.2 CUSTOMER PERCEPTIONS TOWARDS SBI YONO AND OTHER MOBILE BANKING SERVICES

The following query has been raised in order to research user loyalty and choice in mobile banking applications:

5.2.1 Respondents Overall satisfaction

Table 4:Respondents Overall satisfaction

Particulars Frequency Satisfied 39 Extremely satisfied 27 Not using Mobile Banking 15 Neutral 13 Dissatisfied 5 Extremely Dissatisfied 1 Total 100

45 39 40 35

30 27 25 20 15 15 13 10 5 5 1 0 Satisfied Extremely Not using Neutral Dissatisfied Extremely satisfied Mobile Dissatisfied Banking

Figure 1: Respondents Overall satisfaction

In total, 100 interviewees use mobile bakeries just 85 of them while the 15 remaining apps use mobile banking. As seen below, most citizens are pleased with mobile banking, although only a handful are not satisfied.

Volume IX Issue XII DECEMBER 2020 Page No : 356 Science, Technology and Development ISSN : 0950-0707

5.2.2 Mobile Banking Applications Preference

Table 5: Mobile Banking Applications Preference

Particulars Frequency SBI e-pay 28 SBI Anywhere 24 Not using Mobile Banking 15 SBI Buddy 13 SBI Yono 11 SBI Quick 9 Total 100

30 28

25 24

20 15 15 13 11 10 9

5

0 SBI e-pay SBI Anywhere Not using SBI Buddy SBI Yono SBI Quick Mobile Banking

Figure 2: Mobile Banking Applications Preference

A mobile banking programme is used 85 percent and mobile banking services are not used by the majority. The graph reveals the most favouring applications are SBI e-pay, SBI anywhere and SBI Friend, SBI Yono, and SBI quick are the least desired apps.

This table analyses the association between gender and the usage of respondents of mobile banking applications:

Table 6: Correlation between gender & use of mobile banking applications by the respondents

Gender of Respondent’s M- Respondents Banking Apps Usage Gender of Pearson Correlation 1 .144 Respondents Sig. (2-tailed) .156 N 100 99 Respondent’s M- Pearson Correlation .144 1

Volume IX Issue XII DECEMBER 2020 Page No : 357 Science, Technology and Development ISSN : 0950-0707

Banking Apps Sig. (2-tailed) .156 Usage N 99 99

The bivariate coefficient for association here is 0.144, showing that gender and usage in mobile banking systems have a marginally positive relationship. Correlation as P value 0.156 is essential and here we agree H1.

Figures 1 and 2 offer an overview into how happy respondents are and what software they favour. Figure 1 indicates that most users are either highly pleased with SBI's mobile banking apps. Figure 2 indicates that only two applications are favoured and that the remaining applications are not more favoured. This is because anywhere SBI E-pay & SBI offers different mobile bank services such as the online sale & purchasing of goods,” transfers of money, bill payment, etc. Table 6 reveals a marginally positive association just 0.144 that shows that gender and usage of mobile banking apps are quite related.

VI. CONCLUSION

Fair protection standards need to be improved and ongoing exercise under the Information Technology Act 2000. Over the past few years, SBI's emerging activities have multiplied and the Bank constantly integrates innovative technology in its goods and services. The branch network of SBI is evolving in order to create more numerical divisions. SBI, the largest bank in the world, has made cash withdrawn from ATMs without using the debit card possible for all account holders. This is possible through the SBI YONO app. YONO SBI even may be used for banking, deposits, insurance purchases, bills, IRCTC passes, credit and also shopping purposes. In one app all your money transfers and anything relevant to your investments can be handled. Customers already utilising several other SBI M-banking applications, SBI YONO and more have yet to be used and improved.

REFERENCES

[1]. RBI (1998) Report of the committee on Banking sector reforms (The Narasimhan committee) Mumbai: reserve bank of India

[2]. Uppal, R.K (2010): “Emerging issues and strategies to enhance Mobile banking services”, African Journal of Marketing Management, Vol. 2(2) , February, pp. 029- 036.

[3]. Dr. G. Santiyavalli, “Customer Perception of Service Quality of State Bank of India – A Factor Analysis”, International Journal of Management and Business Studies, Vol.1, Issue 3, September, 2011, pp.78-84.

[4]. Dr. Harikant, “Customer Perception Towards Computerization in Indian Banks – A Study of Selected Banks”, THAVAN IJREB, Jan-Mar., 2012, Vol. 1, No.2, pp.1-8.

[5]. Arun Kumar Kaushik., E-banking system in SBI, International Journal of Multidisciplinary Research, Vol:2, Issue No:7, July 2012, pp. 76-97.

Volume IX Issue XII DECEMBER 2020 Page No : 358 Science, Technology and Development ISSN : 0950-0707

[6]. Routray (2008), “Wireless ATM: A Technological Framework to M-Banking”, Journal of Internet Banking and Commerce, Vol. 13, Issue.1, p.2-9.

[7]. Abishek Singh, Om Shankar, Vikas Kumar, Tapan Ray (2009), “A project report on risks in E Banking”, www.scribd.com, p.1-2.

[8]. Sharma, P., & Singh, P. (2009). Users ‘perception about mobile banking with special reference to Indore & around. Review of Business & Technology Research, 2(1), 1-4.

[9]. Nayak, N., Nath, V., & Goel, N. (2014). A study of adoption behavior of mobile banking services by Indian consumers. International Journal of Research in Engineering & Technology, 2347-4599.

[10]. Jones, W. (2014, July 15). Mobile Banking Apps: Convenience Triggers Shift In User Behavior. Retrieved from http://www.mobilegroove. com/mobile-banking-apps- convenience-triggers-shift-userbehavior/ on 25 July 2015

Volume IX Issue XII DECEMBER 2020 Page No : 359