Research Article - Journal of Finance and Marketing (2021) Volume 5, Issue 2

Comparative study of customer satisfaction on online retail banking services by indian banks in COVID times

Ashish Singh Bhadauria

University Business School, Punjab University, Chandigarh, India

Abstract

Banking Industry has transitioned very well from traditional offline practices to mainstream online practices. It is thus really important to measure customer satisfaction with the online banking services provided by Indian Banks from time to time. Six Indian Banks were considered for our research study out of which 3 were private sector banks and 3 were public sector banks. We used the E-ServQual method to measure the service quality of online banking services and a total of 204 responses were collected from the respondents for our study. The 5 Service quality dimensions i.e., Reliability, Responsiveness, Efficiency, Security, and Convenience have a significant contribution towards determining the overall satisfaction of customers in using online banking services. Convenience has the highest impact on the satisfaction of customers on online banking usage, followed by Responsiveness and Reliability of the services. Most people prefer Ease of Use and Reduced Time of transactions as primary factors to use online banking. While the youngsters prefer the Quality of Service attribute of the bank the most, the old age people prefer the trust part of the bank the most. The old age or people from Baby Boomers generation value that trust-building with the bank is very necessary. Also, the old age people are less familiar with online banking and its services compared to the young generations.

Banking Industry has transitioned very well from traditional offline practices to mainstream online practices. It is thus really important to measure customer satisfaction with the online banking services provided by Indian Banks from time to time. Six Indian Banks were considered for our research study out of which 3 were private sector banks and 3 were public sector banks. We used the E-ServQual method to measure the service quality of online banking services and a total of 204 responses were collected from the respondents for our study. The 5 Service quality dimensions i.e., Reliability, Responsiveness, Efficiency, Security, and Convenience have a significant contribution towards determining the overall satisfaction of customers in using online banking services. Convenience has the highest impact on the satisfaction of customers on online banking usage, followed by Responsiveness and Reliability of the services. Most people prefer Ease of Use and Reduced Time of transactions as primary factors to use online banking. While the youngsters prefer the Quality of Service attribute of the bank the most, the old age people prefer the trust part of the bank the most. The old age or people from Baby Boomers generation value that trust-building with the bank is very necessary. Also, the old age people are less familiar with online banking and its services compared to the young generations.