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Technology driving the Banking Sector

With the changing global business scenario and increasing competitiveness, the banking sector has leveraged the advance technology to create value proposition for its customers. To keep the pace with the changing banking sector Bank of Baroda has also introduced latest technology viz. ATM’s, credit and debit cards, Internet banking under “Baroda Connect” for retail as well as corporate customers, Mobile banking and Core Banking. Studies revealed that despite the implementation of new technologies, the costs are still on the higher side as the customers are not making use of these new technologies and services.

The problem in front of the bank is to identify the reasons behind the low usage of new technology and how to increase the use of the new technology among these customers. The Research we have done provides the bank with facts and figures as to why majorly the older generation is not opting for the latest technology and still sticking on to the traditional methods. The team has also listed down the appropriate measures to be adopted by the bank to handle this problem. Few of them include providing incentives, training and educating those who are unaware of the existence of these services and also providing

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With the changing global business scenario and increasing competitiveness, the banking sector has leveraged the advance technology to create value proposition for its customers. The new technologies like ATM, Core banking, Mobile banking and Internet banking streamlines the operations and thus helps in achieving higher efficiency which results in cost cutting apart from customer benefits. To keep the pace with the changing banking sector Bank of Baroda has also introduced latest technology viz. ATM’s, credit and debit cards, Internet banking under “Baroda Connect” for retail as well as corporate customers, Mobile banking and Core Banking.

Bank of Baroda has 25 branches in Ahmedabad. It also has 25 ATM’s. Currently, Bank of Baroda is the sixth largest bank in India. It has total assets in excess of Rs. 1. 78 lakh crores, or Rs. 1,780 bn. , a network of over 2800 branches and offices, and about 1000+ ATMs. Bank of Baroda offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, credit cards and asset management.

Management Dilemma: Studies revealed that despite the implementation of new technologies, the costs are still on the higher side as the customers are not making use of these new technologies and services. Problem Definition: Despite the availability of the new technology driven services, most of the customers still prefer the traditional way of visiting bank branches which adds to the cost of banks. These consist of elderly people who form 70% of the customer base.

The problem in front of the bank is to identify the reasons behind the low usage of new technology and how to increase the use of the new technology among these customers. To analyse and study the factors affecting customers’ willingness to use new technology such as internet banking, ATM, mobile banking etc. for day to day transactions, ticket booking, payment of bills, stock market trading, transferring money to others account directly etc. and to identify the various methods or techniques to increase the number of users.

A Qualitative approach is chosen for this research as individual depth interviews which are conversational than structured are applied. First hand observation of the participant in the field setting is perceived. The research involves testing the psyche of the customer through tests and so qualitative techniques are implemented. The results will be quantified in the later stages of analysis and report so that Bank of Baroda can take the appropriate move to solve their problem.

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