3.1 Intension of the Study
i) To examine the correlation between role of commercial banks and customer experience.
ii) To study the significance of commercial banking in implementing Jan Dhan Yojana Scheme in Thane district.
iii) To understand the difficulties faced by the customers’ and make suggestions for further improvement.
3.2 Assumption of the Study
H0 : Commercial banks failed to provide suitable operations to the customers those opened accounts under the Jan Dhan Yojana Scheme.
H1 : Commercial banks providing satisfactory services to the customers those opened accounts under the Jan Dhan Yojana Scheme.
3.3 Limitations of the Study
The scope of the research was confined with few retail commercial banking operations and, therefore only selected parameters have been evaluated. Due to time and cost constraints, a survey was restricted to only 100 respondents of commercial banks of Thane District, especially accounts operate through JDY Scheme. The cascading effects of the overall monetary system has not been included.
4. Data Analysis
4.1 In order to investigate the demographic profile of the respondent, researcher designed questionnaire and collected relevant information from the respondent. An easy to understand and quick response, closed ended questionnaire framed to gather quality information to enable to draw logical inferences. Information compiled from the 100 samples of commercial bank customers those were opened, their accounts under the Jan Dhan Yojana Scheme. The following table shows detailed information of the respondents. Table No. 1
Demographic Profile of the respondents.
Sr.No.
Particulars
Count
Percentage
1.
Male
77
77%
Female
23
23%
2.
Residence at – Kalyan (Semi-Urban)
25
25.4%
Bhiwandi ()
30
30.2%
Shahapur (Rural)
45
44.4%
3.
Age – upto 15 years
10
9.5%
Between 16-35 years
35
35.1%
Between 36-59 years
47
47.3%
Above 60 years.
08
8.1%
4.
Education- Illiterate
24
23.7%
Upto 8th Std.
26
26.3%
9th Std to SSC/HSC
29
28.9%
Graduate and above
21
21.1%
5
Occupation – Farmer
08
8.1%
Worker
47
47.3%
Self employed
28
28.4%
Housewife
17
16.8%
6.
Monthly Income-Upto 2000
02
1.6%
2000-4000
03
3.1%
4000-6000
25
25.0%
Above 6000
70
70.3%
(Source : Compiled from primary data)
Table No.1, it described that 47 percent respondents’ were in the age group of 35-59 years are active in financial operations. The respondents belong to self employed groups were availing benefits of the scheme and transacting accounts successfully. Respondents earning between 2000/- to 6,000/- per month and above. In this segment, 70 percent respondent earning monthly more than 6000/- and therefore, they need to secure monetary operations for personal as well as commercial activities including micro-credit.
4.2 Commercial banks are rendering a variety of services to their customers in an easy manner. To find out the operations of the commercial banks, especially for opened under the JDY Scheme, a 5 points rating scale was used and measured the satisfaction level of the respondents. The following table shows the access of commercial banks to 100 responses, further equally intwo parts such as public and private banks.
Table No. 2
Respondent’s response on access of retail transaction through commercial banks.
Types of Bank
Access of retail transaction
Strongly
Agree
Don’t
Disagree
Strongly
Total
Agree
Know
Disagree
Nationalized Banks.
Count
30
12
3
3
2
50
% within
60%
24%
6%
6%
4%
100%
Private Banks.
Count
23
17
5
3
2
50
% within
46%
34%
10%
6%
4%
100%
Total
Count
53
29
8
6
4
100
% within
53%
29%
8%
6%
4%
100%
(Source: Compiled from primary data)
(Source: Compiled from primary data)
From the table and graph No.2, describe the access of the respondent’s response on retail transactions of commercial banking. Within the nationalized banks, 60 percent of the respondents (30 numbers) and private banks 44 percent (22 numbers) respondents enjoying easy access of banking operations and operating regularly for their various types of monetary transactions. However, the remaining few respondents from both the banks said that banking transactions had not as per their level of well being due to non-operative ATMs machines, rude behaviour of the staff and doesn’t have the capacity to purchase a phone with advance technology due to cost constraints. It is concluded that more than 92 percent of the total respondents from nationalized and private banks said that they have greater satisfaction from access of retail transactions of commercial banks. Moreover, respondents have shown their greater experience with nationalized banks, i.e., 53 percent as compared to private banks 29 percent.
4.3 Commercial banks undertake the Jan Dhan Yojana Scheme in accordance with the financial inclusion mission. Whereas, nationalized banks have more significance as compared to private banks, and stake of nationalized banks is more than private banks. The following tables show the accounts opened by both the banking sectors for 100 sample size.
Table No. 3
Status of banks under Jan Dhan Yojana Scheme.
Count
Percentage
Nationalized bank
71
71.4%
Private bank
29
28.6%
(Source : Compiled from primary data)
From the table No.3, it’s revealed that nationalized banks operating in more numbers as compared to private banks. Nationalized banks spread over the geographical areas and established branches/business correspondents in rural/remote areas also. Second thought described that there is strong trust of customers on nationalized banks as compared to private banks.
Table No.4
Respondents’ experience of banking transactions.
Parameter
Count
Percentage
Strongly Agree
45
45.4%
Agree
42
41.7%
Can’t say
08
7.6%
Disagree
03
3.3%
Strongly disagree
02
2.0%
(Source: Compiled from primary data)
(Source: Compiled from primary data)
Table and Graph No.4, represent the data about the respondent experience of banking transactions. Responses were collected from 100 respondents about the experience of retail services offered by commercial banks. Accordingly, 87 percent respondent (87 numbers) was said about easy and convenient experience of banking operations, whereas 5 percent respondent expressed their dis-satisfaction due to the cash disbursement issue. The remaining respondent said that traditional banking is safe and secured. It is to be noted that respondents feels unsecured due to risk of hacking of bank accounts and loss of RuPay debit card. Staff behaviour is another areas which discouraging customers to operate bank accounts easily. It is concluded that more than 87 percent of the total respondents said that they are experiencing access of retail transactions of commercial banks.
4.1 Findings
a) Findings from this study indicate about high levels of satisfaction of retail operations offered by commercial banks to the customers opened their account under the Jan Dhan Yojana Scheme. Customer satisfaction level recorded at 87 percent in the case of operation of bank accounts.
b) Around 87 percent customers having a strongly agree opinion about the retail services offered by commercial banks where as 5 percent just are showing their unsatisfaction. Hence, there is a strong need to develop the innovative strategy to maintain customer’s satisfaction level.
c) Retail services offered by commercial banks are more friendly among the customers whose monthly income level is more than 8,000/- per month. This kind of segment is operating their monetary transactions through banks and trusted on formal monetary system.
4.2 Future scope of the study
Commercial banks have made a significant impact on the payment system, especially to the poor and vulnerable population. Banks have simplified the operations and made it more convenient for people those were excluded so far. This study has wider scope for research in the various geographical areas and digital retail banking. This topic is applicable to all the sections of the society, therefore, an outreach of the customer satisfaction level of commercial banks and its impact can be available for further research. The study is also helpful to the authority and researcher of social science, management and economics to understand the level of experience with commercial bank, especially for the Jan Dhan Yojana. Scheme.
5. Conclusion and Suggestion.
In this paper, an attempt has been made to study customer experience with commercial banks, especially for those opened accounts under the Jan Dhan Yojana Scheme. The present study is focused on various banking services and their subsequent impacts on the socioeconomic development. National Payment Corporation of India, which is operating various 12 payment services, recently announced record value of 1 billion in various financial transactions from the clearing of cheques, ATMs, IMPS, UPI, BHIM, RuPay, PoS, e-commerce and Aadhaar based payments.
Thus, we may conclude that commercial banks offering plenty of services which has indicative move on the customer towards saving and investment opportunities. Commercial banks need to concentrate on neglected areas. The financial literacy campaign should strengthen continuously to gain customer’s confidence. Banks should adopt updated technology for extensive coverage of the excluded population in general and achieve the objectives of financial inclusion in particular.
