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Utilization of Banking Products by the Rural Customers

International Journal of Banking, Risk and Insurance

Volume 2 Issue 1

Published: 2014
Author(s) Name: G. Ganesan, H.D. Sadhanandan | Author(s) Affiliation: School of Commerce, Bharathiar University, Coimbatore, Tamil Nadu
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Abstract

In this study the researchers analyzed the utilization and adoption of new banking products that are offered by the banks in rural milieus. The researchers have framed four objectives in order to know the level of prevalence, factors affecting the adoption and utilization of new banking products, to assess the influence of perceived attributes on satisfaction and the post purchase behaviour of rural customers on new banking products (ATM, Internet banking, Mobile banking, Telebanking and EFT (Electronic Fund Transfer)) offered by the banks in rural milieus. The researchers have found that more or less all the new products have popularity among rural customers except EFT. The theory of innovation adoption was used in this study to know the factors or determinants affecting the rate of adoption of new banking products. The study finds that among the determinants, complexity was the foremost factor affecting the rate of adoption and also influencing satisfaction on new banking products. The study concludes that the rural customers are very much eager to adopt new banking products in future. The banks have to edify the rural customers in the use of every new technology / delivery products to make use of it. So, in the upcoming years the banking industry will flourish dramatically and rural customers can make transactions universally.

Keywords: Innovation adoption theory, Customer satis- faction, Complexity and Technology

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