A study on customer perception towards mobile banking in Indian Overseas Bank Chennai

Mobile banking is still at infancy stage in the world. Many studies focused on usage of mobile banking but many factors on non-usage were overlooked. This research was carried out to validate the conceptual model of mobile banking. The causes were identified and researched through correcting the causative factors so that mobile banking can be used by more people. This will help the banking operations to be more cost effective. The research is focused on what are the customer's perceptions about mobile banking offered by Indian Overseas Bank and what are the drivers that drive consumers. How consumers have accepted mobile banking and how to improve the usage rate were the focus of research area in this study. Descriptive research using questionnaire was applied. 250 respondents from Indian Overseas Bank Peters Road Chennai were selected for study after initial screening. They were all bank customers. The study revealed that education, gender, income plays an important role in usage of mobile banking. Not much research has been done on these areas as they were focused more on the acceptance of technology rather than on people. The research corroborated the conceptual framework stating that if skills can be upgraded there will be greater will to use Mobile banking by consumers. Inhibitory factors like trust, gender, education, culture, religion, security, and price can have minimal effect on consumer mindset towards Mobile banking.