Demographic Considerations in Mobile Banking Adoption-An Evaluation

Advances in technology and changes in consumer behaviour have paved the way for a variety of self-services in Banks. Banks investing in these self-services can expect more consumers and opportunities for service recovery and price competitiveness. This has resulted in major transformations in the interactions between banks and customers. The banks in India are in the midst of Information Technology revolution. ‘Stay connected 24 hours’ is the mantra of the current business of service industries, and is facilitated by the SSTs in banking industry. The transition from fixed to portable and roaming access has thus resulted in mobile office concept. The traditional banks have realized the role and importance of SSTs, making them to invest in SSTs for their survival. Customers have not adopted these technologies in a big way in India though the mobile phone users are to an extent of 1009.46 million and the internet users are around 402 million according to IAMAI report. In India, the technology penetration is less than 1% when compared to 22% worldwide. Hence, the current research aims at identifying the major determinants which enhance the usage of the Mobile Banking in the city of Chennai, Tamil Nadu, India, with a view to increase the customer base.