A Study of the Adoption of Banking Technologies Amongst Bank Account Holders of Rajkot City

Technology has always been seen as an instrument of social progress. The human aspiration for continuous improvement in the standards of living increasingly depends upon technology as it touches all aspects of a human life. The economic growth and prosperity of countries, industries and business firms depends, to a large extent, upon the effective management of technology. Indian banking industry is no exception. In fact, it is one area where the impact of technology has brought about a sea change in the processes and the products that are made available to the customers. This paper examines the adoption rate of banking technologies amongst bank account holders of selected Private and Public Sector Banks in the City of Rajkot. It identifies the operational Problems in the use of modern technologies and suggests measures for the improvements in using it. The study in the paper is based on primary data collected by administering a structured questionnaire to the respondents. The Findings indicate that as far as Savings, Current and Fixed Deposit Accounts are concerned, SBI leads the tally with maximum clients to her credit whereas in case of De mat A/Cs, ICICI and HDFC Banks are joint leaders and as far as Loan Accounts are concerned, HDFC Bank is the clear Leader. Nearly 60% respondents are extremely satisfied with their bank services. Regarding the Modern Banking Channels like ATMs, Internet Banking, Mobile Banking and Phone Banking, the awareness level of the ATM is quite higher as compared to other channels and it also is the banking channel which is used extensively amongst all other channels, followed by personal visit to the bank. The major operational problems identified by the respondents in the use of modern technology are Hacking and Lack of Trained and Skilled Employees.