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The main aim of this research was to carry out an analysis on impact of new technologies in private banks refer to consumers Perception. A background study has been carried out to understand the factors that are affecting the new technologies in private banks.

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Nội dung Text: Challenges in adoption of new technologies in banking sector – a study with reference to selected private banks, Bengaluru

  1. International Journal of Management (IJM)
    Volume 10, Issue 4, July-August 2019, pp. 173–181, Article ID: IJM_10_04_017
    Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=10&IType=4
    Journal Impact Factor (2019): 9.6780 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    CHALLENGES IN ADOPTION OF NEW
    TECHNOLOGIES IN BANKING SECTOR
    – A STUDY WITH REFERENCE TO SELECTED
    PRIVATE BANKS, BENGALURU
    Ramya Reddy P
    II Year MBA, Faulty of Management and Commerce,
    Ramaiah University of Applied Sciences, Bengaluru, India

    Rakesh C
    Assistant Professor and Head, Department of Commerce, Faulty of Management and
    Commerce, Ramaiah University of Applied Sciences, Bengaluru, India

    ABSTRACT
    The main aim of this research was to carry out an analysis on impact of new
    technologies in private banks refer to consumers Perception. A background study has
    been carried out to understand the factors that are affecting the new technologies in
    private banks. A survey was conducted to 225 respondents from 5 private banks ICICI
    Bank, HDFC Bank, Axis Bank, IndusInd Bank, IDBI Bank. The research results found
    that respondents have started using new technologies and are satisfied with the services
    provided by their banks and digital India played an important role in shaping the new
    era in banking sector and move towards the cashless economy. It was found that most
    of them told that watch banking is expensive to use and only few banks offer this service
    to customers.
    Key word: BHIM UPI, Cashless Economy, Digitalisation, E-wallets, Innovations, New
    technologies, Private banks, Quality Services
    Cite this Article: Ramya Reddy P, Rakesh C, Challenges in Adoption of New
    Technologies in Banking Sector – A Study with Reference to Selected Private Banks,
    Bengaluru, International Journal of Management, 10 (4), 2019, pp. 173–181.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=10&IType=4

    1. INTRODUCTION
    After banking reforms, the private banks started increasing rapidly in early 1990’s the banking
    sector has been showing new heights in banking technologies, private banks started modern
    banking in India to attract larger sector of the public. They not only give good interest rates for
    the customers but also, they provided many services to their customers. These private sector
    banks provided more comfortable and luxury services to their customers. These private banks
    always concentrate on the customers satisfaction and always try the reach the expectations and
    they keep eye on customers’ needs and wants. Later private banks started online transactions

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  2. Challenges in Adoption of New Technologies in Banking Sector – A Study with Reference to Selected
    Private Banks, Bengaluru

    facilitates to their customers and started providing online banking applications to them. After
    the increase in smartphones usage in the public there were many online applications that have
    come in the market for the payment methods. These payment applications have brought huge
    difference to customers preferences. And these applications have given more comfort to the
    customers for using it for various payments like transaction of money through online from any
    ever at any time without going to the bank and depositing the money and these applications
    have done the work more easier for online shopping and paying cash in any restaurants,
    departmental stores by scanning QR (Quick response) code and pay without hard cash. These
    payment methods have been increasing rapidly in present generation, as Indian government
    wants Indian public to go for digital methods for payments and transactions. Indian government
    is trying to make India a cashless economy. India has started a programme called “Digital India”
    were they except people to use digital methods for transactions and payment which makes our
    country standards high in the international level, we have seen different types of applications
    coming to the market after the government announced “Demonetisation”. After Demonetisation
    happened in India on 8th November 2106 public had faced lots of problem in transaction of
    money, payment for buying their daily needs in those time these online applications like PayTM
    played an important role in making the peoples life easy and later the usage of these applications
    started booming in the country. Later these digital wallets have taken all over the country.

    2. LITERATURE REVIEW
    The major difficulty faced by the users in using these digital wallets is security. Digital wallets
    are mostly dependent on internet and that is giving a negative impact on adopting them. There
    must be an awareness program to overcome these problems. (Dr. Hem Shweta Rathore, 2015).
    The author found that the major factor the is influencing is mobile banking and among all the
    factor social impact is least affecting factor. This study is done so, that banks can understand
    the intentions of consumers and bring new strategies to ensure the financial inclusion. (Amith
    Shankar and Pooja Kumari, 2016). The author tells that in present generation smart phones
    are playing an important role in people’s daily life and the usage of mobile wallet awareness as
    rapidly spread among the people in the country after demonetisation and this government policy
    made people to use mobile wallets forcefully. If the security issues are addressed properly then
    the adoption of mobile wallets will automatically increase. (Dr. S. Manikandan,2017). This
    paper main aim is to study the impact of economic reform on banking sector. This paper tells
    that the Indian economy has been running with progressive growth after 1990’s due to
    implementation of economic reforms banking sector has seen greater progress. Indian banking
    sector is one of the most important sectors among all the service sectors in the country and
    banking also know for measuring the financial performances of the country and the economic
    growth and sustainability because banking is known as economic barometer. (Sri. T. Balayya,
    2016). This research aim is to know whether the cashless economy in rural areas a dream or
    reality is. This paper tells that about more than 50% of India population is dependent on
    agriculture and being an agrarian economy, the agriculture productions and distributions are
    highly dependent on cash transactions. The paper found that most of farmers do not use any
    digital mode for transacting money as they are far from using internet banking because no
    proper internet services in areas and most for them prefer using hard cash as they feel it is safe
    and secure. The author suggests that even if one person in the rural area gets benefits by using
    digital payment then the rest will try to fellow. (Sheetal Thomas, 2017). The aim of this
    research is to find explore the relationship between financial sector reforms and the emergence
    of digital banking culture in India. The paper found that digital banking will help people in
    reducing the cost, risk and saves time and helps in maintaining transparency between banks and
    customers. For this to happen it is important that financial sector reforms should met the
    innovation and technologies in banking sector, does it is very important for timing the financial

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  3. Ramya Reddy P, Rakesh C

    sector reforms is very crucial. (Aijaz A. Shaikh, 2017). This paper tells about the digital
    payments and what happened after demonetization in India and how did people started using
    the digital modes for payments. This paper found that after demonetization people didn’t had
    hard cash in their hands and most of the people faced problem in buying their daily needs. This
    problem forced most of the people to use digital method for the payments. Later people felt that
    digital payments are more convenient and easier for using and they continued using digital
    payment modes. (Dorothy Sagayarani, 2017). At presently the internet banking is rapidly
    increasing and people slowly adopting this mode but still there are certain people not using this
    mode for transactions due to trust issues and some does not know to use these new technologies
    (senior citizens). (Dr. Karuna Gupta, 2017). The study found that people in metropolitan cities
    are using e-wallets compared to other small cities and with every unit that brought change in
    awareness among the digital payment system and there are 2.069% chances of users adopting
    digital payment mode. (Alakanda Lonare, 2018).

    3. METHODOLOGY
    3.1. Primary Source of Data
    Primary data is basically collected by conducting interviews, asking questions or creating
    questionnaires and breaking down certain data, and so on. The primary data collected for this
    dissertation is creating questionnaires and examination. Data was collected from around 225
    respondents of private bank account holders in Bangalore.

    3.2. Secondary source of data
    Secondary data is basically the information collected from various websites, thesis, published
    Journals, identified articles, books, magazines, new papers and many more. This secondary data
    gathered for this dissertation is published journals, identified articles, thesis, internet sources
    and books.

    4. DATA ANALYSIS
    Table.1: Transactions in UPI and E-Wallets are limited for certain amount
    Valid Cumulative
    Frequency Percent
    Percent Percent
    strongly Disagree 9 4 4 4
    Disagree 12 5.3 5.3 9.3
    Neutral 24 10.7 10.7 20
    Valid
    Agree 104 46.2 46.2 66.2
    Strongly Agree 76 33.8 33.8 100
    Total 225 100 100
    The Above table tells about how respondent reacted for Transactions in UPI and E-Wallets
    are limited for certain amount (can’t transact in Lakhs) for which 4% of respondents tells that
    they Strongly Disagree with the statement and 5% of respondents Disagree with it and about
    11% of respondents tells that they are neutral and where as 46% respondents Agree with this
    and 34% respondents Strongly Agree with the statement.

    Table.2: UPI and E-Wallets are promoting cashless economy
    Valid Cumulative
    Frequency Percent
    Percent Percent
    Valid strongly Disagree 6 2.7 2.7 2.7

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  4. Challenges in Adoption of New Technologies in Banking Sector – A Study with Reference to Selected
    Private Banks, Bengaluru

    Disagree 4 1.8 1.8 4.4
    Neutral 30 13.3 13.3 17.8
    Agree 119 52.9 52.9 70.7
    Strongly Agree 66 29.3 29.3 100
    Total 225 100 100
    The Above table tells about how respondent reacted for UPI and E-Wallets are promoting
    cashless economy for which 3% of respondents tells that they Strongly Disagree with the
    statement and 2% of respondents Disagree with it and about 13% of respondents tells that they
    are neutral and where as 53% respondents Agree with this and 29% respondents Strongly Agree
    with the statement.

    Table.3 They provide immediate solutions for the problem related to the transactions
    Valid Cumulative
    Frequency Percent
    Percent Percent
    strongly Disagree 65 28.9 28.9 28.9
    Disagree 73 32.4 32.4 61.3
    Neutral 40 17.8 17.8 79.1
    Valid
    Agree 35 15.6 15.6 94.7
    Strongly Agree 12 5.3 5.3 100
    Total 225 100 100
    The Above pie chart tells about how respondent reacted for They provide immediate
    solutions for the problem related to the transactions (like twice debited) for which 29% of
    respondents tells that they Strongly Disagree with the statement and 32% of respondents
    Disagree with it and about 18% of respondents tells that they are neutral and where as 16%
    respondents Agree with this and 5% respondents Strongly Agree with the statement.

    Table.4 Watch banking is more expensive to use
    Valid Cumulative
    Frequency Percent
    Percent Percent
    strongly Disagree 1 0.4 0.4 0.4
    Disagree 8 3.6 3.6 4
    Neutral 44 19.6 19.6 23.6
    Valid
    Agree 133 59.1 59.1 82.7
    Strongly Agree 39 17.3 17.3 100
    Total 225 100 100
    The Above pie chart tells about how respondent reacted for Watch banking is more
    expensive to use for which None of the respondents tells that they Strongly Disagree with the
    statement and 4% of respondents Disagree with it and about 20% of respondents tells that they
    are neutral and where as 59% respondents Agree with this and 17% respondents Strongly Agree
    with the statement.

    Table.5 Watch banking is not offered by many banks
    Valid Cumulative
    Frequency Percent
    Percent Percent
    strongly Disagree 4 1.8 1.8 1.8
    Disagree 9 4 4 5.8
    Valid Neutral 41 18.2 18.2 24
    Agree 139 61.8 61.8 85.8
    Strongly Agree 32 14.2 14.2 100

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  5. Ramya Reddy P, Rakesh C

    Total 225 100 100
    The Above pie chart tells about how respondent reacted for Watch banking is not offered
    by many banks for which 2% of respondents tells that they Strongly Disagree with the statement
    and 4% of respondents Disagree with it and about 8% of respondents tells that they are neutral
    and where as 62% respondents Agree with this and 14% respondents Strongly Agree with the
    statement.

    Table.6 Coral cards are making our payment methods easy
    Valid Cumulative
    Frequency Percent
    Percent Percent
    strongly Disagree 3 1.3 1.3 1.3
    Disagree 4 1.8 1.8 3.1
    Neutral 35 15.6 15.6 18.7
    Valid
    Agree 142 63.1 63.1 81.8
    Strongly Agree 41 18.2 18.2 100
    Total 225 100 100
    The Above pie chart tells about how respondent reacted for Coral cards are making our
    payment methods easy for which 1% of respondents tells that they Strongly Disagree with the
    statement and 2% of respondents Disagree with it and about 16% of respondents tells that they
    are neutral and where as 63% respondents Agree with this and 18% respondents Strongly Agree
    with the statement.

    Table.7 There is security threat in using coral cards
    Valid Cumulative
    Frequency Percent
    Percent Percent
    strongly Disagree 5 2.2 2.2 2.2
    Disagree 19 8.4 8.4 10.7
    Neutral 83 36.9 36.9 47.6
    Valid
    Agree 102 45.3 45.3 92.9
    Strongly Agree 16 7.1 7.1 100
    Total 225 100 100
    The Above pie chart tells about how respondent reacted for the security threat in using coral
    cards for which 2% of respondents tells that they Strongly Disagree with the statement and 9%
    of respondents Disagree with it and about 37% of respondents tells that they are neutral and
    where as 45% respondents Agree with this and 7% respondents Strongly Agree with the
    statement.

    Table.8 Digital India played a key role for the implementation of new banking technologies in India

    Valid Cumulative
    Frequency Percent
    Percent Percent
    Yes 218 96.9 96.9 96.9
    Valid No 7 3.1 3.1 100
    Total 225 100 100
    The Above pie chart tells about how respondent reacted for Digital India played a key role
    for the implementation of new banking technologies in India for which 97% respondents

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  6. Challenges in Adoption of New Technologies in Banking Sector – A Study with Reference to Selected
    Private Banks, Bengaluru

    reacted Yes, digital India as an impact on new technologies in banking sector where as 3% of
    respondents reacted No, digital India does not impact on new technologies in banking sector.

    4.2. Correlation Test
    Here, in this research correlation test is done to check whether there is a relationship between
    two variables

    Table.9 H1: Cash backs are the main reason for using E-Wallets after Demonetisation
    Cash backs reason Using after
    for using E-Wallets demonetisation
    Cash backs reason for using Pearson
    1 .504**
    E-Wallets Correlation
    Sig. (2-tailed) .000
    N 225 225
    Using after demonetization Pearson
    .504** 1
    Correlation
    Sig. (2-tailed) .000
    N 225 225
    Ho: Null hypothesis is rejected
    HA: Alternative hypothesis is accepted. This hypothesis shows that there is positive correlation
    between the cash backs for using E-Wallets and using E-Wallets after demonetization. The p-
    value is 0.01, which indicates that there is significant relationship between the two selected
    variables. Hence, it clearly shows that the two variables support the hypothesis and there exists
    a relation between the cash backs and demonetization for using E-Wallets.

    Table.10 H2: E-Huts can give faster solution that makes everyone’s work easier
    E-Huts make
    E-Huts can be our work
    faster solution easier
    E-Huts can be faster solution Pearson
    1 .460**
    Correlation
    Sig. (2-tailed) .000
    N 225 225
    E-Huts make our work easier Pearson
    .460** 1
    Correlation
    Sig. (2-tailed) .000
    N 225 225
    Ho: Null hypothesis is rejected
    HA: Alternative hypothesis is accepted. This hypothesis shows that there is positive
    correlation between E-Huts can be faster solution and makes our work easier. The p-value is
    0.01, which indicates that there is significant relationship between the two selected variables.
    Hence, it clearly shows that the two variables support the hypothesis and there exists a relation
    between the faster solution and makes our work easier in using E-Huts.

    5. DISCUSSIONS
    The identified factors that affecting the new technologies in private banks are watch banking,
    E-Deposits, BHIM UPI, E-Wallets, Coral cards, E-Huts. The research found that factor that
    influenced consumers to adopt new technologies are digital India programme, Demonetisation,

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  7. Ramya Reddy P, Rakesh C

    Cashless economy programme. Around 32% and 29% of the respondents Disagree and Strongly
    Disagreed that these E-Wallets and UPI application provide immediate solutions for their
    problems related to transactions like twice debited but whereas these applications do not refund
    and even if they assure for the refund they take minimum 2-3 working weeks to do it because
    of this many of them are facing problem using these applications. 59% and 17% of the
    respondents Agreed and Strongly Agreed respectively that watch banking is expensive to use
    because Apple watches (iWatches) and Samsung watches are very costly to buy, these watches
    can’t be affordable by everyone. So, most of the respondents feel that watch banking is
    expensive to use. And again 62% and 14% of respondents Agreed and Strongly Agreed
    respectively that watch banking is not offered by many banks as the bank don’t feel that most
    of the people can’t use watch banking as it is expensive to buy smart watches. Respondents
    have expressed different answers when asked that using bank online application is better than
    using other applications. Here is there response 9% of the strongly disagree that bank
    application is better and 29% of them responded that they disagree with it but 23% of them
    remained neutral but whereas 29% of the agreed that it is better to use bank application and
    10% of them strongly agreed with it. This tells that some people don’t like to take any risk and
    they feel but to use bank application as their bank will respond soon if something will go wrong
    while transactions. 46% and 35% of them Agreed and Strongly Agreed respectively that in E-
    Wallets and BHIM UPI they cannot transact more money like in Lakhs because there is certain
    limit for transacting money in these applications i.e., in BHIM UPI one can transfer maximum
    of 40,000 per person and in E-wallet application a maximum number of 10 transaction of 1 lakh
    is the limit. In addition, if any one wants to transfer more money, they should use IMPS and
    NEFT.
    Digital India, Cashless economy programmes made people to switch to digital payments, if
    government will be able to do such innovative programmes it would be great for future. Banks
    can install E-Depository machines beside their ATM’s, minimum one machine in every area
    which will make customers to deposit their money in these E-Deposits without any problem.
    Transactions in E-wallets and BHIM UPI applications can extend their limited of
    transaction of money which will make better for people to transfer money without any
    difficulty. E-Wallets and UPI applications should try to refund the customers money as soon as
    possible if its debited twice but not credit, as these applications take longer time for fixing the
    problem. Coral cards should be used be used in local stores, super markets which will make
    customers comfortable to pay the bill. Respondents want banks to launch E-Huts which will be
    help full for them to solve their problem in one step without any difficulty, hope the banks to
    launch this application soon. As the new technologies and innovations have taken the world on
    storm, in future we may witness that information technology companies may launch smart
    watches which can be affordable by customers, that may help in increasing the usage of watch
    banking.

    6. LIMITATIONS
    The study has focused on only few variables the future study can use different variable like
    API, block chain, beacon technology. The survey was conducted for only private bank account
    holders particularly to ICICI bank, HDFC bank, IndusInd bank, Axis bank, IDBI bank

    7. CONCLUSION
    Many changes have happened in banking sector after the financial reforms (banking reforms)
    in the past few years. In the present era the new technologies have changes the face banking
    system, like standing in the queue for depositing or drawing money to transacting money from
    anywhere at any time. Indian banking has shown new heights in the past few years and

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  8. Challenges in Adoption of New Technologies in Banking Sector – A Study with Reference to Selected
    Private Banks, Bengaluru

    Government programmes have helped banks to come up with new technologies in banking
    sector. In the present generation many private banks have started using new technologies to
    provide better services for their customers, these new modes of services have brought better life
    style to the customers. Public is completely satisfied by the services provided by the banks but
    there are certain problems too, One of the problems faced by the customers is that in digital
    wallet applications does not provide immediate solution for the problems related to the
    transactions like twice debited but not credited, these applications take minimum of 2-3 weeks
    to solve the problem. It is suggested that the digital wallets applications should try to respond
    quickly to the customers and fix the problem as soon as possible, by doing this customer will
    build the trust in using new technologies. And the adoption of new technology has been good
    by far the banks and customers are extremely satisfied by these new innovations or technologies
    but ultimately there must be proper security for online transactions and the Indian Banking
    Industry has shown considerable resilience during the return period The second-generation
    returns will play a crucial role in further strengthening the system New technology has
    particularly been both enabled and in turn fueled by a huge influx of new providers and
    products, all vying to enter the payments space

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