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The study focuses on whether the development in banking scenario has been satisfactory from the perception of the customers. Although the banking industry has made huge investments in developing e-banking, rural areas have still not been able to access the services due to various reasons such as attitude and perception of the customers, lack of service quality and inadequate banking infrastructure. On one hand rural areas have been neglected due to inadequate network facilities, power facilities, reluctance of bank employees to work in rural areas and illiteracy of the rural population (Shivamaggi, 1997).
But on the other hand the lack of technological innovations like ATMS, credits cards, debit cards, internet banking, mobile-banking, ECS, RTGS and Mobile Wallet in rural areas have created a huge opportunity for banking institutions to look beyond traditional form of brick and mortar branch banking (BORO, 2013). This is where the government and policymakers must step in by enacting favourable policies and developing infrastructure to attract financial institutions to the backward areas (Chowa & Adjabeng, 2015).
In line with the above statement it is the duty of the Banks to find the right equilibrium between physical (human) and electronic connection with customers (Patil, 2005). Research studies have applied the Bass Model (1969), which explains the behaviour of individual customers in adopting new products or services. This study observed that the individual characteristics and the product characteristics are the factors that drive the customer to either adopt or not adopt technological advancements (Mei Xue, 2011). In relation to the aforesaid analysis, individual’s decision to adopt a new information system is primarily based on his/her attitude towards the system which is a function of perceived ease of use and perceived usefulness.
The basic factors that influence the adoption of e-banking are security and privacy issues, trust issues and lack of awareness (Nitsure, 2004). Few researchers have considered it important to examine the characteristics in both offline and online channels. This analysis will help to understand the thought process of the customers and serve them better (Frei, 2002). Perceived credibility, performance expectancy and cultural dimensions such as individualism, uncertainty and avoidance has a direct influence in affecting the acceptance of e-banking (Yee Yen Yuen, 2015).
On the contrary consistency of financial intermediary with the capability of mobilizing local funds is a way of promoting growth and thereby improving the standards of living of their customers (Masahudu, 2014). Most of the researchers have concluded that to an extend the technological interventions among banks have delivered a number of benefits that can be consumed by customers of any geographical space.
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