People’s Bank (State Bank of India):- Is First Choice ... · PDF filePeople’s Bank...

SIT Journal of Management

Vol. 3. No. 2: December 2013, Pp.324-343

Dhillon & Vachhrajani ISSN: 2278-9111

People’s Bank (State Bank of India):- Is First Choice Among Middle

Income Group: An Empirical Study (With Special Reference to Saving

Account)

Amritpal Singh Dhillon* & Hardik Vachhrajani

Abstract

This empirical research study focuses on exploring the major factors that lead to customer

choice & behavior of middle class people while selecting or doing retail banking with Indian

banks. It also leads to develop a conceptual framework of relationship marketing practices in

Indian banks by capturing the perspectives of consumers with respect to their satisfaction

with various services. Data from 110 survey respondents was collected from the selected

prominent retail banks in the city of Vadodara (Baroda), Gujarat. This study also tries to

analysis the major variable which plays a critical role while opting saving accounts offered

by various banks. During the research period various statistical tools were used to unearth

the inter-relationship between various factors like saving account, education, occupation &

annual income etc. In nutshell the respondents were very much safety conscious and looking

for saving account which offers maximum benefits with minimum risk involvement to safe

guard their hard earned money.

Keywords: Banking Industry, Consumer Behavior, Simple Cross Tabulation, Chi-Square

Test, Hypothesis.

*Amritpal Singh Dhillon, Research Scholar, Hemchandracharya North Gujarat

University, Surat, Gujarat, M: +91-9510086557, email:

[email protected]

**Dr. Hardik Vachhrajani, Amrita School of Business, Amrita University (Amritapuri

Campus),Kerala, M: +91-93775 49309, email: [email protected]

mailto:[email protected]




Introduction

The changing environment has presented an unprecedented set of challenges across

all the industries in the globe. The banking industry too, facing a rapidly changing market,

economic uncertainties, fierce competition, new technologies, and more are demanding

customers. The cross border flows and entry of new players and products have forced banks

to adjust the product-mix and undertake rapid changes in their processes and operations to

remain competitive. Over the years, Indian banks have expanded to cover large geographic

and functional area to meet the developmental needs of their customers. They have been

managing a world of information about customers – their profiles, location, etc. They have a

close relationship with their customers and a good knowledge of their needs, requirements

and cash positions. Though this offers them a unique advantage, they also face a fundamental

problem. Unlike in the past, the banks today are market driven and market responsive. The

top concern in the mind of every bank’s CEO is increasing or at least maintaining the market

share in every line of business against the backdrop of heightened competition. With the

entry of new players and multiple channels, customers (both corporate and retail) have

become more discerning and less “loyal” to banks. This makes it imperative that banks

provide best possible products and services to ensure customer satisfaction. Therefore, more

studies are conducted to understand the customer on various variables based on geographical

& psychological in order to increase overall profitability of retail banking in India.

Macro- Economic Scenario

Outlook for global growth for 2013 looks relatively better than the previous year, with

reduced tail risks. On the domestic front, although growth contracted to around 5% in FY13,

India continues to remain one of the fastest growing economies in the world. Outlook for the

current fiscal with inflation now well within tolerance level, appears better than the previous

year. Additionally, softening of global commodity prices should help reduce the imported

inflation in domestic economy. Trends in industrial growth are encouraging. With exports

turning positive, coupled with higher capital inflows, managing the current account deficit

may be facilitated in the current year. Against the above backdrop of a challenging macro-

economic environment, the domestic banking system continued to enjoy the confidence of

the banking public. This is reflected in the aggregate deposits of all scheduled commercial

banks (ASCB) growing higher by 14.3% in FY13 against 13.5% growth in FY12. However,




there was sharp deceleration in credit growth to 14.1% in FY 13 from 17.0% in FY12 due to

a slow-down in investment demand and overall muted growth. Liquidity position was,

however, normal as RBI provided refinance for exports. Since there was little head room to

reduce the deposit rates, banks NIMs were under pressure. Due to the downturn, many

sectors were severely affected impacting the quality of assets financed by the banks. Gross

NPAs of 40 listed banks went up by 43.1% from levels a year ago. Further the restructured

assets book also showed an upward bias with recast assets under CDR around 50% more than

the whole of last year.

Conceptual Framework

As saving accounts are considered to be major contributor to any bank’s success. We

have selected one of the India’s leading banks for our research i.e. State Bank of India. The

savings account has been designed to help people save for their future financial requirements.

Saving account comes with lot of features like moderate rate of interest, personal accidental

insurance etc with most important factor i.e. safety. While selecting or choosing the saving

account the middle class people take almost care. Here in our research we try to unearth

various facts and myths as mentioned under the head of objectives.

Review of Literature

The study started with the literature survey via various reputed journals, magazines &

special articles published in newspaper as well as on internet, which helped to know various

facts of the banking industry. Also more emphasis has been given to understand the latest

trend occurring in the industry. The sources also provide the basic knowledge about the

industry & the marketing actions followed by the leading banks, which in return helped in

understanding the customers’ expectations & further facilitated in designing the

questionnaire.

Various literatures are reviewed concerning the income, expenditure and consumer

buying behavior. Existing marketing knowledge regarding consumer buying behavior is the

best foundation for testing a theoretical framework, which has been developed in preceding

chapters. The background theories reviewed to develop a working framework are: consumer

buying behavior with concern to income & expenditure and western railway employees as a

market segment, which lead to the focus theories of the research, the conceptual model.

However, prior to the discussion of academic theories, literature regarding the expenditure,

income & consumer buying behavior and its historical background will be reviewed first to




have insight knowledge regard this industry in order to formulate appropriate as well as valid

research hypotheses as well as guiding survey design.

Since the late ’50s, superiority of one criterion above another has been a subject

question of various research studies. Early researchers (Martineau, 1958; Coleman, 1960 and

Wasson, 1969 in Keiser and Kuehl, 1972; Schaninger, 1981; Shimp and Yokum, 1981), for

example, argued in favor social class and consider it as a better variable than income for

prediction of consumer behavior.

Coleman (1960): In his research concerning furniture purchases of consumers in

different classes, found that the correlation between prices of goods purchased and social

class is relatively quite high in these product areas, while the correlation between price paid

and annual income is lower than one might expect (Keiser, Kuehl 1972)

A debate was initiated in late ‘60s, regarding social class vs. income and series of research

studies were conducted by various research scholars {Matthews and Slocum (1969); Myers et

al., (1971); Myers and Mount, (1973); Hirisch and Peters, (1974)} whose authors reached

contrary results and established superiority over social class.

Myers et al., (1971): Myers and his colleagues provided support for the predictive

power of income over social classes in explaining expenditure patterns for low-priced

packaged goods & cosmetics and semi-durable & durable goods, plus selected services, such

as clothing, furniture, appliances and travel (Myers and Mount, 1973; Hughstad, 1981). Both

studies only examined the presence of various products on hand.

Sivadas (1997) and Hirsch & Peters (1974 in Sivadas) suggested that income is

superior to social class in predicting recreational and leisure activities.

Nobel laureate Herbert A. Simon sees economic decision making as a vain attempt to

be rational. He claims (in 1947 and 1957) that if a complete analysis is to be done, a decision

will be immensely complex. He also says that peoples' information processing ability is very

limited. The assumption of a perfectly rational economic actor is unrealistic. Often we are

influenced by emotional and non-rational considerations. When we try to be rational we are

at best only partially successful. However, this conclusion related only to the criteria of

usage/non-usage, while social class was of more significance when observing frequency of

usage or purchase.

http://en.wikipedia.org/wiki/Herbert_A._Simon

http://en.wikipedia.org/wiki/Economic

http://en.wikipedia.org/wiki/Vain

http://en.wikipedia.org/wiki/Rationality




Slocum and Matthews (1970 and 1972): Slocum and Matthews updated an earlier

study and conclude that income was at least as important as social class in predicting type of

credit card usage, i.e. that neither variable was superior.

Keiser, Kuehl (1972): Another study also shows that both variables, income and

social class, are positively related to brand identification. Namely, adolescents with high

earnings and in the upper class were able to identify more brands than other adolescents.

Schaninger (1981): A very comprehensive and valuable research was conducted by

Schaninger in the analysis of both usage/non-usage criteria as well as frequency of use data

for a large variety of products. In his study, he came to the following conclusions:

(a) Income is more significant than social class in explaining the consumption of low

social value products and services that are not related to class symbols1, but require

substantial expenditures (recreational vehicles and major kitchen and laundry appliances).

Income also better determines the purchase rate of recurrence for mixers, soft drinks &

distilled alcohol, i.e. alcoholic beverages.

(b) Social class2 is a better predictor than income in areas that do not involve high

dollar expenditures, but reflect an underlying lifestyle, values, (e.g. concern with drinking

imported, health & body, and domestic wines) or homemaker role differences, not captured

by income. Furthermore, social class is superior for understanding the purchase of highly

visible, expensive and symbolic goods, such as living room furniture3; and

(c) The combination of income and social class is generally superior for highly visible

products that require moderate or substantial expenditure and also serve as class-linked

symbols (automobile, clothing, television sets)4. Contemporary marketing and consumer

behavior literature often refers to the results of Schaninger's study and generalizes the

presented conclusions.

Since the beginning, that is the mid ’80s, the empirical interest for the issues and

debates on social class vs. income weakens, with the exception of only a few, less

1 This conclusion is contrary to Coleman's findings (1960 in Schaninger). Zaltman and Wallendorf (1979 in Schaninger)

proposed that income would be superior to social class for inconspicuous products bought for in-home use. 2 When classifying individuals into social-class groupings, Schaninger, like most of the other researchers, used the

Hollingshead Index of Social Position, based on two basic socioeconomic variables: occupation and education. 3 This is in line with Coleman's (1960 in Schaninger, 1981) empirical evidence. 4 Peter's (1970) relative occupational class income concept has enhanced the ability of social class to predict select

consumption phenomena. Furthermore, some research studies found that relative class income represented an important

determinant of buying behavior for coffee (Klippel and Monoky, 1974; Prema Dawson et al., 1990) and retail store selection

(Dawson et al., 1990).




comprehensive studies on this subject (e.g. Tomlinson et al., 19935, Sivadas, 1997 and

Williams, 20026). The relationship between expectation, perceived service quality and

customers satisfaction have been investigated in a number of researches (Zeithaml, et al,

1988). They found that, there is very strong relationship between quality of service and

customer satisfaction (Parasuraman et al, 1985; 1988 ;). Increase in service quality of the

banks can satisfy and develop attitudinal loyalty which ultimately retains valued customers

(Nadiri, et al 2009). The higher level of perceived service quality results in increased

customer satisfaction. When perceived service quality is less than expected service quality

customer will be dissatisfied (Jain and Gupta, 2004). According to Cronin and Taylor (1992)

satisfaction super ordinate to quality-that quality is one of the service dimensions factored in

to customer satisfaction judgment.

One can conclude that since the phenomena of social class in marketing became a

subject of study, most research studies have considered this category far more than income.

Despite many doubts and critical attitudes of certain researchers & authors on the practical

worthiness of social class for predicting and explaining the consumption phenomena, there

are ample research studies and published papers that imply that behavioral patterns,

purchasing motives and consumption of certain products and services differ significantly in

relation to social class affiliation7.

Objectives of the Study

1. Try to analysis whether working female prefers more SBI’s saving account than

working male.

2. Try to uncover the myth that the SBI’s saving a/c is more preferred compared to other

banks.

3. Try to validate the statement made by branch manager i.e. More than 60% people

prefer banking with SBI Saving A/c.

4. Try to unearth possible dependency between saving account, education, occupation &

income.

Research Design & Methodology

5 Tomlinson and colleagues (1993) found that class gives a more powerful prediction of food consumption than income. 6 Social class did relate to a greater number of criteria than income. However, a far greater number of significant

relationships were observed when relative class income was employed (Williams, 2002). 7 More on this in Mihić (2005).




The pattern of research methodology, which pertains to this paper, shown below-

Period of the Study

The period of the study covers 8 weeks during 2010.

Type of Data

The present study used only primary data. The primary data was collected through

questionnaire to facilitate proper understanding of the study.

Designing of Questionnaire

We have prepared the questionnaire in accordance to our research objectives in which we

have used the open ended, close ended, ranking scale and likert scale to obtain the suitable

answers for our research.

Designing of Sample Survey

Sampling Unit: Sampling Units is SBI Saving Account.

Sampling Media: Personal interview & questionnaire.

Sampling Size: Estimated Sample Size is 110.

Sampling Method: Convenience method

Data Collection

Primary data has been collected through structured questionnaires. Every respondent has

been personal contacted & interviewed for collecting the data. Convenient sampling method

has been adopted while selecting the sample for this survey.

Research Hypothesis

Ho: Time period of SBI saving account and education are independent of each other

Ho: Time period of SBI saving account and occupation are independent of each other.

Ho: Time period of SBI saving account and income are independent of each other

Data Tabulation and Data Validation

After the data collection, the data was tabulated in the Microsoft Excel sheet and then

edited, validate and verified for the validity.

Tool for analysis

The data collected through structured questionnaire, was arranged sequentially and

tabulated in the systematic order. In order to analysis and interpretation of the data, simple

statistical tools like hypothesis, cross tabulation, chi-square test analysis in microsoft excel

tool were used. And is order to examine the validity of above said null hypothesis ‘t’ test was

used.




Data Analysis and Interpretation

Finally, the result that emerged that the study was analyzed and interpreted and suitable

conclusions were drawn from these results.

Table No.1

Time Period of Having Saving Account

open saving

account

Less than 6

months

6 Month – 1 year

1years - 2years

More than 2

year

1 9 12 88

Chart No. 1

As per the chart no 1, we got the result that the maximum numbers of respondent i.e.

88 having saving account for more than 2 year. And the second highest samples have saving

account for nearly 1 to 2 years.

Determination of Data Analysis Methods

Percentage and mean analysis were considered for finding out the percentage of users of

saving account and related factors. Chi-square test for independence was conducted to

unearth possible dependency between.

VAR 1. Saving Account

VAR 2. Education Indicator of Respondents.

VAR 3. Occupation Indicator of Respondents

VAR 4. Annual Indicator of Respondents.

Table2

Categories for Conductig Dependency Analysis

Variables Categories

Do not saving account(0)

1 9 12

88

0

50

100

Less than 6 months 6 Month – 1 year 1years - 2years More than 2 year

Time period of having saving account




VAR 1

Less than 6 months(1)

6Month – 1 year(2)

1years - 2years(3)

More than 2 year(4)

VAR 2

Undergraduate(1)

Graduate(2)

Post Graduate(3)

Other(4)

VAR 3

Service(1)

Businessman(2)

Professional(3)

Housewife(4)

Other(5)

VAR 4

Less than 1,50,000(1)

1,50,000 to 4,50,000(2)

More than 4,50,000(3)

Cross Tabulation and Chi-Square Test

At 5% level of Significance, the Chi-Square statistics falls in the acceptance region,

which leads to the acceptance.

Table No.3

Cross Tabulation between VAR 1 and VAR 2

Ho: Null hypothesis. (Time period of SBI saving account and education are independent of

each other)

H1: Alternative hypothesis.

VAR 2

Undergraduate(1) Graduate(2) Post Graduate(3) Other(4)

Do not SBI

saving

account(0)

1 5 14 0

Less than 6 0 0 0 0




VAR 1

months(1)

6Month – 1

year(2)

2 0 3 0

1years -

2years(3)

3 2 5 0

More than 2

year(4)

24 38 9 4

Chart No. 2

Chi-Square Calculation Value 35.504

Chi-Square Table Value 21.06

Level of Significance (Alpha) 0.05

Degree of Freedom 12

Result There is association between two variables, so Reject

the null Hypothesis

Table No.4


Ho: Null hypothesis. (Time period of SBI saving account and occupation are independent of

each other)


VAR 3

Service(1) Businessman(2) Professional(3) Other(4)

Do not SBI

saving

8

4

8

0

010203040

Do not SBIsaving

account

Less than 6months

6 month -1year

1 year - 2years

More than2 year

Undergraduate

Graduate

Post Graduate

Other




VAR 1

account(0)

Less than 6

months(1)

0 0 0 0

6Month – 1

year(2)

2 0 3 0

1years -

2years(3)

6 0 4 0

More than 2

year(4)

68 5 2 0

Chart No. 3




Degree of Freedom 12

Result There is association between two variables, so

Reject the null Hypothesis

Table No.5


Ho: Null hypothesis. (Time period of SBI saving account and Income are independent of

each other)

0

20

40

60

80

Do not SBIsaving

account

Less than 6months

6 month -1year

1 year - 2years

More than 2year

Service

Businessman

Professional

Other





VAR 4

Less than

1,50,000(1)

1,50,000 to

4,50,000(2)

More than

4,50,000(3)

VAR 1

Do not SBI

saving

account(0)

5 10 5

Less than 6

months(1)

0 0 0

6Month – 1

year(2)

2 3 0

1years -

2years(3)

3 7 0

More than 2

year(4)

2 67 6

Chart No. 5




Degree of Freedom 8

Result There is association between two variables, so

Reject the null Hypothesis

0

20

40

60

80

Do not SBIsaving

account

Less than 6months

6 month -1year

1 year - 2years

More than2 year

Less than 1,50,000

1,50,000 to 4,50,000

More than 4,50,000




Table No.6

Occupation

From the above table, we got the result that the maximum respondents of sample i.e. 84 were

service class people. And the second maximums were professionals.

Table No.7

Age

Age 18 to 30 31 to 40 41 to 60 60 to above

13 37 55 5

As per the chart 7, it is clear that maximum numbers of sample 55 were between the age

group 41 to 60 years. And the second highest samples, 37 were between the age group 31 to

40years.

Table No.8

Education

Education Undergraduate Graduate Post Graduate Other

31 46 29 4

As per the chart 8, maximum numbers of sample were graduate followed by undergraduate.

Table No.9

Sex

SEX NO. OF SAMPLE

MALE 70

FEMALE 40

TOTAL 110

Occupation

Service

Businessman

Professional

Other

84 9 17 0




As per the chart 9, 63.64% were male and.36.36% were female.

Table No.10

Annual Income

Annual Income Less than 150000 150000 to 450000 More than 450000

12 87 11

As per the chart 10, our maximum respondents fall under the group having annul income of

Rs.1,50,000 to 4,50,000. And the second maximum samples 12 were between annual income

group less than Rs.1,50,000.

Table No.11

Currently Using

Currently using Saving account Current

account

Both None

59 0 51 0

As per the chart 11, 53.64% were currently using saving account only. And 46.36% were

currently using both i.e. saving as well as current account.

Table No.12

No. of Saving Account

No. of saving

account

1 2 3 Or More

56 43 6 5

As per the chart 12, we got the result that the maximum numbers of sample i.e. 56 have only

single saving account.

Table No.13

Bank Prefer for Saving Account

Bank

Prefer

SBI Bank of

Baroda

Dena

bank

Bank of

India

Central

bank of

India

ICICI

HDFC AXIS

BANK

90 4 1 2 4 6 0 3




Chart No. 6

As per the chart no 6, 81.82% preferred to do banking with SBI’s saving account. Here SBI

has outperformed as compared to its competitors.

Table No.14

Saving Account with SBI

Saving A/C

Male Female Total

59 31 90

As per the chart 13, we got the result that sample of male 59 have saving account in

SBI. And the samples of female 31 have saving account in SBI.

Table No.15

Satisfied with Services of SBI Saving Account

Satisfied with

Services

Male Female Total

59 31 90

As per the chart 15, we got the result that sample of male i.e.59 have satisfied with

service of SBI saving account. And the samples of female i.e. 31 have satisfied with service

of SBI saving account. That means 100% for SBI.

Table No.16

Like to Open a Saving Account with SBI.

020406080

100

SBI Bank ofBaroda

Denabank

Bank ofIndia

Centralbank of

India

ICICI HDFC AXISBANK

Most Preferred Bank




Open a saving

account

Male Female Total

7 3 10

As per the chart 16, we got the result that sample of male i.e.7 and the samples of

female i.e. 3 are like to open saving account with SBI

Finding

From the statistical methods like Chi-Square, Cross Tabulation and Hypothesis, we

came to know that there exists certain positive relationship between various variables. They

are as under:-

Time period of SBI saving account and occupation are dependent of each

other

Time period of SBI saving account and Income are dependent of each

other

Time period of SBI saving account and education are dependent of each

other

And from other data we got:

1. From the complete study of this project we came to know that the people of Vadodara city

are having knowledge of saving account. They can at least understand the basic things about

saving account .They are using like,

Risk factor

No. of Branch

ATM Facility

Brand image

Trust worthiness

Liquidity

2. Since this project is bases on saving account in SBI, the middle class people are safety

conscious, so they keep in mind the criteria of selecting saving account based on safety, after

all the Financial constraints are the important one! Also they are focused on having good

services like,

Core banking




Tele banking

Net banking

Discount facility

Fund management

Additional benefits

(Accidental insurance, free demat a/c)

3. People prefer SBI saving account because it’s given maximum number of services to

people at reasonable rate with maximum security with minimum risk involvement.

4. We were surprised to find that all the respondents who were banking with SBI’s saving

account were satisfied.

Conclusion

In our study we conclude that more of the respondent’s occupation is service, on an

average their annual income is between Rs. 150000 to 450000 and saving account available

or used by them is for more than 2 years.

The main factors behind opening SBI’s saving account is safety, core banking

and trust worthiness. From the Research, we came to know that majority of the respondents

prefer SBI’s saving account over its competitors.

Users are ready to open saving account for the following configurations;

Core banking

Liquidity

Trustworthiness

Brand image

ATM Facility

Credit Facility

No. of Branch

Net banking

Discount facility

Fund management

Recommendations




From the findings and conclusion, we came to know that most of the respondents are

safety conscious. So SBI bank should try to focus more on safety issues, which is almost

important for middle class people and also provide them maximum services at reasonable

cost so that they can have more satisfaction with saving account.

Limitations of the Study

1. Sample Size was limited to 110 respondents only and unable to represent the whole

population.

2. The research is limited to Vadodara city only, if the research would have been carried

in another city, then result could vary.

3. The finding of this study will be based on the assumption that the respondents will

give true information.

4. Limited time will be available for research

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