The opportunities with Internet banking are unlimited. The Internet has given banks growing market in the case of their customers and geographical expansion. The development in technology has made customers reach the banks with the Internet in a cheaper way. People all over the world can access Internet banking either through PCs or other devices. The buying power of consumers has increased, and the desire for quality services has also grown higher by virtue of Internet banking. The count of potential customers has increased. Thus, every bank target final consumers; they have to accept the immense potential of the Internet (https://www.rbi.org.in).
The Internet provides huge prospects to banks in order to show their presence in the international market. The efficiency of banks using Internet mode is in spreading information on their product and services in cost-effective ways. The critical information of banks has become simpler and faster to share with the medium of the Internet. A planned virtual market delivers the actual and real image of banking information. The dissemination of information is made by the use of multimedia capabilities like sound, picture, and movies, etc. However, potential customers can be increased with the help of other media (https://www.rbi.org.in).
The quality of the kinds of services is the key feature of any Internet banking venture. The satisfaction of customers can be made efficient by selling the product via the Internet. The Internet has given the opportunity, and the time zone and geographical expansion do not limit the expansion of business. The queries of customers can be handled by e-mail, by frequently asked questions, by providing a helpline. The complaint of the client is taken up online throughout the day are the features of Internet banking which lead to better service quality given to customers. (RBI, 2001)
The Internet is the easy way to reach the customer, and if not used effectively, they tend to lose them too. Switching from one site to another is quite convenient for the customer. The factor of cost has a critical place in Internet banking. The cost incurred in providing banking services through the Internet is less when compared to the traditional modes of banking. The Internet provides a considerable advantage in cost as it is one of the driving forces for more traditional banks, and this difference of variation depends on the type of operations and the estimates (http://rbi.org.in).
World Wide Web has the least cost of communication than any other medium (RBI, 2012). The banks must have proper plans to address the opportunities with the help of the Internet, as it has a huge impact. Internet banking gives opportunities for customers to perform online transactions, and it is far more efficient than the traditional form of banking.
The banks have multiple communication channels with the advent of technology which may lead to numerous options for customers. Customers in today’s scenarios are willing to save time and money, and Internet banking becomes the choice. The banks perform multi-task, which is a need in the current competitive age.
The basic services of Internet banking are viewing account balances and transaction histories, paying bills, fund transfers between accounts, requesting credit card advances and arranging checks for faster services that can be provided by domestic and foreign banks.
For citing this article use:
- Singh, S. (2017). Factors Affecting Consumer Adoption of Internet Banking in India an Empirical Study.
