AN INVESTIGATION ON THE VARIABLES IMPACTING THE BEHAVIORAL INTENTION TO USE DIGITAL BANKING IN CHENNAI CITY

Abstract

Digital banking has significantly transformed traditional banking procedures, allowing customers to perform routine transactions online through self-service channels and web-based applications. The total number of digital payment transactions grew from 2,071 crore in FY 2017-18 to 18,592 crore in FY 2023-24, with the value of digital payment transactions increasing significantly during FY 2013-14. This study aims to determine the variables affecting consumers' perceptions of the value of digital banking services over traditional banking. Data was collected from individual respondents in Chennai, Tamil Nadu, who may end up using digital banks. The sample size was 200, with 214 respondents overall. Factor analysis was used to identify key elements that could affect bank customers' conduct with regard to digital banking. The survey found that female respondents make up 59.0% of the sample population, with the majority being less than 35 years old, married, graduate and postgraduate students, born in urban areas, working for private companies, and having a monthly income less than Rs. 35,000. All respondents favored digital banking, but 58.0% preferred using their desktop or laptop for banking. 68.0% of respondents had been using online banking for no more than three years, and the vast majority (48.5%) expressed satisfaction with their experience using digital banking.