A Comparative Study on Peoples’ Preferences towards Electronic Banking over Traditional Banking

Abstract

In today’s era of information and technology an economy cannot achieve the target of sustainable development by following traditional banking method. So, it has become mandatory for developing country like India to increase automation in banking industry. Customers are no longer restricted to visiting physical locations for banking services such as cash withdrawals, check deposits, and account statement retrieval. Any query or transaction is handled online in real Internet banking at any time without involving a branch. The availability of Internet banking is shifting from being a "nice to have" to a "need to have" service. This study compares consumer preferences for traditional banking against electronic banking. The survey also looks into the most common reasons why individuals use electronic banking, examines what people think about electronic and traditional banking, and determines the issues users encounter with both types of banking. The results of this study shed light on the variables that affect people's preference for electronic devices and offer recommendations for improving the banking services.