




































Indian Journal of Finance and Banking 

 Vol. 6, No. 1; 2021 

                                       ISSN 2574-6081   E-ISSN 2574-609X 

Published by CRIBFB, USA 

 

17 

DIGITALIZE WITNESSING THE ALLY OF CASH? 
 

 

M. Radhika 

PhD Research Scholar 

Department of Business Management 

Osmania University 

Hyderabad, Telangana, India 

E-mail: radhikamba02@gmail.com 

 

P. Madhu Kumar Reddy 

PhD Research Scholar 

Department of Business Management 

KLEF (Deemed to be University) 

Greenfields, Vaddswaram 

Andhra Pradesh, India 

E-mail: madhukumarreddy@gmail.com 

 

Dr. A. Rama Kumar 

Professor & Pro-Vice Chancellor 

KLEF (Deemed to be University) 

Greenfields, Vaddswaram 

Andhra Pradesh, India 

E-mail: provc@kluniversity.in 

 

ABSTRACT 

Recently banks have switched their operations from paper to the latest app-based solutions like Mobile 

banking, Internet banking, etc. that empower the customers to arrive at banks virtually with mobile apps. 

India posture an enormous challenge in the financial sector with a rise in the latest applications services 

turns into fresh and essential financial services users anywhere at any time with a single click. It had 

hitherto developed from conventional business to mobile piloted business. There is no doubt the double 

hit COVID-19, jumble the people lives, economy, and what not everything has changed. Banks are now 

working towards digitalized operations to increase customer's digitalized expectations that have been 

expediting in this pandemic. The main aim of the study is to analyze the impact of the double hit of Covid-

19 on the banking sector in providing a digital solution to the mobile banking user. The present study 

delves for an empirical test of pandemic witnessing the ally of cash with digitalize solutions Indian 

banker’s customers. The study is planted by descriptive research design with survey method in the form 

of convenience sampling to collect the data. The intuition of the study prospective fruitful in digitalize 

financial services, customers digitized expectations, and mobile apps implementation in this viral 

environment.  

 

Keywords: Mobile Banking, Digitized Operations, Pandemic, Customer Satisfaction, Security.  

 

JEL Classification Codes: G01, G21, I15, I18, J17. 

mailto:madhukumarreddy@gmail.com
mailto:provc@kluniversity.in


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INTRODUCTION 

The globe has endured an extensive switch with the latest technological expansion effect existence of a 

normal person. India with caseload from November to January was quite slow and low. But by March it 

has been outbreak with the second wave of COVID-19 (Abiad et al., 2020); frequently rise in the caseload 

more quickly in addition to that of black, white, and yellow fungus. Central Government ingenuity again 

imposing a lockdown abetted in keeping people indoor with social distancing that expedited to shattered 

the chain. Due to nationwide lockdown, India faced several difficulties in rendering banking services. 

Most of them lost their regular cash flows, myriad people have become cashless. The current scenario 

with the virus-infected surface is high were plugged back them from the regular payment and routine 

transactions. Therefore the live hood switches from in row to online transactions, mobile banking, internet 

banking, etc. The government also prolonged its support with several banks and IT companies for the 

adoption and acceptance of mobile wallets.  The usage of m banking has been increased in pandemic 

based on two factors that do transaction safely and securely in the home that aid the social distancing and 

majority of the services are on online platform were without any choice customers are turn up to mobile 

banking. The development of the latest technology by collaborations between the various IT companies 

enhances the mobile wallet services in India.  

Recently India turns up as the agile stretch in the mobile, internet market in the world with more 

than a billion mobile subscribers and becomes a youngster for mobile communication. It was estimated 

that over 760 million in 2021 are Smartphone users in a digital journey. India is the world's second-largest 

internet population with 483 million users in 2018 and is forecasted that it exceeds to 500 million by 

2023. In 2019, India was around 2.8 Exabytes per month in total mobile data, and an increase in usage of 

smartphones was estimated to be over 21 Exabytes per month in 2025. Demonetization merged the rise 

in digitalizing India. In the financial year 2014, about 2.38 digital transactions per capita increase to 22.42 

digital transactions per capita in the 2019 financial year a shred of evidence that India is a cash dominant 

country with positive significant growth in digital transactions. Over 1.2 billion in 2020, India was the 

second-largest telecommunication market subscriber in the world (Keelery, 2020).  

 

Cov2 Challenges Traditional Banking Habits 
Due to this double hit of the pandemic, banks plan to safeguard their employees and customers from this 

virus spread with fully lighted hands and remote working.  World health organization also guided people 

to go for digital transactions or contactless payments by avoiding handling paper currency or bank notes 

frequently due to a life of novel coronavirus on banknotes that speed spread of the virus. Traditional 

banking service seem more customer focused with face to face, but in reality customer wants more speed 

and convenience that comes from digital. Pandemic is fueling banking sectors toward digitalization. The 

continuous elevation in the area of Information and technology has given emanate to digital solutions and 

services in the banking sector. With new entrants challenging in banking sector, may enjoy provisional 

regulatory and supervisory relief with a large moments. Many banks move from the traditional oligopoly 

system with some supreme platforms and big tech firms to meet the requirements of the customers.  But 

some medium size banks suffer managing cost efficiencies in crucial environment (Carletti et al., 2020).    

 

REVIEW OF LITERATURE 

Agarwal et al. (2020), in India, banking infrastructure has completely revolutionized mobile banking with 

certain factors like smooth accessibility, probing in the Smartphone and web user, comfort, and secured 

digital transactions. In India a 34.33% population comprises youngsters with well-being used in mobile 

banking, e-wallets developed banking infrastructure as a platform for digital solutions. By overcoming g 

the fear of safety and security with digital payment the usage of, mobile banking will rise to 100% in the 



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future (Kumar et al., 2016). The proper training facilities to the user in the utilization of m banking service 

will ensure safety and privacy in digital payments with the support of RBI guidelines (Thilagaraj, 2018). 

Certain training services must be measures to reduce the payment issue and connectivity problems in 

digital transactions (Balakrishnan & Sudha, 2016). 

Due to this pandemic customers are in readiness to adopt the innovative and digitalized banking 

model and operations in a very safe and secure way for shopping and payment. Added to this several 

mobile network issues are also faster than their internet services (Sahu & Deshmukh, 2020). Mobile 

banking considered as an important supporting factor for the performance of the banking sector (Kato et 

al., 2014), highlighted to boost up the mobile banking services and to create it as a platform in digital 

transactions. In this pandemic situation, banks need to meet the requirements of the facilities in offering 

various credit products at a low rate of interest. Highlight the offered benefit; maintain good 

communication with the customer by providing a highly secured online transaction that climbs the 

optimistic in online banking service (Baicu et al., 2020).  

            With the change and adaptation in the innovative technology, Bank advertises their online 

operations with several media platforms that influence the customers to use more mobile applications ( 

Aldiabat et al., 2019) reliability, efficiency, security, responsiveness, empathy, and easy use are the six 

dimension variables that influencing the customers on the maximum utilization of m banking services 

with a satisfying digital solution. (Gomachab, 2018), revealed about the factors like reliability, 

convenience, cost-effectiveness, a mobile network that contributes towards the expectation of the 

customers in mobile banking service with 75% of overall satisfaction. 

 

RESEARCH METHODOLOGY 

Scope of The Study: The study is confined to the limited number of Indian mobile banking users during 

the double hit of COVID-19 from March 1st, 2021 to 31st May 2021.  

 

Statement of The Problem: In 2021, India estimated over 760 million Smartphone users traveling the 

digital journey. Due to this double hit of Covid-19, banks are now digitalized so efficiently in making the 

system accurate, quick, and comfortable to the customers by adapting several training sessions in 

technical aspects to reduce the factors like in-process transaction, network issues, etc. To get away from 

this pandemic, mobile banking users grabbing the opportunity of transportation, physical banking 

truncations, easy accessibility, with a single click with their tips that ally the physical use of cash. 

Therefore the study was perceived adaptation of digital solutions during the pandemic has declined the 

cash transactions in India.  

 

Research Objectives: The main aim of the study is to analyze the impact of the double hit of Covid-19 

on the banking sector in providing a digital solution to the mobile banking user. It also concentrates on 

the present scenario of the Indian economy with the consequence of the second wave of COVID -19 by 

associating certain factors and variables connected to mobile banking in India.   

 

Research Design: The study adopted a descriptive research design with a survey method by convenience 

sampling to collect the data. The study was meant to impact of double hit of Covid-19, on the adaptation 

of the mobile banking users that reduce the physical cash transactions with the digital solution with 

various mobile apps like UPI’s, RTGS, E-Wallets, Internet banking, (BOB M+ Connect, SBI YONO/ 

BHIM SBI Pay, BOI Mobile), etc.  

 

https://www.researchgate.net/publication/346442755_The_impact_of_COVID-19_on_consumer_behavior_in_retail_banking_Evidence_from_Romania


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Sample Size: It is based on both primary and secondary sources of data. Primary data was collected 

through a structured questionnaire to determine the second wave of COVID-19, impact on the increase 

in the digital transactions, and reduction in usage of physical cash in this viral infected surface and 

environment with the respondents in the form survey method with a convenience sample of 146 Indian 

mobile banking customers to evaluate hypothesized relationship. A sample of 146 was drawn with the 

help of Yamane’s Formula (1967) with a 5% level of significance.  

Secondary data was gathered with the help of websites, annual reports, articles, journals, etc.  

 

Statistical Tools: Various statistical tools were used to analyze the collected data by Inferential Statistics, 

Multiple Regressions, Pearson’s Correlation, ANOVA, etc. to determine the impact of double hit of 

Covid-19 on the digital solutions to the mobile banking users with SPSS.  

 

Hypothesis of the Study 
 

H01: Factors influencing the increase of mobile banking transactions during the second wave of COVID-

19. 

H02: Digital solutions shifted to a cashless society during the pandemic.  

 

RESULT AND DISCUSSION 

Table 1. Demographical profile of the sample mobile banking customers  

 

S.no Demographical profile of the sample respondents  No. of response  Valid 

percent  

1 Gender  Male  97 66.43 

Female  49 33.56 

2 Age  Below 20 years  6 4.10 

21-30 years  49 33.56 

31-40 years 73 50 

41-50 years  18 12.32 

Above 50 years  - - 

3 Education  Intermediate  11 7.53 

Graduation   56 38.35 

Post - Graduation 79 54.10 

Other  - - 

4 Occupation  Private employee 56 38.35 

Government employee  24 16.43 

Business  59 40.41 

Retired employee 7 4.79 

Others  - - 

5 Annual income  Below 1,00,000 17 11.64 

1,00,001-2,00,000 54 36.98 

2,00,001-3,00,000 46 31.50 

Above 3,00,000 29 19.86 

 

The above table 1 represents various demographical factors of sample mobile banking users 

(n=146) with male 66.43% (n=97) and female 33.56% (n=49), followed to this highest percentage under 



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the age group are of 31-40 years 50% (n=73), 33.56% (n=49) are under the age group of 21-30 years, 

12.32% (n=18) are 41-50 years and the reaming 4.10% (n=6) are below 20 years. Likewise, 54.10% 

(n=79), are post graduates forming a highest percentage in educational qualification, 38.35% (n=56) are 

graduates and 7.53% (n=11) with intermediate. Similarly, majority of the respondents are business people 

with 40.41% (n=59), 35.35% (n=56) are private employees, 16.43% (n=24) are government job holders 

and the least percentage for the retired employees with 4.79% (n=7). Among the total sample 36.58% 

(n=54) are earning 2,00,001-3,00,000, 31.50% (n=46) yields 1,00,001-2,00,000, 19.86% (n=29) are 

earning above 3,00,000 and finally with 11.64% (n=17) are earning less than 1,00,000.   

 

Table 2. Frequency distribution of the Bank Account of sample respondent  

 

Banks  No of response  Valid percent  

SBI 36 24.65 

BOB 48 32.87 

BOI 22 15.06 

Axis Bank 12 8.21 

ICICI Bank 28 19.17 

Total  146 

No. of years 

Less than 2 years 7 4.79 

2-3 years  18 12.32 

3-4 years  36 24.65 

More than 4 years 85 58.21 

Total  146 

Account type  

Savings account 22 15.06 

Current account  53 36.30 

Salary account  69 47.26 

Fixed deposit account 2 1.36 

Recurring deposit account - - 

Others  - - 

Total  146 

 

Table 2 depicted the frequency distribution of the sample respondents based on holding their 

accounts in the bank. Out of sample (n=146), 32.87% (n=48) respondents are having their account with 

BOB, 24.65% (n=36) respondents in SBI, 19.17% (n=28) are ICICI bank account holders, 15.06% (n=22) 

are with BOI and the remaining 8.21% (n=12) respondents are with Axis bank. The table clearly explains 

the account holder's experience with the bank. The results show that with the majority of 58.21% (n=85) 

are with their banks more than 4 years, 24.65% (n=36) are with 3-4 years, 12.32% (18) are 2-3 years and 

4.79% (n=7) are dealing their account with less than 2 years. The analysis of the above table explains 

about the type of account of a sample respondent account holder with respect to their bank were shows 

around 47.26% (n=69) are having salary account, 36.30% (n=53) are current account holders, 15.06% 

(n=22) were dealing with a savings account and 1.36% (n=2) are fixed deposit account holders.  

 

 

 



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Table 3. Use of Mobile banking in pre and second wave of Covid-19 

 

Response  Pre Covid-19 Second wave of Covid-19 

No of response   Valid percent No. of response  Valid percent 

Yes  97 66.43 132 90.41 

No  49 33.56 14 9.58 

Total  146 

Mode of banking 

Physical Banking/ 

visiting   

69 47.26 2 1.36 

Internet banking 9 6.16 46 31.50 

Mobile banking 14 9.58 96 65.75 

ATM’s 54 36.98 2 1.36 

Total  146 

 

Usage of mobile banking in pre and second-wave of Covid-19, frequency distribution was 

exhibiting with the above table. The results show that nearly 66.43% (n=97) are dealing with mobile 

banking transactions before covid-19, that increase to 90.41% (n=132) during the second-wave of Covid-

19 with the variation of 23.98% (n=35) and the same positive variation found with the decrease in regular 

banking transactions 23.98% (33.56%-9.58%), (n=35) (49-14). 

              The above table describes the utilization of the banking services through different modes at the 

time pre-covid-19 and during the second wave of covid-19 with sample respondents of 146. Before the 

pandemic, it is observed that 47.26% (n=69) respondents are dealing transactions with physical banking 

whereas after this double hit of pandemic physical/visiting banks are reduced to 1.36% (n=2) with a 

variation of 45.9% (n=67) in the fear of spreading the virus through the infected area or surface or things. 

In the same line it is observed that nearly 36.98% (n=54) are utilizing the banking facilities/services 

through ATM’s in pre-covid-19, change to 1.36% (n=2) with the effect of the pandemic with a variation 

of 35.62% (n=52) that leads to increase of digital solutions by reducing the cash related dealings. 

Similarly, the highest percentage was observed for mobile banking with 65.75% (n=96) during the second 

wave of covid-19, which was only 9.58% (n=14) in pre-covid-19 with a variation of 56.17% (n=82). 

Followed this second highest found for internet banking with a 31.50% (n=46) during covid-2, where it 

was 6.16% (n=9) in normal days a variation of 25.34% (n=37) observed. Finally, the analysis is the 

evidence of the increase of digital transactions or digital solutions through mobile banking and internet 

banking during this second wave of Covid-19.  

 

Table 4. Frequency distribution of Mobile banking transactions during pandemic 

 

Use of bank ATMs in 

pandemic 

No of response  Valid percent  

Never  79 54.10 

Once in a month  36 24.65 

Once in a week 27 18.49 

Twice or thrice in a week 4 2.73 

Total  146 

Services /Transactions   

Balance enquiry 36 24.65 



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Mini statement 28 19.17 

UPI payments  64 43.83 

Funds transfer 12 8.21 

Investments  6 4.10 

Others  - - 

Total  146 

No of transactions   

1 to 10 23 15.75 

11-20 72 49.31 

Above 20 51 34.93 

Total  146 

 

The table shows the frequency distribution of the sample respondents based on using the Banks 

ATM’s services during the second wave of Covid-19. It observed that 54.10% (n=79) respondents are 

never using or utilizing the services from the bank ATMs due to fear of the second wave of Covid-19 and 

forthcoming of the third wave also influencing them for digital solutions to be safe and secured. 24.65% 

(n=36) are visiting once in the month, 18.49% (n=27) are once in a week and the least percentage of 

2.73% (n=4) are twice or thrice in a week.  

The table exhibits the services/transactions of the respondents through mobile banking like 

balance enquiry, mini statement, UPI payments, etc. It is mentioned that the majority of the transactions 

are UPI payments with a valid percent of 43.83% (n=64), 24.65% (n=36) and around 19.17% (n=28) 

respondents are for enquiring their balance and for mini statement because in our study majority of the 

sample mobile banking user is doing business with a 40.41% (n=59) (see table 1). And the remaining 

8.21% (n=12) for fund transfer, at last with a 4.10% (n=6) for investments especially for insurance policy 

comprehensive covid-19 hospitalization cover.  

As mentioned in the above table about the frequency distribution of the respondents on the number 

of transactions through mobile banking per month with our confined sample size. It is depicted that 

49.31% (n=72) respondents are doing digital transactions (Survey, Consumer Usage of Digital Banking 

and Contactless Payments Surges in India During Pandemic, finds New FIS Survey, September 10, 2020) 

with a range of 11-20, 34.93% (n=51) are above 20 transactions as we mentioned in our study majority 

of the respondents are from business and finally 15.75% (n=23) within a range of below 10 transactions.     

 

Table 5. Factors effecting usage of digital transactions during second wave of COVID-19. 

 

Reliability Statistics 

 Cronbach's 

Alpha if Item 

Deleted 

Mean Std. Deviation 

Mobile banking is easy, secured 

and  safe at home (MBESS) 

.930 1.32 .495 

Aid in social distancing with 

Instant payments (ASDIP) 

.935 1.23 .424 

Pandemic shifted in cashless 

society (PSCS) 

.938 1.18 .424 



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Majority of the transactions/ 

services  are digitalized during 

pandemic (MTDDP) 

.922 1.49 .816 

The use of internet and mobile 

banking services increase the 

efficiency of the banks in 

pandemic (MBSIEP) 

.911 2.16 1.418 

Increase of digital transactions 

during Covid-19 (IDTCOV2) 

.910 2.08 1.292 

Speed of mobile and fixed 

broadband internet  networks 

(SMFBIN) 

.915 2.38 1.396 

 

The table reveals the internal consistency of the responses with the help of Cronbach’s Alpha test 

for all the items that show more than .07 indicating that the test shows that scale is acceptable for the 

present study.  

The table depicts respondents’ factors for the utilization of mobile banking during the second 

wave of Covid-19 and rates themselves on a five-point Likert Scale. The results indicate an average mean 

score of the respondents agreed (1.32) with mobile banking is easy, safe and secured at home during this 

pandemic, assist to maintain social distancing by instant payments forming a mean of (1.23), a drastic 

increase in the digital transaction by shifting to cashless society forming around a mean of (1.18), with a 

mean of (1.149) a majority of the digital transactions or services has increased, banks are also increasing 

their efficiency in providing the services with mean of (2.16), with a speed in mobile and broadband 

internet width with (2.38) that increase the speed of digital transaction with a mean of (2.08) during the 

second wave of covid-19.  

  

Table 6. Chi-square (χ2) Test  

 

 Pearson Chi-

Square Value 

df Asymp. Sig. (2-sided) 

Mobile banking is easy, secured and  

safe at home (MBESS) 

47.132a 2 .000 

Aid in social distancing with Instant 

payments(ASDIP) 

51.009a 1 .000 

Pandemic shifted in cashless society 

(PSCS) 

79.801a 2 .000 

Majority of the transactions/ services  

are digitalized during pandemic 

(MTDDP) 

 

85.819 a 

 

3 

 

 

.000 

The use of internet and mobile 

banking services increase the 

efficiency of the banks in pandemic 

(MBSIEP) 

146.00 a 4  

 

.000 



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Increase of digital transactions 

during Covid-19 (IDTCOV2) 

116.860 a 4  

.000 

Speed of mobile and fixed broadband 

internet  networks (SMFBIN) 

146.00 a 4  

.000 

 

The present study hypothesis was analyzed with the help of Chi-square (χ2) indicate that increase 

of mobile banking transactions during the second wave of Covid-19, dependent on various factors like 

mobile banking is easy, secured and safe at home (MBESS), helps in social distancing with digital 

payments (ASDIP), shifted to cashless society (PSCS), the majority of the transactions or services are 

digitalized during the pandemic  (MTDDP), bank has increase the efficiency in services for internet and 

mobile banking (MBSIEP), an increase in digital transaction’s during the pandemic TDTCOV2, and an 

increase in the fixed broadband internet speed (SMFBIN) with a sample 146 respondents at 5% level of 

significance. Since the p values for all the factors are less than 0.05, the null hypothesis is rejected that 

there is a significant difference in the increase of digital transactions during the second wave of Covid-

19 

 

Table 7. Non-parametric correlations between factors  

 

 Coefficient of 

correlation  

df Asymp. Sig. 

(2-sided) 

N 

Mobile banking is easy, secured and  

safe at home (MBESS) 

.819 .000 146 

Aid in social distancing with Instant 

payments (ASDIP) 

.831 .000 146 

Pandemic shifted in cashless society 

(PSCS) 

.740 .000  

146 

Majority of the transactions/ services  

are digitalized during pandemic 

(MTDDP) 

 

.808 

 

 

.000 

 

146 

The use of internet and mobile 

banking services increase the 

efficiency of the banks in pandemic 

(MBSIEP) 

.912  

 

.000 

 

146 

Increase of digital transactions 

during Covid-19 (IDTCOV2) 

.836  

.000 

 

146 

Speed of mobile and fixed broadband 

internet  networks (SMFBIN) 

.892  

.000 

 

146 

 

The above table shows the result of the correlation of the various factors that indicate an increase 

in digital transactions during COV-2. The results show that the factors like mobile banking is easy, 

secured and safe at home (MBESS) (.819), helps in social distancing with digital payments (ASDIP) 

(.831), shifted to cashless society (PSCS) (.470), the majority of the transactions or services are digitalized 

during the pandemic (MTDDP) (.808), bank has increase the efficiency in services for internet and mobile 

banking (MBSIEP) (.912), an increase in digital transaction’s during the pandemic (IDTCOV2) (.836), 

and an increase in the fixed broadband internet speed (SMFBIN) (.892) are positively correlated with an 



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increase in the digital transactions during the second wave of Covid-19 with a significant (p values=.000) 

at 5% level of significance.  

 

Table 8. Use of Mobile Banking in Second Wave Covid-19 * Mode of Banking Facilities in Second Wave 

of Covid-19  

Cross tabulation 

 Mode of banking facilities in second wave 

of covid-19 

Tota

l 

Pearso

n Chi-

Square 

Value  

d

f 

Asymp

. Sig. 

(2-

sided) 
Physical 

Banking

/ visiting 

Interne

t 

bankin

g 

Mobile 

bankin

g 

ATM’

s 

use of 

mobile 

bankin

g in 

second 

wave  

covid-

19 

Ye

s 

2 46 84 0 132 24.886a 3 .000 

No 0 0 12 2 14    

Total 2 46 96 2 146    

 

With latest entrants challenging in banking sector, may relief with regulatory and supervisory 

with a large moments and most of the customer shifted from traditional banking oligopoly system to new 

variant. The above table clearly explains about the utilizations of various banking services during 

pandemic shifted to cashless society. The analysis was done with the help of Chi- square at 5% level of 

significant with a sample of 146 respondents and it shows that the p value is less than .005, therefore it is 

concluded that pandemic made the changes in usage of mobile banking transaction that shifted a drastic 

changes of cashless society.   

 

FINDING 

Demographical Profile 
The study reveals the demographical profile of the sample mobile banking respondents with a sample of 

146. Among them, the majority are male forming a valid percent of 66.43%, followed by this 50% are 

categorized under the age group of 31-40 years. 54.10% are postgraduates with the majority of 40.41% 

business people with yields of 2, 00,001-3, 00,000 forming a mean of 36.58%.  

 

Bank Account Holder 
Out of 146 sample respondents, (n=48) forming a mean of 32.87% are holding their bank account with 

BOB, 24.65% with SBI, 19.17% with ICICI bank and 15.06% with Axis bank and shows around 47.26% 

are having salary account, 36.30% are current account holders and 15.06% are having saving account.  

  

Mobile Banking Transactions and Services 
A variation of 23.98% (n=35) is dealing with the mobile banking transactions in the pre and second wave 

of COVID-19. Followed to this a drastic decline in the utilization of ATM services in this pandemic was 

forming a mean of 54.10%, on the same line mode of availing banking services. With a variation of 



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45.9%, respondents are dealing their banking transactions digitally, 35.62% are shifted to a cashless 

society due to this pandemic and finally, the study mentioned that nearly 49.31% of respondents are 

dealing with digital transactions within a range of 11-20 times per month. Therefore, it shows a positive 

in dealing with digital solutions.  

 

CONCLUSION 

A special pattern switch in the behavior of the Indian consumer-initiated for where and how payments 

are made, digital transactions, shopping, investments, etc. During the second wave of COVID-19, Indi 

has been rush in digital payments that shows results nearly 68% of the Indian using mobile banking for 

their financial transactions, and 51% are expected to move on using these digital transactions after the 

pandemic (FIS Survey, September 10, 2020). And most of the youngsters and middle age group (22-39) 

consumers are very enthusiastic attracted for this digital solution Due to increase in the clamor for own 

banking transactions and the personalization of products and services has fired the growth of the mobile 

banking market and that results useful with various feature like friendly user interface, customer 

assistance at real-time, immediate transactions, etc. According to (RBI, 2019-2020), an increase in the 

use of M-Banking-Wallets with total digital wallet transactions nearly doubled to 253.2 cores in May 

from 124.3 cores in February amidst pandemic. Finally, banks also adopted innovative digital services 

like video conferences while dealing with the clients; customers, etc. related to any issue with bank 

services. 

 

Authors’ Contribution: We are happy that authors have contributed to the study in different ways at 

different times.  

 M. Radhika: Theoretical background, Introduction, review of literature, and analysis of the data 

 P. Madhu Kumar Reddy: Research methodology, data collection  

 Dr. A.Rama Kumar: Discussion of the results.  

  

Conflict of Interest:  The study is free with conflicts of interest in authors.  

 

Funding Acknowledgement:  The study has no explicit funding for its author’s individual/ personal 

capacity.  

 

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APPENDICES 

Q 1. Gender of the respondents. 

a. Male  b. Female 

 

 



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Q 2. Age of the respondents. 

a. Below 20 years  c. 31-40 years 

b. 21-30 years  d. 41-50 years 

e.   Above 50 years  

 

Q 3. Education qualification of the respondents 

a. Intermediate 

b. Graduation 

c. Post-graduation 

d. Other 

 

Q 4. Occupation of the respondents. 

a. Private employee 

b. Government employee 

c. Retired Employee 

 

Q 5. Annual income of the respondents 

a. Below 1,00,000 

b. 1,00,001-2,00,000 

c. 2,00,001-3,00,000 

d. Above 3, 00,000. 

 

Q 6. Account Holder of the bank. 

a. SBI 

b. BOB 

c. BOI 

d. Axis Bank 

e. ICICI Bank 

 

Q 7. No. of years account holder in a bank. 

a. Less than 2 years 

b. 2-3 years 

c. 3-4 years 

d. More than 4 years 

 

Q 8. Type of account holder. 

a. Savings account 

b. Current account 

c. Salary account 

d. Fixed  deposit account 

e. Recurring deposit account 

f. Others 

 

Q 9. What kind of a kind of transactions/services done through mobile banking? 

a. Balance enquiry 

b. Mini statement 



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30 

c. UPI payments 

d. Fund transfer 

e. Investments 

f. Others 

 

Q10. Number of Mobile transactions per month. 

a. 1-10  

b. 11-20 

c. Above 20 

 

Q 11. What is the Mode of banking facilities in Pre and second wave of COVID-19? 

 

Mode of banking  Pre- COVID-19 During Second wave of COVID-19 

Physical 

Banking/ visiting   

  

Internet banking   

Mobile banking   

ATM’s   

 

Q 12. What are the Factors affecting usage of digital transactions during second wave of COVID-19. 

 

Factors  Strongly Agree Agree Neutral  Disagree Strongly Disagree 

Mobile banking 

is easy, secured 

and  safe at home  

     

Aid in social 

distancing with 

Instant payments  

     

Pandemic shifted 

in cashless 

society 

     

Majority of the 

transactions/ 

services  are 

digitalized 

during pandemic  

     

Speed of mobile 

and fixed 

broadband 

internet  

networks  

     

 

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Copyright for this article is retained by the author(s), with first publication rights granted to the journal. 

This is an open-access article distributed under the terms and conditions of the Creative Commons 

Attribution license (http://creativecommons.org/licenses/by/4.0/) 


