




































INDIAN JOURNAL OF FINANCE AND BANKING 13(1) (2023), 54-62 

 54 

 

                       FINANCE AND BANKING 

                                                                  IJFB VOL 13 NO 1 (2023) P-ISSN 2574-6081  E-ISSN 2574-609X 
                                                  

        Available online at https://www.cribfb.com 

                                                                                                                                           Journal homepage: https://www.cribfb.com/journal/index.php/ijfb 
                                                                                                                                                                                                   Published by CRIBFB, USA 

AN EMPIRICAL STUDY OF CUSTOMER SATISFACTION 

TOWARDS E-BANKING SERVICES IN DELHI   

          
 Sana Parveen (a)1   Vardah Saghir (b)    Sana Beg (c)    

 

(a) Research Scholar, School of Management and Business Studies, Jamia Hamdard, New Delhi, India; E-mail: psana99@gmail.com 
(b) Assistant Professor, School of Management and Business Studies, Jamia Hamdard, New Delhi, India; E-mail: drvardah@jamiahamdard.ac.in 
(c)Associate Professor & HOD, School of Management and Business Studies, Jamia Hamdard, New Delhi, India; E-mail: 

sbeg@jamiahamdard.ac.in 
 

 
A R T I C L E I N F O 
 

 

Article History: 
 

Received: 1st January 2023 

Revised: 19th February 2023 

Accepted: 20th February 2023 

Published: 28th February 2023 

 
Keywords: 

 

E-Banking, Technology, Digital  

Financial Services,  

Customer Satisfaction 

 

 
JEL Classification Codes: 
  

G21, G28 

 

 

 
 
  

 
A B S T R A C T 
 
Digital solutions are a must for Gen Next banking. There has been a surge in tech-enabled digital 

payments marking a shift in the operations of banks vis-a-vis technology and customer behavioural 

patterns. The last two years have witnessed a significant rise in digital transactions from 40 billion in 

2020 to 87 billion in 2021 in India. Given the increasing preference for contactless banking, banks need 

to understand their customers better. The purpose of the study is to gauge customer perception towards 
e-banking services. The study uses the following variables, namely, user interface, content, 

communication, responsiveness, customer support services, data protection and recommendation of 

banks to others to find out the relationship with the age of the customers. The questionnaire method is 

used for conducting the study with a sample size of 200 customers. The cross-tabulation statistical test 

is applied using SPSS software for data analysis. The study covers the post-pandemic period and chalks 

out the strategies to increase digitalization in the banking industry which is required for the sector to 

flourish. Key findings indicate that the banking industry's current framework needs to find secure 
solutions to reduce online crimes and e-banking fraud. Based on the findings, better instruments and 

mechanisms for e-banking services must be put in place. It is recommended to develop a customized user 

interface for e-banking applications, enforce cyber laws and regulations to curb e-banking frauds and 

assist customers by setting up in-house cyber redressal cells. Based on time constraints, the study is 

limited only to 200 customers and the findings rest on the opinion and perception of our chosen sample 

size. 
 

© 2023 by the authors. Licensee CRIBFB, USA. This article is an open-access article distributed 

under the terms and conditions of the Creative Commons Attribution (CC BY) license 

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

 

INTRODUCTION 

The demand for digital financial services has increased manifold because of Covid-19 surpassing the limitations on physical 

interaction. Digital financial services are defined as financial services such as remittances, payments, and credit accessed 

through digital channels. According to Moody’s, it makes imperative for banks to accelerate digitalization (Guterres, 2021). 

In the last three years, more than 300 million adults have gained access to banks accounts and saving accounts have increased 

by 13.3% in 2022. There is an increase in the usage of Unified Payment Interface in India from processing 17.9 million 

digital transactions per month in 2016 to 1.3 billion per month in 2020 (Sazonova, 2021).  

           Financial regulators forecast that the number of digital transactions would rise from an estimated 40 billion in 2020 

to 87 billion in 2021 (Eriksson, 2021). There has been a rapid development in providing digital financial services by 

developing digital identification systems using Aadhar, increasing high-speed internet and smartphones. Digital payments, 

remittance, and lending have grown tremendously in the last few years. In 2017, more than 925 banks facilitated 106.75 

million Government-to-Private payments with a total value of more than Rs. 44.14 billion through e-transactions (Chaimaa, 

2021). The RBI Digital Payments Index for March 2019 and 2020 stood at 153.47 and 207.84 respectively indicating the 

growth of digital financial services in India (Guterres, 2021).  

          Limited research studies have been conducted to analyze the existing policies and regulations of e-banking services. 

This study covers the period post pandemic where considerably less number of studies have been undertaken on customer 

perception towards e-banking services. This study is innovative in itself. It chalks out the strategies to increase digitalization 

                                                      
1Corresponding Author: ORCID ID: 0000-0002-2894-7170 

© 2023 by the authors. Hosting by CRIBFB. Peer review under responsibility of CRIBFB, USA.  

https://doi.org/10.46281/ijfb.v13i1.1974 
 

To cite this article: Parveen, S., Saghir, V., & Beg, S. (2023). AN EMPIRICAL STUDY OF CUSTOMER SATISFACTION TOWARDS E-BANKING 

SERVICES IN DELHI. Indian Journal of Finance and Banking, 13(1), 54-62. https://doi.org/10.46281/ijfb.v13i1.1974 

https://orcid.org/0000-0002-2894-7170
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46281/ijfb.v13i1.1974
https://orcid.org/0000-0002-6318-5052
https://orcid.org/0000-0003-2971-8449


Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

55 

in banking industry which is required for the sector to flourish. The fundamental objective of the study is to analyze customer 

satisfaction towards e-banking services in Delhi, India. Further, it aims to find the relationship between age and customer 

perception variables- User interface, content, communication, responsiveness, customer support services, updates, high 

security and data protection, technical problems, and recommendation of banks to others. The present paper also explores 

the existing policies and regulations of e-banking services among merged private banks during 2000-2019.  

          The study is analytical in nature and a survey method was employed to collect data. Combinations of primary and 

secondary data were used in obtaining information. Structured questionnaire was drawn and administered which formed the 

basis of the analysis.  

          The paper is organized into six sections with review of literature following the introduction. The methodology of 

study is presented in section three while section four provides data analysis and discussion of findings. Section 5 is for 

conclusion and recommendations.  

 

LITERATURE REVIEW  

According to Nitsure (2003), the e-banking term encompasses and signifies the entire sphere of technology initiatives that 

takes place in the banking industry. It refers to the delivery of banking services through electronic channels such as mobile 

phones, computers, and laptops using the internet.  

 

Evolution of E-banking in India 

According to Singh (2020), technology plays a significant role in the transformation of the banking industry across the 

globe. Roy (2017) mentioned that there are various initiatives taken by the government of India to support digitalization in 

the banking industry, such as the Aadhar-enabled payment system. Shankar (2020) asserted that the only awareness among 

the customers would not influence their decision to shift towards e-banking services from the traditional banking system. 

Various factors influence the customer's decision to adopt a digital banking system, such as trust, technical issues, etc. 

Sardana (2018) concluded that there is a need for developing customized digital banking services to enhance customer 

experience.  

          The digital medium increases the level of financial inclusion globally from 51% in 2011 to 69% in 2017 (Singh et al., 

2020). Some 91% of people are using digital payment system in high-income economies. In contrast, just 44% are using in 

developing economies which indicates lack of digital penetration (Khandelwal et al., 2013). Few challenges for digital 

penetration would include lack of infrastructure, lack of awareness, connectivity, among others. 

 

E-banking Policies in India 

Chakraborty (2015) asserted that the changing financial landscape that is more of digitalization brings new challenges for 

bank management, supervisory and regulatory authorities. Some of the risks encountered are as follows: 

 

 Regulatory risks: According to Narware (2016), there is an absence of a license that is appropriate where the 

supervision is weak, and cooperation between the home supervisor and a virtual bank is not adequate. There is also 

an absence of guidelines to clarify the grey areas among the consumers to use the e-banking system appropriately.  

 

  Legal risk: The E-banking system carries legal risks as the banks are expanding to increase the geographical scope 

of the services. Shankar (2020) states there are a lack of contact with the host country supervisor. It results in 

difficulty staying abreast of regulatory changes. However, virtual banks are unknowingly violating customer 

protection laws, including regulations on soliciting, data collection, and others. It exposes a loss through lawsuits 

or crimes which are not prosecuted due to jurisdictional disputes. 

  
 Reputational risk: Nitsure (2003) asserted security breaches and disruptions lead to the damage of banks' 

regulations. The risks increase when there is an increase in e-delivery channels. If one customer faces any 

confidentiality issue, then it impacts on customer's confidence in the e-banking system. It requires an 

implementation of internal guidelines for bank supervisors for effective risk management.  

 

 Operational risk: Narware (2016) explained that the availability of new technology had created an operational 

risk to the e-banking system. It raises security threats from outside and inside the system. It ensures that banks have 

appropriate practices to guarantee data confidentiality and system integrity. The management of heightened 

operational risks requires overall risk management and supervisors need to include operational risk in their 

soundness and safety evaluation.  

 

Theoretical Framework  

The Technology Acceptance Model  

The technology adoption model is the foundation of various technology adoption and diffusion research, which is rooted in 

the theory of reasoned action. According to the author, there are two significant independent variables, including perceived 

usefulness and perceived ease of use (Granić al., 2019). These are the two factors that impact consumer’s attitudes towards 

using it, and it impacts behavioral intention. It reflects the use of technology in changing consumer’s behavior.  

 

 



Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

56 

Institutional Intervention Theory  

Dubey (2019) explains two dimensions that reflect the influence, including demand-pull and supply push forces in the 

context for actions to take place. The innovation adoption requires both supply push and demand pull, which comes from 

the supplier and demand generated from the users to develop innovation. These theories are used in various technology 

adoption studies, such as EDI adoption and ecommerce adoption.  

 

Institutional Theory  

The theory asserted that in societies, the organizational work is guided by the rational activities and rules which are 

originated as a system. Scott (2005) claims that there are three types of institutions, including normative, pressures-coercive 

and mimetic, which determine the technology adoption by the organization and individual.  

 Coercive pressure exerted by the organizations on social actors to adopt the behavior, attitude, and practice as the 

later have resource dependency on the former.  

 Normative pressure is exerted when the organization voluntarily imitates the behavior, attitude, and practices of 

other organization.  

 Mimetic pressure is related to the conscious and voluntary copying of the behavior and practices of competitors 

and high-status actors. 

 

MATERIALS AND METHODS 

The present study uses mixed research methodology for analyzing customer satisfaction towards e-banking services. The 

combination of qualitative and quantitative data enables to provide insight into the customer perception and existing business 

policies. The combination of both types of data offset the weaknesses of each research method. It enables to determine the 

answers to unexpected findings of the research study (Baker, 2000).  

 

Sampling Procedure 

The study uses primary data to assess the perception of e-banking services. The sample size is 200 who are existing bank 

account holders (Appendix A). Questionnaire method is used to collect data which is created on Google forms. Random 

sampling method is used for data collection as it provides each sample an equal opportunity of being chosen. The study also 

draws data from secondary resources such as annual reports, research papers, and articles among others to explore policies 

and regulations of e-banking services.  

 

Measurement Approaches 

Data has been analyzed using SPSS (Schrepp, 2003). The cross-tabulation statistical test is applied to analyze the categorical 

data, including age, occupation, and sex. ANOVA statistical test is applied because it allows comparing the means of more 

than two groups using correlated group designs and one independent variable.  

          The study uses the following variables, namely, user interface, content, communication, responsiveness, customer 

support services, updates, high security and data protection, technical problems, and bank recommendation to analyze 

customer perception the relationship between the defined variables and age of the customers.  

 User Interface: It refers to the point of human-computer interaction which allows to access e-banking services to 

the customers.  

 Content: It is defined as the information available on the e-banking application.  

 Communication: It explains the exchange of information among the customers and banks through emails, 

messages, and phone calls.  

 Responsiveness: It defines the banks behavior to fulfil consumer needs through regular updates, maintain privacy 

of consumer data, and others.  

 Customer support services: It describes the operational support provided by the banks to the consumers to resolve 

consumer queries such as last three transactions, bank account balance, and other queries.  

 Data protection: It is defined as the process of safeguarding consumer’s data against phishing, frauds, misusing 

consumer information, and others.  

 Bank recommendation: It refers to the customer suggestion for using the same e-banking services based on their e-

banking experience.  

 

Research Hypothesis 

Ho: There is no significant relationship between user interface, content, responsiveness, customer service, bank 

communication, updates, data protection, technical problems, bank recommendations towards e-banking service and age. 

 

H1: There is a significant relationship between user interface, content, responsiveness, customer service, bank 

communication, updates, data protection, technical problems, bank recommendations towards e-banking service and age. 

 

RESULTS 

The current section analyzes the data and corroborates the findings. The customer perception towards e-banking services is 

analyzed based on factors, including user interface, content, communication, responsiveness, customer support services, 

updates, high security and data protection, technical problems, and recommendations to others.  

 



Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

57 

Customer Perception Towards E-Banking Services 

User Interface 

Table 1. Cross tabulation-User Interface 

 

 

 

 

 

 

 

 

 

 

The respondents between the age-group of 46-55 considered the e-banking services to have complex user interfaces as they 

are not much technology savvy while on the other hand consumers below 45 years find it less complex.  

 

Bank Communication and Data Protection 

Table 2. Cross tabulation-Bank communication 

 
Age Excellent Good  Fair Poor Total 

18-25 18 15 6 1 40 

26-35 10 31 3 1 45 

36-45 13 26 7 1 47 

46-55 0 2 11 5 18 

Above 55 2 0 16 32 50 

Total 43 74 43 40 200 

 

Table 3. Cross tabulation-Data Protection 

 
Age Strongly 

disagree 

Disagree Neutral Agree Strongly 

Agree 

Total 

18-25 2 0 1 24 14 41 

26-35 0 2 4 26 12 44 

36-45 0 3 4 21 19 47 

46-55 0 6 8 4 0 18 

Above 55 5 35 9 0 1 50 

Total 7 46 26 75 46 200 

 

          The respondents above 55 years of age perceived bank communication to be poor as they are not much familiar with 

e-banking services which includes paperless statements, digital transactions prone to scams and phishing attacks. On the 

other hand, the younger generation feels that bank communication is good.  

          The government of India has declared the right of privacy as a fundamental right under the framework of the right to 

life as per the Indian constitution. The online frauds increased to Rs. 155 crore in 2022 as compared to the frauds worth Rs. 

119 crore in 2021 (Rao et al., 2022). The increase in online frauds discourages consumers to use e-banking services. The 

banks are legally obliged to protect consumer information to maintain confidentiality, integrity and security. It requires the 

banks to develop reliable security mechanisms for customer acquisition and retention.  

          The above set of respondents more or less agreed that their banks are providing sufficient safety and protection to 

curb e-banking frauds.   

 

Content  

Table 4. Cross tabulation-Content 

 
Age Missing 

information 

Missing some 

information 

Average 

information 

Availability 

of 

information 

Availability 

of all 

information 

Total 

18-25 2 0 4 19 16 41 

26-35 0 2 6 19 17 44 

36-45 1 5 6 23 12 47 

46-55 1 7 6 4 0 18 

Above 55 5 38 5 1 1 50 

Total 9 52 27 66 46 200 

 

         The above cross-tabulation table shows that 33% respondents perceived that e-banking has the required information. 

9.5% respondents below 35 years perceived that e-banking services have all the required information. Further, 19% 

respondents above 55 years perceived that some information is missing in e-banking services.  

 

Age Very High 

complex user 

interface 

Highly 

complex user 

interface  

Complex user 

interface 

Less complex 

User Interface 

Simple User 

Interface 

Total 

18-25 0 0 2 23 16 41 

26-35 0 3 6 16 19 44 

36-45 0 5 6 23 13 47 

46-55 1 7 9 1 0 18 

Above 55 1 44 4 0 1 50 

Total 2 59 27 63 49 200 



Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

58 

Responsiveness and Customer Service Support 

Table 5. Cross tabulation-Responsiveness 

 
Age Highly 

responsive 

behavior 

Responsive 

behavior 

Irresponsible 

behavior 

Highly 

irresponsible  

behavior 

Total 

18-25 14 25 2 0 41 

26-35 10 32 2 0 44 

36-45 11 29 6 1 47 

46-55 0 7 11 0 18 

Above 55 1 2 34 13 50 

Total 36 95 55 14 200 

 

Table 6. Cross tabulation-Customer Service Support 

 
Age Excellent Good  Fair Poor Total 

18-25 23 17 1 0 41 

26-35 14 24 5 1 44 

36-45 18 23 5 1 47 

46-55 0 2 11 5 18 

Above 55 1 3 10 36 50 

Total 56 69 32 43 200 

 

         12.5% respondents of 18-25 years feel that their banks are responsive towards their e-banking need. Further, 34 

respondents above 55 years perceived that e-banking services provided by their banks are not responsive enough and just 

10 respondents below 45 years perceive the same. 

          Table 6 show that 23 respondents out of 41 respondents between the age group of 18-25 years rate excellent customer 

support service. Overall 28% respondents feel that the customer service support provided by their banks is excellent. Banks 

must improve on this aspect since this is a key attribute for customer acquisition and loyalty.  

 

Bank Recommendation  

Table 7. Cross tabulation-Bank Recommendation 

 
Age Yes No Maybe Total 

18-25 33 1 7 41 

26-35 32 3 9 44 

36-45 36 1 10 47 

46-55 2 3 13 18 

Above 55 2 31 17 50 

Total 105 39 56 200 

 

          The consumer acquisition is significant to remain competitive in the banking industry. There is a direct relationship 

between consumer acquisition and business profitability. So, the banks should focuses on customer acquisition and retention 

for long run sustainability. 

          The above table shows that more than 50% respondents are satisfied with banking services and they are more likely 

to recommend others. 

 

                                      Table 8. ANOVA Table 

 
  Sum of 

squares 

df Mean 

square 

F Sig 

User Interface Between 

Groups 

168.341 4 42.085 74.852 .000 

Within 
Groups 

109.639 195 .562   

Total 277.980 199    

Content Between 
Groups 

150.203 4 37.551 49.118 .000 

Within 
Groups 

149.077 195 .764   

Total 299.280 199    

Responsiveness Between 

Groups 

70.455 4 17.614 52.439 .000 

Within 
Groups 

65.500 195 .336   

Total 135.955 199    

Customer service 

support 

Between 
Groups 

151.993 4  83.454 .000 



Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

59 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 User interface: The above chart has shown that the user interface significance value is .000, which is less than 

0.05. Thus, the null hypothesis is rejected. It can be stated that the user interface experience among the customers 

is different.  

 

 Content: The significant value is .000, which is less than 0.05. Thus, there is a relationship between customer age 

and content information experience.  

 

 Responsiveness: The significant value is .000, which is less than 0.05. Thus, there is a relationship between 

customer age and customer perception towards responsiveness.  

 

 Bank communication: The significant value is .000, which is less than 0.05. Thus, there is a relationship between 

customer age and customer perception towards updates.  

 

 Updates: The significant value is .000, which is less than 0.05. Thus, there is a relationship between customer age 

and customer perception towards updates.  

 

 Data protection: The significant value is .000, which is less than 0.05. Thus, there is a relationship between 

customer age and customer perception towards data protection. 

 

 Technical problems: The significant value is .000, which is less than 0.05. Thus, there is a relationship between 

customer age and customer perception towards technical problems.  

 

 Bank recommendation: The significant value is .000, which is less than 0.05. Thus, there is a relationship between 

customer age and customer perception towards bank recommendations.  

 

 Customer service support: The significant value is .000, which is less than 0.05. Thus, there is a relationship 

between customer age and customer perception towards customer service support.  

 

Thus, there is a significant relationship between the customer perception towards e-banking services and age.  

 

Regulations of Digital Finance Services  

The legal framework of the Indian Banking system is governed by the set of statutes as mentioned below: 

 Indian Contract Act, 1872 

 Indian Evidence Act, 1872 

 Foreign Exchange Management Act, 1999 

 The Reserve Bank of India (RBI) Act, 1934 

 The Banking Regulation Act, 1949 

 Information and Technology (IT) Act, 2000 

 Negotiable Instruments Act, 1881 

 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act, 

2002 (Ketterer, 2017). 

 

 

 

 

Within 

Groups 

88.787 195    

Total 240.780 199    

Bank 

communication 

Between 

Groups 

112.799 4  51.916 .000 

Within 

Groups 

105.921 195    

Total 218.720 199    

Data protection Between 

Groups 

154.145 4  62.792 .000 

Within 
Groups 

119.675 195    

Total 273.820 199    

Bank 

Recommendation 

Between 

Groups 

42.111 4  19.207 .000 

Within 
Groups 

106.884 195    

Total 148.995 199    



Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

60 

A content analysis has been done to diagnose the issues in the existing e-banking framework. Following are the issues, the 

respective acts and the results thereof. 

 
Theme Codes Results 

Security and privacy risks  Provision of Indian penal code, 1860: 

 Section 383: Punishment of 

extortion  

 Section 379: Punishment of theft  

 Section 406: Punishment of 
criminal breach of trust  

 Section 471: Using as genuine a 

forged document  

 Section 417: Punishment of 

cheating  
o Section 506: 

Punishment of 

criminal intimidation 
(Rajput, 2020) 

 

 Lack of statutory recognition of 
the legal statutes and imposing a 

penalty on the bank's authorities 

for its violation.  

 Absence of internal audit 

compulsion for maintaining 
transparency in e-banking 

system.  

 Absence of in-house cyber 
redressal cell for dealing with 

bank frauds  

Legal issues   Section 3(2) of the Information 
and Technology Act  

 Section 4 of the Information and 
Technology Act 

 Section 72 and section 79 of the 
Information and Technology 

Act 

 Lack of cyber laws and 
regulations for curbing the e-

banking frauds and cyber frauds 

in India. 

 Lack of biometric authentication 

compulsion  

Authentication issues   Cyber cells and ancillary 
authorities 

 Information and Technology 
Act, 2000 

 

 Ineffective enforcement 
structure.  

 Lack of trained staff results in an 
increment in the cybercrimes in 

India.  

 Lack of separate provision for 
dealing with the authentication 

issues and securing the customer 

interest (Chaimaa et al., 2021).  

 

          According to Gupta (2006), the existing regulatory framework over banks needs to be extended to the e-banking 

system. The banks should design network and database administrator which defines the specific roles. There is an absence 

of security policy duty approved by the board of directors. Mhlanga (2020) further added that the banks should have separate 

Information Technology Division and Information System Security. The existing laws and regulations ensure security and 

confidentiality of customer information, protection against anticipated threats to the security and protection against 

authorized access to such information. Chaimaa (2021) states the Reserve Bank of India has created rules for e-money issued 

by non-banks to address the regulatory vacuum. The Information Technology Bill, 1999 and Electronic Commerce Bill, 

1999 in India are created for addressing general issues such as secure electronic records and signatures, duties of certification 

authority, computer crime and data protection, the liability of network service provider, and duties of certification authority. 

These bills are promoted by the Government of India, which facilitate the introduction of Electronic Data Interchange in the 

commercial sector. The examination of bank secrecy and data privacy regulations in developing countries shows a 

patchwork of rules. These are issued by the agencies with overlapping oversight and jurisdiction. However, bank secrecy 

rules are not statutorily recognized, which is required for imposing a penalty on the bank regulations. Rajput (2020) 

mentioned that there is an absence of internal audit compulsion. Also, there is an absence of the compulsion for some 

concentrate measures which the banks should take to protect the e-banking services. Further, there is also a lack of in-house 

cyber grievance redressal cells for dealing with bank frauds individually.  

 

DISCUSSIONS  

The study finds that there is a significant relationship between customer perception towards e-banking services and age. 

People of age groups 18-25, 26-35, and 36-45 have a relatively positive perception towards e-banking services. They believe 

that the e-banking services have a simple user interface, effective communication, required content, responsive behavior, 

timely updates, no technical problem, and excellent customer service support. On the other hand, people of age groups 46-

55 and above 55 years have relatively negative perception of e-banking service as they consider that the e-banking services 

are not safe and secure.  

          The data shows that interface experience among customers of different age groups is different. The significance value 

of content experience is 0.000, which shows that there is a relationship between customer age and content information 

experience. Similarly, there is a relationship between other attributes of e-banking services and age.  

          The existing legal framework of the banking industry is ineffective in minimizing cybercrimes and e-banking frauds. 

There is a lack of statutory recognition of the legal, statutes and imposing penalty on the bank authorities for its violations. 

Also, there is an absence of internal audit compulsion and in-house cyber redressal cells for dealing with bank frauds. The 

legal issues include lack of cyber laws and regulations for curbing e-banking frauds and lack of biometric authentication 

compulsion. The authentication issues include ineffective enforcement structure, untrained staff, and lack of separate 



Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

61 

provisions to deal with the authentication issues and secure the customer interest. Thus, the banks must be more responsive 

towards the needs of the customers.   

 

CONCLUSIONS 

It can be concluded that the people of different age groups have different perceptions towards e-banking services. It is 

important to consider that there is a knowledge gap as certain sections of people are not much familiar with e-banking 

services. Thus, banks should focus on making this group of people aware of e-banking services. Also, there should be an 

implementation of a customized user-interface option to enhance customer experience. The communication, privacy and 

safety of data are also their key concerns. The customers above 45 years are more reluctant to use e-banking services as they 

believe that their data may not be secured. There is an absence of a structured legal framework for handling cyber-crimes 

in India. It is recommended to implement statutory recognition of legal statutes and impose a penalty on bank authorities 

for its violation. There should be a compulsion of internal audits to maintain transparency in the banking system. Further, 

an in-house cyber redressal cell should be created to handle bank frauds. The government of India should enforce cyber 

laws and regulations for curbing e-banking frauds and cyber frauds with the implementation of biometric authentication 

compulsion. Knowledge and education can change their perception of e-banking services. Apart from this, banks should 

also consider taking feedback from different group of people so that their needs can be identified. When the need is 

identified, e-banking services can be designed accordingly to meet their needs and change their perception towards e-

banking services. Further, banks must consider an Artificial Intelligence techniques that combine technology and robust 

datasets which will ensure seamless services to the customers. 

          The present study is limited to only 200 respondents to determine consumers' perception of e-banking services in 

Delhi/NCR. Secondly, due to time constraints, it is limited to only Delhi only. Future study can be done at pan India level 

for analyzing the customer perception towards e-banking services among different states. In addition, comparative studies 

can also be done for analyzing the customer perception towards e-banking services among developed and developing 

nations.  

 

 
Author Contribution: Conceptualization, S.P., V.S. and S.B.; Methodology, S.P.; Software, S.P; Validation, S.P, V.S. and S.B.; Formal Analysis, S.P. 
and V.S.; Investigation, S.P., V.S. and S.B.; Resources, S.P.; Data Curation, S.P.; Writing – Original Draft Preparation, S.P. and V.S.; Writing – Review 

& Editing, S.P. and V.S.; Visualization, S.P. and V.S.; Supervision, S.B. and V.S.; Project Administration, V.S.; Funding Acquisition, S.P. Authors have 

read and agreed to the published version of the manuscript.    
Institutional Review Board Statement: Ethical review and approval were waived for this study, due to that the research does not deal with vulnerable 

groups or sensitive issues. 

Funding: Jawaharlal Nehru Memorial Fund, New Delhi for this research.  
Acknowledgments: Not applicable. 

Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. 

Data Availability Statement: The data presented in this study are available on request from the corresponding author. The data are not publicly available 
due to restrictions. 

Conflict of Interest: The authors declare no conflict of interest.        

                                                                                                                                                                                                                            

REFERENCES 

Agarwal, R., Rastogi, S., & Mehrotra, A. (2009). Customers’ perspectives regarding e-banking in an emerging 

economy. Journal of Retailing and consumer services, 16(5), 340-351. 

https://doi.org/10.1016/j.jretconser.2009.03.002.  

Agarwala, S., & Singhb, A. (2020). Covid-19 and Its Impact on Indian Economy. Int. J. of Trade and Commerce-IIARTC, 

9(1), 72-79. https://doi.org/10.46333/ijtc/9/1/9.  

Baker, M. J. (2000). Selecting a research methodology. The marketing review, 1(3), 373-397. 

https://doi.org/10.1362/1469347002530736. 

Boynton, P. M., & Greenhalgh, T. (2004). Selecting, designing, and developing your questionnaire. Bmj, 328(7451), 1312-

1315. https://doi.org/10.1136/bmj.328.7451.1312. 

Chaimaa, B., Najib, E., & Rachid, H. (2021). E-banking Overview: Concepts, Challenges and Solutions. Wireless Personal 

Communications, 117(2), 1059-1078. https://doi.org/10.1007/s11277-020-07911-0.  

Chakraborty, D. (2015). E-Banking: Challenges and development in India. Asian Journal of Management, 6(1), 53-60. 

https://doi.org/10.5958/2321-5763.2015.00009.8. 

Dubey, R., Gunasekaran, A., Childe, S. J., Blome, C., & Papadopoulos, T. (2019). Big data and predictive analytics and 

manufacturing performance: integrating institutional theory, resource‐based view and big data culture. British 

Journal of Management, 30(2), 341-361. https://doi.org/10.1111/1467-8551.1235. 

Gautam, L., & Khare, S. K. (2014). E-Banking in India: Issues and challenges. Scholar Journal of Economics, Business and 

Management, 1(2), 54-56. https://doi.org/10.36347/sjebm.2014.v01i02.003.  

Granić, A., & Marangunić, N. (2019). Technology acceptance model in educational context: A systematic literature 

review. British Journal of Educational Technology, 50(5), 2572-2593. https://doi.org/10.1111/bjet.12864.  

Kumar, M., & Gupta, S. (2020). Security perception of e-banking users in India: An analytical hierarchy process. Banks and 

Bank Systems,  15(1), 11-20. https://doi.org/10.21511/bbs.15(1).2020.02.  

Mhlanga, D. (2020). Industry 4.0 in finance: the impact of artificial intelligence (ai) on digital financial 

inclusion. International Journal of Financial Studies, 8(3), 45. https://doi.org/10.3390/ijfs8030045.  

https://doi.org/10.1016/j.jretconser.2009.03.002
https://doi.org/10.46333/ijtc/9/1/9
https://doi.org/10.1362/1469347002530736
https://doi.org/10.1136%2Fbmj.328.7451.1312
https://doi.org/10.1007/s11277-020-07911-0
https://doi.org/10.5958/2321-5763.2015.00009.8
https://doi.org/10.1111/1467-8551.1235
https://doi.org/10.36347/sjebm.2014.v01i02.003
https://doi.org/10.1111/bjet.12864
https://doi.org/10.21511/bbs.15(1).2020.02
https://doi.org/10.3390/ijfs8030045


Parveen et al., Indian Journal of Finance and Banking 13(1) (2023), 54-62 

 

62 

Nitsure, R. R. (2003). E-banking: Challenges and Opportunities. Economic and Political Weekly, 5377-5381. 

http://www.jstor.org/stable/4414436.  

Nyangosi, R., & Arora, J. S. (2011). Antecedents and obstacles to e-banking adoption: a comparative study of India and 

Kenya. International Journal of Indian Culture and Business Management, 4(2), 123-137. 

https://doi.org/10.1504/IJICBM.2011.038913.  

Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340. 

https://doi.org/10.1016/j.bir.2017.12.003.  

Peters, M. A. (2022). Digital trade, digital economy and the digital economy partnership agreement (DEPA). Educational 

Philosophy and Theory, 1-9. https://doi.org/10.1080/00131857.2022.2041413.  

Rajput, B. (2020). Legal Framework for Cyber Economic Crimes: A Review. Cyber Economic Crime in India, 145-169. 

https://doi.org/10.1007/978-3-030-44655-0_7.  

Rao, M., Andani, P., & Singh, S. (2022). Perception Towards Problems and Prospects of E-Banking. International Journal 

of Research in Engineering, Science and Management, 5(3), 60-62. https://doi.org/10.54660/anfo.2022.3.2.12. 

Roy, S. K., Balaji, M. S., Kesharwani, A., & Sekhon, H. (2017). Predicting Internet banking adoption in India: A perceived 

risk perspective. Journal of Strategic Marketing, 25(5-6), 418-438. 

https://doi.org/10.1080/0965254X.2016.1148771.  

Shafeeq, M., & Beg, S. (2021). A study to assess the impact of COVID-19 pandemic on digital financial services and digital 

financial inclusion in India. African Journal of Accounting, Auditing and Finance, 7(4), 326-345. 

https://doi.org/10.1504/AJAAF.2021.119206.  

Shankar, A., & Rishi, B. (2020). Convenience matter in mobile banking adoption intention?. Australasian Marketing 

Journal (AMJ), 28(4), 273-285. https://doi.org/10.1016/j.ausmj.2020.06.008.  

Singh, S., & Srivastava, R. K. (2020). Understanding the intention to use mobile banking by existing online banking 

customers: an empirical study. Journal of Financial Services Marketing, 25(3), 86-96. 

https://doi.org/10.1057/s41264-020-00074-w.  

Willmott, H. (2015). Why institutional theory cannot be critical. Journal of Management Inquiry, 24(1), 105-111. 

https://doi.org/10.1177/1056492614545306.  

 

APPENDICES  

Appendix A. List of Private Merged Banks 

 
2019 Bandhan Bank Ltd. Gruh Finance Ltd. [Merged] 

2006 Federal Bank Ltd. Ganesh Bank Of Kurundwad Ltd. [Merged] 

2008 H D F C Bank Ltd. Centurion Bank Of Punjab Ltd. [Merged] 

2010 I C I C I Bank Ltd. Bank Of Rajasthan Ltd. [Merged] 

2018 I D F C First Bank Ltd. Capital First Home Finance Ltd. [Merged] 

2017 Indusind Bank Ltd. Bharat Financial Inclusion Ltd. [Merged] 

2001 Kotak Mahindra Bank Ltd. Pannier Trading Co. Pvt. Ltd. [Merged] 

2019 Lakshmi Vilas Bank Ltd. [Merged] Indiabulls Commercial Credit Ltd. 

2000 Royal Bank of Scotland N V R B S Equities (India) Pvt. Ltd. 

                     Standard Chartered Bank –India                        Standard Chartered Grindlays Bank Ltd.  

 

 

Publisher’s Note: CRIBFB stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. 

 

 
© 2023 by the authors. Licensee CRIBFB, USA. This article is an open-access article distributed under the terms and conditions of the Creative Commons 

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

 
Indian Journal of Finance and Banking (P-ISSN 2574-6081 E-ISSN 2574-609X) by CRIBFB is licensed under a Creative Commons Attribution 4.0 

International License. 

 
 

http://www.jstor.org/stable/4414436
https://doi.org/10.1504/IJICBM.2011.038913
https://doi.org/10.1016/j.bir.2017.12.003
https://doi.org/10.1080/00131857.2022.2041413
https://doi.org/10.1007/978-3-030-44655-0_7
https://doi.org/10.54660/anfo.2022.3.2.12
https://doi.org/10.1080/0965254X.2016.1148771
https://doi.org/10.1504/AJAAF.2021.119206
https://doi.org/10.1016/j.ausmj.2020.06.008
https://doi.org/10.1057/s41264-020-00074-w
https://doi.org/10.1177/1056492614545306
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/
http://creativecommons.org/licenses/by/4.0/

