Study of middle-class banking habits in India

Abstract

Banks in India have experienced enormous transformational changes because of growth in the economy, technology availability, and financial inclusions. The middle-class group is the backbone of India’s economy and also uses banking services to a vast extent. An attempt is made in this research study to observe banking behaviour in India in terms of preference for banking services, savings, investment trends, and usage of online banking facilities. A research-based structured questionnaire has been used for collecting prime data for answering research objectives, and statistical tools used for analyses include percentage analysis, chi-square test, correlation analysis, and ANOVA. It is observed that most middle-class sections have a tendency towards savings accounts, online usage facilities in banks have increased, and there is a growing trend towards investing. These research-focused observations reveal that there is a tremendous need for digital services in banking to be customer-centric.