A report on E-products of

Indian Overseas bank

By:
Th. Thadoi Devi
(Reg.no. M16DM68)
Mount Carmel Institute of Management
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A STUDY ON THE VARIOUS MARKETING STRATEGIES OF THE

E-PRODUCTS OF IOB AND VARIOUS OTHER BANKS

Project Report submitted in partial fulfillment of the Requirements of the 2 years

Post Graduate Diploma in Business Administration.

SUBMITTED BY

Th. THADOI DEVI

(REG.NO. M16DM68)

MOUNT CARMEL INSTITUTE OF MANAGEMENT

#58, PALACE ROAD, BANGALORE, 560 052

2016-18
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ACKNOWLEDGMENT

This project would not have been possible without the support and help of many
individuals.

I am highly thankful to Indian Overseas Bank (Malleshwaram branch) and IOB

Regional Office (Bengaluru), for their guidance and support for helping me
complete the project as well as for providing necessary information regarding the
project.

I would also like to express my sincere gratitude to Prof. Krishnan- Coordinator

and other members of Mount Carmel Institute of Management for their kind
cooperation and encouragement towards completing the project successfully.

I extend my gratitude towards my parents and the Almighty for their blessings.

I would also like to thank Mr. Kumar Swami- Chief Manager of IOB
Malleshwaram branch and all the staffs who have willingly helped me out with the
project.
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DECLARATION

I hereby declare that the project report titled A STUDY ON THE VARIOUS
MARKETING STRATEGIES OF THE E-PRODUCTS OF IOB AND VARIOUS
OTHER BANKS during the academic year 2016 2018, submitted in partial
fulfilment of the requirements for the award of Post Graduate Diploma in Business
Management is original work carried out by me during the Summer Internship
Program under the guidance of Indian Overseas Bank (Bengaluru) and Mount
Carmel Institute of Management, Bengaluru.

I also declare that this project has not been submitted previously to any other
university or institution for the award of any other degree or diploma.

DATE: 20/05/2017 Th. Thadoi Devi

PLACE: Bengaluru M16DM68

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EXECUTIVE SUMMARY

NAME Th. Thadoi Devi

ORGANIZATION
The Internship has been done in Indian Overseas Bank which is a nationalized bank with a heart
and dream to provide best of services to every Indian, with honesty, integrity, fairness and
transparency, to build leaders for industry with a team of skilled and dedicated employees and
also aims to be a pioneer in green banking. It aspires to be among the top five nationalized banks
in terms of business volumes and sustained profitability with global recognition guided by high
standards of governance and ethics; and emerge as the Most preferred Banking Partner to
unlock value to all its stakeholders.

TITLE Marketing strategies of IOB e-products

OBJECTIVES/RESPONSIBILITIES:

To Promote and support the customers with internet banking, mobile banking and all
other e-products of IOB.

To organize and volunteer in the Apollo Munich free health check up program.

To canvass and attract customers for IOB gold coins and gold bonds.

To promote and guide the customers for Tata mutual funds.

To attract customers for joining the IOB Suraksha plan.

To collect and work on my market research survey.

To help the customers with day to day banking activities.

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TABLE OF CONTENTS

SL.NO TOPIC PAGE NO.

1 Introduction 6
2 Design of the study 9
3 Objectives of the study 10
4 Profile of the banks 11
5 Research and findings 22

6 Comparison study of IOB products 27

7 Marketing Suggestions 34
8 Conclusion 35
9 References 36
10 Annexure 37

Lists of Charts and Figures

SL. NO TOPIC PAGE NO.

Fig 2.1 Popular bank accounts 9
Fig. 5.1 Age 22
Fig. 5.2 Income 23
Fig. 5.3 Gender 23
Fig. 5.4 Occupation 24
Fig. 5.5 Citizenship 24
Fig.5.6 Usage of online services 25
Fig.5.7 Popular IOB e products 25
Fig. 5.8 Popular bank accounts 26
Fig.6.1 IOB iMobile app customer 30
feedback
Fig.6.2 IOB mPassbook customer 33
feedback
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1. Introduction

Indian Overseas Bank (IOB) is a major public sector bank based in Chennai (Madras),
established on 10th February 1937 by Mr. M.Ct.M. Chidambaram Chettyar, leader in banking,
insurance and industry areas. Indian Overseas Bank has an ISO certified in-house Information
Technology department, which had developed the software that its branches used to provide
online banking to customers earlier. The bank has achieved 100% networking status as well as
100% CBS status for its branches. IOB also has a network of about 3300 ATMs all over India.
The retail customers of bank are hugely benefitted by its ATM Banking, Any time Branch
Banking (ABB) and IOB STARS (Indian Overseas Bank-Speedy Transfer and realization
Service). The bank has taken a late leap towards internet-enabled banking and data analytics by
implementing Infosys Finacle's latest rack of software executed by American technology
company HPE and became the first public sector bank to get the latest digital banking software,
Finacle 10 suite package from Infosys.

IOB was the first bank to receive ISO 9001 Certification from Det Norske Veritas (DNV),
Netherlands in the month of September 1999 for its Computer Policy and Planning Department.
Besides, in its journey, it has won many awards and accolades too. These include:

NABARDs award 2000-2001 for creating maximum number of credit links of Self Help
Groups in comparison to all the other banks in Tamil Nadu.
Best Award under the category of Banking Technology in the year 2001.

Products and Services of Indian Overseas Bank

The thoughtfully designed products and services of the Indian Overseas Bank can be listed as
given below:

Personal Banking

Saving bank
Current account
Term deposit
Retail loans
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Home loans and mortgages

Depository services
IOB Fine Gold
International VISA Cards
Any Branch Banking
Multi city cheque facility
Insurance and mutual fund

Corporate Banking

Micro Small and Medium Enterprises (MSME)

IT & ITes BPO
Cash management services -IOB STARS

Rural

IOB's commitment for social causes

Agricultural short time loans
Financial inclusion
Agri business consultancy

NRI Accounts

Non-Resident Ordinary (NRO)

Resident Foreign Currency Account (RFC)
Foreign Currency Non-Resident Accounts (Banks)
NRI home loan scheme
NRI remittances
Remittances procedures
Tracking cell
Forward cover
IOB NRI shield
IOB Expo Gold Card

Forex

SWIFT centers
Authorized dealer branches
Forex collection services
Overseas cash

Government Business

E-Payment of direct taxes

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Pension payment scheme

Sales tax collections
Provident Fund Scheme 1968
8 percent savings taxable bond scheme
Senior citizen scheme 2004

Banking Scenario

Banking today is a flourishing industry, focused on technological innovation. Internet banking

has emerged as the biggest focus area in the Digital Transformation agenda of banks.

This era in which we live today is predominated by the word Digitization. This word which
has evolved in recent times has undoubtedly become the crux of Banking Sector in our
country. Banks in our country are no longer made of just bricks & mortar delivery channels.
They have surely revolutionized into the concept of anytime, anywhere.

New mantra for banks says Digitalize or die. Digitalization is mainly concerned with what all
banks are required to do in order to provide better services to the customers. There are various
technologies which are to be adopted for digitalization of back office. It also ensures self-
sufficiency to the customers in whichever way possible. The major importance of digital banks
lies in their ability to be omnipresent.

Since challenges often give birth to opportunities, so the major challenge in front of the banks is
to digitalize themselves. Enabling them to meet preferences of the people of all generations has
also given rise to enormous opportunities, resulting into the revolutionized version of banking
known as Digital Banking.

The age of financial technology firms is here to stay and will remain a challenge to the banking
system in the future. Banks that do not become digital run the risk of becoming history. Prime
Minister Narendra Modis dramatic demonetisation move more than five months ago not only
surprised every Indian but also opened the floodgates for the emergence of a digital economy
and turned around the fortunes of some companies. But that has opened up more opportunities
for cyber pickpockets to try and steal card details, PINs, mobile wallets and siphon off money.
As the government presses ahead with cash to less cash to cashless economy, the success of the
transition will depend on how the battle between bankers and hackers plays out. Bankers must
upgrade and fortify their cyber defences as hackers attempt to pinch funds from banks or steal
credit/debit card details of retail customers daily. If suddenly the easiest way to buy anything
from soft drinks to cars is to use the mobile wallet, a few clicks of the mouse are all that is
required to rob a bank.

The goal is to make banking cheaper, more efficient and easier to access for all of the countrys
citizens. But its also meant to bring the millions of unbanked Indians into the financial system
and to create an easy way to transfer government benefits to the people who need them most.
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2. DESIGN OF THE STUDY

This project focuses on the various marketing strategies of the E-products of IOB in
comparison to two nationalised banks and two private sector banks in Bangalore.

With new players entering the banking space, in varied formats, the market can be assured of
plenty of action in the coming years. Customers who were till now served by traditional banks
are spoilt for choice, having the freedom to transact with a host of players, who are likely to offer
more convenience and a wider reach.

Therefore, I decided to study the products of IOB with the most preferred banks by the
customers of IOB and according to my market study, the most popular nationalised banks among
the customers are Canara bank and State Bank of India; and ICICI bank and HDFC among the
private banks.

Let us look at the results of the study:

People having accounts other than IOB

25% 24%

20%

15%
11% 11%

10% 8%
6% 6%
4% 5%
5% 3% 4% 3% 3% 3%
1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
0%
PUNJAB NATIONAL BANK

CITI Bank

Federal Bank
HDFC

SBM

YES Bank
KOTAK MAHINDRA

Syndicate

Allahabad Bank
SBI

CORPORATION

KARNATAKA BANK
Bank of India

SVC

South Indian bank

CANARA

AXIS

MAHARSHTRA BANK

HSBC
BANK OF BARODA

Std.Chartered bank

UCO bank

CBI
ICICI

IDBI

Fig : 2.1
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3. Objectives of the study

To study the customers perception on digital banking.

To find out the pros and cons of the IOB e-products.
To compare the marketing strategies of various other banks with IOB
To study the various issues faced by customers with digital banking.

Methodology
Surveys are conducted to get primary information.
Secondary data is used to collect the existing data.

Sampling plan
Target population:

The target population of my survey was the customers of IOB in Bangalore within all age groups
who are both employed and unemployed.

Sample size:

Sample size has been limited to 200 due to limited time and the convenience in collecting data.

Limitation

One of the limitations of this study is that the survey was conducted to only IOB Malleshwaram
customers.
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4. Profile of the banks

State bank of India

State Bank of India (SBI) is an

Indian multinational, public
sector banking and financial
services company. It is a
government-owned corporation
with its headquarters in Mumbai,
Maharashtra. On 01.04.2017, State Bank of India, which is India's large Bank merged five of its Associate
Banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of
Patiala and State Bank of Travancore) and Bharatiya Mahila Bank with itself. This is the first ever large
scale consolidation in the Indian Banking Industry. With the merger, State Bank of India will enter the
league of top 50 global banks with a balance sheet size of $41 trillion, 277,000 employees, 500 million
customers, and more than 22,500 branches and 58,000 ATMs. SBI's market share will increase to 22
percent from 17 per cent. It has 198 offices in 37 countries; 301 correspondents in 72 countries. The
company is ranked 232nd on the Fortune Global 500 list of the world's biggest corporations as of 2016.

Digital Products and services:

1. Cash deposit machine: The Cash Deposit Machine, better known as CDM is an ATM like
machine that allows you to deposit cash directly into your account using the ATM cum debit
card. You can use this machine to instantly credit your account without visiting the branch. The
transaction receipt also gives you your updated account balance. Some of the salient features of
this product are:

Instant credit of cash deposit into your own account

Quick and convenient way to deposit cash
Paperless transaction
The per transaction limit is Rs.49,900/-
Upto 200 currency notes can be deposited in a single transaction
The CD Monthly accepts denominations of Rs.1000/-, Rs.500/- & Rs.100/-

At present, cash deposit at CDMs are available free of cost to all the customers except when
using Green Remit Cards. The SME Insta Card and Business Debit Card customers can also use
the CDMs for instant deposit of cash. You can locate the nearest CDM using the SBI Finder
application.

OTHER SERVICES AVAILABLE ON THE CDM:

PIN change
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Balance Enquiry
Mini Statement of Account

2. RTGS NEFT: Bank offers Real Time Gross Settlement System (RTGS) & National
Electronic Fund Transfer system (NEFT) which enables an efficient, secure, economical and

reliable system of transfer of funds from bank to bank as well as from remitters account in a
particular bank to the beneficiarys account in another bank across the country.

3. SBI Quick Missed call banking: SBI Quick MISSED CALL BANKING is a new service
from the Bank which involves Banking by giving a Missed Call or sending an SMS with pre-
defined keywords to pre-defined mobile numbers.

Services include:

Balance Enquiry
Mini Statement
Blocking of ATM Card
ATM Card Usage Configuration
Car and Home Loan Enquiry
PM Social Security Schemes

This service can only be activated for the mobile number that is registered for a particular
account with the Bank.

If you have an Android, Windows, iOS or Blackberry phone, you can download the SBI Quick
app from the respective App Store. That way you will not need to remember the various
keywords and destination mobile numbers. Once installed, you dont need an internet connection
to use the app as the communication would happen over SMS or Missed Call.

4. State Bank Buddy Mobile wallet: State Bank Buddy is State Bank of India's mobile wallet
on your smartphone. It is a semi-closed prepaid wallet which can be used to transfer money to
other wallet users and bank accounts, anytime, anywhere. The following services will be
available on State Bank Buddy mobile app.

Send Money
View Your Statements
Personalize your Buddy
Prepaid Mobile Recharge & DTH
Pay Your Bills
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Book Movie Tickets

Online Merchant Payments

5. SBI Instant money transfer (IMT): A customer can instantly transfer rupee funds to
anybody anywhere anytime. Only the beneficiarys mobile number, name and address are
required to be known to the sender. The registration of the beneficiary by the sender is carried
out by the system. Hence, the sender need not provide the name and address for recurring
payments. The beneficiary can withdraw money from select State Bank Group ATMs to begin
with without using a Debit Card. An IMT once created cannot be cancelled. The beneficiary has
to withdraw the whole amount in a single transaction, i.e. no partial withdrawals are allowed, at
present. There is a minimum transaction limit of Rs. 100/- and multiples of Rs. 100/- thereafter.
A maximum of Rs. 10,000 per transaction subject to the monthly cap of Rs. 25,000 per month
per beneficiary will be applied automatically by the system. The maximum amount per sender in
a calendar month is Rs.50, 000/- and there is a maximum number of 10 beneficiaries per sender

6. Internet Banking: The Internet banking portal of enables its retail banking customers to
operate their accounts from anywhere anytime, removing the restrictions imposed by geography
and time. It's a platform that enables the customers to carry out their banking activities from their
desktop, aided by the power and convenience of the Internet.

Using Internet banking services, you can do the following normal banking transactions online:

Funds transfer between own accounts.

Third party transfers to accounts maintained at any branch of SBI
Group Transfers to accounts in State Bank Group
Inter Bank Transfers to accounts with other Banks
Online standing instructions for periodical transfer for the above
Credit PPF accounts across branches
Request for Issue of Demand Draft
Request for opening of new accounts
Request for closure of Loan Accounts
Request for Issue of Cheque Book
Earn reward points for transactions through Internet Banking

7. E Rail: The facility has been launched wef 1st September 2003 in association with IRCTC.
The scheme facilitates Booking of Railways Ticket Online. The salient features of the scheme
are as under:

All Internet banking customers can use the facility.

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You are required to register on www.irctc.co.in. You can select your train
depending on your journey and book your ticket online.
On giving payment option as SBI, the user will be redirected to onlinesbi.com. After
logging on to the site you will be displayed payment amount, TID No. and Railway
reference no.
On selecting the payment amount your account will be debited. You will return to
www.irctc.co.in. The ticket with PNR No. will be displayed. You can print the ticket.
The ticket can be delivered or collected by the customer.
The user can collect the ticket personally at New Delhi reservation counter.
The Payment amount will include ticket fare including reservation charges, courier
charges and Bank Service fee of Rs 10/.
For cancellation, the ticket has to be presented over reservation counter.
No cash will be paid at the time of cancellation. Only cancellation ticket will be issued.
Your account will be credited after 4 days.
SBI shall not be responsible for any delays or disputes regarding tickets.

8. SBI No queue app: The State Bank NO Queue app empowers you to efficiently book a
virtual token at your own convenience from any place without being physically present in the
branch. With NO Queue app, you can book a virtual queue ticket for your nearest branch and get
real time status notification of your position in the queue. Thus you can virtually book your
queue ticket to avoid long queues and spend your valuable time before we let you know when to
arrive at the branch. Any individual (SBI or Non SBI customer) who wants to visit SBI branch to
avail a service and has a State Bank NO Queue mobile app installed on their Android phone can
book a virtual ticket.

9. E pay: SBIePay is the payment aggregator service by State Bank of India which provides
electronic connectivity with various Banks and financial institutions on the one hand and
merchants on the other, thus facilitating e-Commerce/m-Commerce transactions between
merchants, customers and various financial institutions for all kinds of payments. SBIePay
Service is developed using the latest cutting edge technology and tools. Merchants/Billers/Govt
Merchants/Schools/ institutions who are interested in collecting their dues/bills/payments etc.,
are requested to utilise the services.

10. State bank Mobicash: State Bank MobiCash is a Mobile Wallet by State Bank of India in
association with BSNL. It offers facilities like fund transfer, mobile recharge (BSNL Pre-paid),
bill payment (BSNL landline and Post-paid), balance enquiry and mini statement. The wallet
available on Smart phones as well as Basic/Feature phones. The wallet can be used in self-
mode as well as in assisted mode through the help of BSNL CSPs. The wallet can be upgraded
to Full-KYC wallet, which offers higher transaction limits and cash withdrawal at BSNL CSPs.

11. Sbi Corporate products:

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Khata: Derive an advantage over others; advantage of accessing your

accounts 24 X 7.Khata enables you to access your acount information anywhere anytime.
You will have the following advantages:

Enquiry rights on the accounts

Facility to view account information and download account statement of your account
Suitable for single user operated accounts.

Khata Plus: Derive an added advantage over others by getting multiple accesses to your
accounts 24 X 7.Khata Plus enables multiple people in your business to access your
account information anywhere anytime.You will have the following advantages:

Enquiry rights on the accounts.

Facility to view and download account statement of your accounts maintained at any SBI
branch.
All the authorized users from the corporate get a complete view of information.

Saral:
Single user operated, user friendly and simple.
Transaction rights on the accounts.
Facility to view account information and download account statement of your account.
Facility to transfer your funds to
o SBI accounts(other than your own accounts)
o Other Bank Accounts (GRPT/RTGS/NEFT)
o Merchant Payments

In a single day the total amount transferred to these three categories should not exceed Rs.10.00
lacs.

Facility to transfer funds to your own accounts.

o Maintained in the same branch upto Rs.25.00 lacs per day
o Maintained in different branches upto Rs.10.00 lacs per day
o Facility for making request for DD issue and Bill Payment upto Rs. 5.00 lacs per
day(Consolidated limit of Rs.5.00 lacs, i.e on a single day the total amount of
Demand Draft request and Bill payments should not exceed Rs.5.00 lcas.)
o I-collect payment upto Rs.10.00 lacs per day.
o Supplier payment upto Rs.25.00 lacs per day.
o Facility to participate in e-auction for government departments upto Rs.1.00 Crore
per day.
o Facility to make payments to govt. and semi-govt. institutions including taxes,
statutory dues such as EPF, including OLTAS, CBEC and ICEGATE upto Rs.2
Crores per day.
o User can manage the display of his/her accounts through hide / unhide
functionality.
o Facility for online enquiry of transaction status.
o Facility to schedule transactions for a later date.
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Canara bank:

As a premier commercial bank in India,

Canara Bank has a distinct track record
in the service of the nation for over 110
years. Today, Canara Bank has a strong
pan India presence with 5964 branches
and 10394 ATMs, catering to all
segments of an ever growing clientele accounts base of 7.63 crore. Across the borders, the Bank
has 8 branches, one each at London, Hong Kong, Shanghai, Leicester, Manama, Johannesburg,
New York and DIFC (Dubai) & a Representative Office at Sharjah, UAE. We are recognized as
a leading financial conglomerate in India, with as many as nine subsidiaries/ sponsored
institutions/joint ventures in India and abroad. In our second century of dedicated service to the
nation, we aspire to emerge as a "Preferred Bank" by pursuing global benchmarks in
profitability, operational efficiency, asset quality, risk management and expanding the global
reach.

Digital Products and services:

eMpower app : Canara Bank offers Unified Payment Interface (UPI) app named empower.
This app empowers Canara Bank and other Bank customers to perform pay and collect
transactions using a single mobile app.

Users can operate their multiple Bank accounts using this single app.
Virtual Address can be set for each of your Bank accounts and can be used while collecting
money from anyone.
No need to expose your account number, IFSC, Mobile Number to anyone.
This app can also be used to pay and settle bills.

Advantages:

Real time 24x7 Fund Transfer

No need to remember or share account details.
Collect Money from others.
Send Money using Virtual id, Account No + IFSC, Aadhar, Mobile Number + MMID.
Add Multiple Bank Accounts in same application.
It uses your Banks Mobile Banking MPIN.
Multilingual language support.- English & Hindi.

CanMobile app: The Mobile Banking facility of Canara Bank has been is introduced with
the objective of enabling mobile as one more channel for banking including Funds
Transfer online, in real time, at any time anywhere. CanMobile enables you to view
Balances, Mini Statements, view Cheque Status and Transfer funds within our bank and
 17

between banks as well through IMPS (Immediate Payment Services), perform Mobile Top-up,
use M-Commerce services and receive alerts for mobile banking transactions and many more
useful services. The enhanced features in new version of CanMobile are: Self-Registration and
Activation Link for Forgot User ID and Forgot MPIN Loan Enquiry Term Deposit
Enquiry Menu Options at all Screens Personalization (Name and Profile Pic) IMPS
Beneficiary Addition One Time MPIN Validation Favourite Transactions at one click Single
Link for Downloading App irrespective of Operating System SISA Certified for Security.

Canara mWallet: The Mobile Wallet facility of Canara Bank enables you to view wallet
balances, ATM locator, Branch locator, transfer funds between accounts to wallet and
wallet to wallet within our bank and many more useful services. This facility is
introduced with the objective of enabling mobile as one more channel for banking
including bill payments and utility payments, in real time, at any time anywhere.

Canara e-info book: Canara e-Infobook enables you to view e-passbook (transactions
details), balance inquiry, A/C summary, Cheque Status, ATM/Branch Locator, Info about
new products etc now on your android set at anytime anywhere. This facility is
introduced with the objective of enabling mobile as one more channel for viewing
account statements and balance details on mobile at the convenience. This is an alternate
for enabling passbook facility electronically.

Canara Swipe : Canara Swipe is a simple yet powerful mobile app that enables customers to
carry out a host of routine banking activities through Missed call and SMS. To make it more
convenient to customers, this app provides all services with an option to either auto dial for
missed call or auto construct the required SMS format. Customer will be facilitated to manage
all services within a single app.

Canara Mserve: They call it the mother of all apps. With existence of magnetic strip cards
and as some international e-commerce merchants do not insist of PIN / CVV2 etc, skimming /
phishing continue to happen. In the light of series of fraudulent transactions in recent past,
there is an urgent need to take suitable proactive, preventive and customer friendly measures
to protect the interest of customers, to enable them to prevent such instances of loss of their
precious money. Customers can manage all their apps from this single app.
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Canara Cart-mobile: Canara Cart is a useful mobile app in which

customers can manage all mobile apps of Canara Bank under this single mobile app. This
app facilitates

the customers to quickly launch the various installed apps, explore & install the fresh
apps, easily manage version upgrades at one place.

Features

Single mobile app of Canara Bank to interconnect various apps of the Bank.
Quick /fast launch of installed mobile apps at one place.
Easily manage the latest versions / upgrades using Canara Cart.
Explore and install the fresh new apps of the Bank as and when released.
Convenient to locate the mobile apps under one basket of Canara Cart.
Assured safety of accessing the official apps of the Bank under one roof.

Canara geo locate: Canara Geo Locate is a mobile app enables a GPS based search to
locate Banks ATMs/Branches/E-Lounges. It also helps the customers to easily navigate
and to reach the desired location using google maps.

Features

Real time GPS navigation using google maps.

Easily locate the branches /ATMs near to your vicinity.
Helps you to know the Branch/ATM address of the Bank.
Save time to reach Branch /ATM/ E Lounge of Canara Bank.

Online bill payments: Canara BillPay is a One Stop Shop for its customers to make all types of
payment such as Utility Bills, Post Paid Mobiles, Landlines, Prepaid Mobiles, DTH, Insurance
Payments, Donations etc., at one single window. This facility is available to all Canara Bank Debit
Card holders / Net Banking customers.

ICICI Bank:

ICICI Bank (Industrial Credit and Investment

Corporation of India) is an Indian multinational
banking and financial services company
headquartered in Mumbai, Maharashtra, India,
with its registered office in Vadodara. In 2014,
it was the second largest bank in India in terms
of assets and third in term of market capitalization. It offers a wide range of banking products
and financial services for corporate and retail customers through a variety of delivery channels
 19

and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture
capital and asset management. The bank has a network of 4,450 branches and 14,404 ATMs in
India, and has a presence in 19 countries including India

The bank has subsidiaries in the United Kingdom and Canada; branches in United States,
Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre,
China and South Africa; and representative offices in United Arab Emirates, Bangladesh,
Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium
and Germany.

Digital Products and services:

Pockets: Its a VISA-powered e-wallet that customer of any bank can use to recharge
mobile, send money, shop anywhere, pay bills and much more. Pockets wallet also comes
with a physical shopping card which can be used to shop on any website or retail stores.

ICICI Bankpay: You can transfer money, recharge any prepaid mobile, check balance
and view the last 3 transactions using your Twitter account. Both the sender and the
beneficiary have to be registered on twitter. You can now initiate transactions using just
the Twitter account and your registered mobile number. ICICI Bank opens yet another
avenue to carry out your banking transactions while on the social media with
icicibankpay.

iMobile App: With ICICI Bank Mobile Banking discover quick, simple and convenient
way to take command of your bank account, on your mobile phone. Mobile Banking has
the following advantages:

Convenient way to access your account

Safe and Secure Banking
Convenient way to pay bills (Telephone, electricity & other utilities)
Get exciting offers and discounts
Banking services without internet (SMS Banking & NUUP)

Their mobile banking services work with almost all types of handsets and help you access
your ICICI Bank account anytime, anywhere. A quick and easy registration is all you need to
avail ICICI Bank Mobile Banking services.

Truecaller pay: ICICI Bank in partnership with Truecaller has introduced Truecaller
Pay. Truecaller Pay will allow millions of users in the country to instantly create a UPI
ID, send money to any UPI ID or a mobile number registered with the Bharat Interface
 20

for Money (BHIM) app. It will also enable users to do prepaid mobile
recharge and pay postpaid mobile bills from within the Truecaller app itself. Any user of
Truecaller app, including Non-ICICI Bank customers can link their bank account of any
bank (participating in UPI) to create a UPI ID and instantly make payments in a safe and
secure manner. The service comes with best-in-class security features from ICICI Bank.
All transactions of Truecaller Pay powered by ICICI Bank follow two factor

authentication as per RBI guidelines for secure transfer of money. All sensitive data
relating to account details, card details information of users as well as transfer of monies
will be securely handled and stored in the state-of-the-art servers of ICICI Bank in line
with NPCI and RBI guidelines.

Touch Banking: ICICI Bank Touch Banking Branches are one-stop shop for banking
transactions, which make banking simple, effortless and convenient. This branch is at
service round-the-clock, 365 days of the year, equipped with self service automated
devices, this branch shall provide the flexibility to transact and interact at customers
convenience. The Touch Banking branch offers customers to do real time cash deposit
into a bank account, withdraw cash, deposit cheque, transfer funds, open fixed deposit,
and generate bank statement and many more transactions. Customers can also transact
and also seek account related information through Internet banking and Video conference
facility round-the-clock.

HDFC Bank:

HDFC Bank Limited is an Indian banking and

financial services company headquartered in
Mumbai, Maharashtra. It has 84,325 employees
and has a presence in Bahrain, Hong Kong and
Dubai. HDFC Bank is Indias first largest
private sector lender by assets. It is the largest
bank in India by market capitalization as of February 2016. It was ranked 69th in 2016 BrandZ
Top 100 Most Valuable Global Brands. The Housing Development Finance Corporation Limited
(HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of
India (RBI) to set up a bank in the private sector, as part of RBI's liberalisation of the Indian
Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC
Bank Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations
as a Scheduled Commercial Bank in January 1995.
 21

Digital Products and services:

Mobile app: HDFC Bank's MobileBanking is the most Convenient and easy way to stay
connected to your bank always! You can do over 75 plus transactions on your smart phone
through our MobileBanking App or mobile browser.
PERKS app: This app is for exclusively HDFC bank salary account holders. The
advantages of this app users are:
-Stay updated with all new launches
- Enjoy latest offers
- View and share videos/demos on latest products
- Apply for any product in just a click
- Instantly connect with your Corporate Salary RM
- Download ALL HDFC Bank Apps from here

SmartWatch banking: For the first time in India, WatchBanking is now available
exclusively for HDFC Bank customers through an Apple Watch. You can now do
your favourite transactions right from your Apple Watch without even taking out your
phone. WatchBanking features are:

View Information of all your accounts

Recharge your Mobile & DTH Connection
Request A/c Statement & Cheque book
Locate HDFC Bank ATM & Branch
Hotlist your Debit Card
View Notifications sent by HDFC bank

PayZapp: HDFC Bank PayZapp, a complete payment solution, giving you the
power to pay in just One Click.With PayZapp, you can shop on your mobile at
partner apps, buy movie tickets, music and groceries, compare and book flight tickets
and hotels, shop online and get great discounts at SmartBuy, send money to anyone in
your contact list, pay bills and recharge your mobile, DTH and data card. So link your
Debit and Credit Card to PayZapp and enjoy the most convenient and secure way of
payment.
HDFC BankOn chat: Discover the easiest way to bank with HDFC Bank OnChat.
All you need to do is open up your Facebook Messenger, find 'HDFC Bank OnChat',
and just say Hi. No more app downloads, figuring out complex menus or loading
wallets! Start chatting to:

Recharge your mobile phone

Pay your utility bills like postpaid mobile, electricity, DTH, data card and
Book a cab from Ola or Uber
Seamless discovery and booking of buses
 22

5. Research and findings

Based on the survey that was conducted, the following results were derived. These results are
based on 200 respondents from IOB Malleshwaram. The objective of the survey was to
substantiate the usage of digital banking of IOB and their outlook and perception towards those
services.

Analysis:

1. Age:
a) Below 20 b) 20-30 c) 30-40 d) 40-50 d) 50 and above

Age
38%
40%

30% 23%
20% 19%
20%
Age
10%
1%
0%
Below 20 20-30 30-40 40-50 50 and
above

Fig: 5.1

Analysis: The above chart shows that the maximum numbers of customers in IOB are of the age
50 years and above and an average number within the age 20 to 50.

2. Income (per annum):

a) Below 1 lakh b) 1-5 lakhs c) 5-10 lakhs d) 10 lakhs and above

 23

Income

50% 43%

40%
30% 22% 23%

20% 13%

10%
0%
Below 1lakh 1-5 lakhs 5-10 lakhs 10 lakhs &
above

Fig. 5.2

Analysis: We can clearly see from the above chart that the maximum number of customers falls
under the middle income group, i.e., within 1-5 lakhs per annum. Some of the respondents had
no income at all; therefore I have categorized them under the category of below 1lakh.

3. Gender: a) Male b) Female

Gender
35%

Male
Female

65%

Fig. 5.3

Analysis: The pie chart 5.3 shows that majority of the respondents in my market study fell under
the category of male which is 65%. When approached the females, some of them were illiterate
or too old to understand anything or uninterested to respond.
 24

4. Occupation: a) Service b) Business c) Retired d) Housewife

e) Student d) Self Employed e) Others

Occupation
38%
40%
30% 22%
20% 14%
10% 11%
6%
10%
0%
0%

Fig. 5.4

Analysis: The occupations of majority of the customers were either service or professional. A
good number of respondents also had their own business or self employed. The people who were
housewives did not have any income.

5. Citizenship: a) Resident Indian b) NRI c) Foreign national

2% 1% Citizenship

Resident Indian
NRI
98% Foreign National

Fig. 5.5

Analysis: Only 2% of the customers were non residential Indians; 1% were Indians but have
obtained the citizenship of a foreign country. Majority of them were resident Indians.
 25

6. Do you use internet/mobile banking services?

a) Yes b) No (if no, please specify the reason)

31%

69%

Yes
No

Fig. 5.6

Analysis: The above pie chart shows that most of the customers were using internet and mobile
banking services and were comfortable with it. 31% of the respondents did not opt for
internet/mobile services. When asked for the reason, majority of them said they were too old to
use it, they were not comfortable with it, they were scared of the online thefts and crimes and
some were happy to come physically to the branch and meet and greet with people. Other
reasons apart from these common ones are - they were not very regular customers of the IOB so
they hardly use any services and some of them had somebody else from their family handling
their online transactions.

7. If yes, which of the following services you use?(for respondents who used digital services)

34%
0.35 31%
0.3
0.25
0.2
0.15
8% 8% 7%
0.1
3% 2% 2% 4%
0.05 1% 1%
0

Fig. 5.7
 26

Analysis: According to my study, most of them were frequent users of internet

banking and debit cards; which were mostly used for online transfer of funds, online shopping,
POS purchase, etc. The mobile apps, i.e., the imobile app, connectapp and mpassbook app were
not functioning properly for which the number of its users has drastically fallen down. The rest
of the products were also not very popular with the customers. The least popular products were
the multicurrency travel card and iob e-trading.

8. Do you have bank accounts in any other banks? (Name them)

People having accounts other than IOB

25% 24%

20%

15%
11% 11%
10% 8%
6% 6%
4% 5%
5% 3% 4% 3% 3% 3%
1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
0%
KARNATAKA BANK

IDBI
SVC

CITI Bank

HSBC
SBI

YES Bank

CBI
ICICI

SBM
CANARA

HDFC

Bank of India

Federal Bank
AXIS

KOTAK MAHINDRA

BANK OF BARODA
Syndicate

UCO bank
CORPORATION

MAHARSHTRA BANK

Allahabad Bank
Std.Chartered bank

South Indian bank

PUNJAB NATIONAL BANK

Fig.5.8

Analysis: This chart, which was already mentioned in chapter 2, shows the most popular banks
among the customers. SBI, ICICI, HDFC and Canara were the major players. Other banks such
as AXIS, Corporation bank and CITI bank also made a tough competition. Some of the
respondents were hesitant to answer this question as they thought it was confidential information.

*Other open ended questions were also asked which will be discussed in detail later in this
project.*
 27

6. Comparison Study of IOB products

Now let us study the various common IOB e-products and compare it with the other selected
banks products so as to have an overview of the areas of strengths as well as weaknesses and the
scope of betterment and opportunities.

1. IOB Travel card: Indian Overseas Bank International Travel Prepaid Card is designed
exclusively for customers who travel extensively across the globe. It is a unique product with
multiple currencies loaded on the same card, thus eliminating the need to carry multiple cards for
different destinations.

Features:

IOB HDFC ICICI CANARA SBI

Customers can 23 currencies 15 currencies Can load upto 7 Can be loaded
load up to 3 can be loaded. can be loaded. currencies. with 8
currencies Online Can be applied Can be applied currencies.
(USD,EUR,GBP application online and online. Issuance fee:
) Travel insurance delivered at Documents rs.105, reload
It cannot be Issuance fee: doorstep. required: PP fee: rs.52
applied online. rs.500, reload Documents photocopy, Documents
Requirements fee:rs. 75 required: PP formA2, required: PP
are: PP copy, Does not need to original and Application photocopy,
application form, be an HDFC photocopy, pan form, Visa and application
and form A2, account holder copy, form60, airline form, formA2,
Visa and airline Documents A2 form, photocopy. pan or form 60,
ticket. required: PP application Initial sale fee: proof of
Initial sale fee: photocopy, form. rs.200, reload residence, and
rs.200. Reload Application Sale fee: rs.150, fee :rs 50 travel ticket
fee: rs.50 form, Visa or reload fee: rs. No travel photocopy.
No online self Airline ticket 100 insurance No travel
care portal. photocopy. Self care portal insurance
No travel login. Cannot be
insurance Travel insurance applied online.
Limits Limits (FEMA)
(instructed by USD$ 250000
FEMA)
USD$25, 0000.
 28

2. IOB Gift cards: IOB Gift card is a magnetic stripe preloaded card accredited by
VISA. It is a way of gifting to your near and dear ones who in-turn can use the some at merchant
outlets/internet to purchase items of their choice. Thus, it allows freedom and choice of purchase
to the person receiving the gifts.

Features:

IOB HDFC ICICI CANARA SBI

Issued for any value Can be Issued for any Issued for any value Issued for
between Rs.100 and purchased value between between Rs. 500 and any value
Rs. 50000 in online Rs. 500 and Rs. 50000 in between Rs.
multiples of re.1 Issuance and Rs. 50000 in multiples of Re.1 500 and Rs.
Nominal charges of replacement multiples of Can be used to 50000 in
Rs.50/- for each fee Rs.100 Re.1 withdraw cash from multiples of
card. Cannot be Can be used other bank ATMs, Re.1
It can be issued by used to on internet for use option credit It is not re-
debit to customers withdraw domestic while selecting type loadable
account and can be cash. online of account. Can be used
issued against cash Need not be transactions. Card to card funds on internet
to non- a HDFC Cannot be re- transfer (except gift for domestic
customers/customers customer to loaded. cards) online
. Cash can be purchase Facilities like Should be a transactions.
accepted for issue of HDFC gift balance SB/CA/OD account Valid for
gift card only the card. transfer from holder. 3years from
maximum value of Cannot be one card to Daily withdrawal the date of
Rs.49, 999/- per re-loaded another and upto Rs. 10, 000. card
customer per day. Issued for cash Valid for 3years generation.
Valid for one year any value withdrawal from the date of card No daily
from the date of between Rs. shall not be generation. usage limit.
issue. 500 and Rs. available. In case card was Can be
No daily usage limit. 50000 in Valid for one lost/damaged/expire applied
It cannot be used to multiples of year. d, replacement card online
withdraw cash in Re.1 Issuance and will be free of Balance
ATM/Branch Can be used replacement charge. cannot be
Can be used on on internet charge Can be used for transferred
internet for domestic for domestic Rs.100+servi domestic online from one
online transactions. online ce tax transactions. card to
In case card was transactions. Also available another and
lost/damaged/expire memento also cannot
d, replacement card gift card, be
will be issued with a where the withdrawn.
nominal processing customers can
fee of Rs.25/- submit their
against the request own choice of
of the original picture to be
purchaser. printed on the
card.
 29

3. IOB iMobile app: This service is available to all Indian Overseas Bank
customers having a valid operative account. It helps customers to conduct banking transactions
24x7 at his/her convenience from any place just by the use of a mobile phone.

Features:

IOB SBI CANARA ICICI HDFC

Balance Detailed Self- Bill Pay Reminders Access account
Enquiry account Registratio Set your bill payment anywhere,
Mini information n and reminders through anytime
Statement (Transaction / Activation this service and feel As secure as
Funds Deposit /Loan / Link for relaxed. NetBanking
Transfer PPF / SSA Forgot iDirect Manage Simple and
within accounts) User ID your Demat portfolio convenient with
Bank from Mini Statement and iTrack See the 75+transactions
one account (Last 10 Forgot status of all at your fingertips
to another transactions) MPIN deliverables from Transactions that
Funds mPassbook Loan ICICI Bank in a can be done
Transfer to Funds Transfer Enquiry single view. using your
accounts of (Own A/c) Term iLoan View loan Android phone
other bank Third Party Deposit summary, Loan include
using Transfer Enquiry statement, EMI Balance Enquiry
NEFT and (Within SBI) Menu schedule, Loan Funds Transfer
IMPS Inter-Bank Options at transaction details & Credit Card
Credit Card Transfer all Screens Interest Certificate all payment
Payment (RTGS/ NEFT/ Personaliza at one place. Create
Loan/Depo State Bank tion (Name Instabanking Fill- personalized
sit view Group Transfer) and Profile up all paper work menu of 10
Topup and Quick Transfer Pic) without the paper on favorite
bill using QR Code IMPS the app and enjoy transactions
payments to Beneficiaries Beneficiar priority banking. through the My
Stop without y Addition Expressions Debit Menu feature
cheque registration One Time Card - Personalize Locate HDFC
Cheque IMPS Transfer MPIN Debit Card as per Bank Branches,
status (Person to Validation your choice with ATMs near you
ATM card Person/ Person Favourite numerous options. through
blocking to Account) Transactio Tax Payment: Pay Locator feature
Foreign Transfer to ns at one advanced tax in a few Use the
remittances mobile number click simple steps. Locator feature
using IMPS or email id Single Buy General to get offers on
using mCash Link for Insurance Buy Credit and Debit
Instant Opening Downloadi Travel & Motor Card in your
/ Closing of ng App insurance in few city.
Fixed and irrespectiv simple steps Mail queries and
Recurring e of Buy Life Insurance complaints using
Deposits Operating Exclusive life cover the Feedback
System option for iMobile option on the
Credit Card
SISA users with no App.
(VISA) Transfer
Schedule
Certified medicals and minimal Use the Contact
for form filling in 4 easy Us feature get
 30

Transactions Security steps: all Phone

Mobile Top-up Self-Video Login to iMobile Banking
DTH Recharge Help and Check your quote numbers of your
Transaction FAQs Tell us about yourself city at a touch
Enquiry within Get insured
Top-up of State Applicatio
Bank Wallets n
Top-up of Pre
Paid Cards

Besides all
these features
of IOB, based
on my personal
experience I
have found out
that we cannot
do foreign
remittances as
mentioned in
the list of
features.
Additional
features are we
can view PPF
accounts, loan
account
statements and
deposit details.
I have also
deduced few
latest customer
feedbacks for
the app, shown
in Figure 6.1,
which I hope
might be
useful.

Fig.no.6.1-
 31

4. IOB mPassbook app: A Smartphone application to facilitate, create and update

the virtual passbook of an account in the your mobile. This app will help you to be self-
dependent without visiting branches for updating passbook every time.

Features:

IOB SBI CANARA HDFC ICICI

Display of SBI View e- View account It is also
Virtual mPassbook passbook transaction history integrated
Passbook for is included (transactions anywhere any time. with their
the selected in their details), HDFC Bank users mobile app.
account mobile app balance without IPIN can
Easy User itself. inquiry, also register for
interface of A/C summary, mPassbook feature
mPassbook in Cheque Status, using their Debit
offline mode ATM/Branch card details.
Search option - Locator, Search and filter to
Credit/Debit Info about new find a transaction.
wise, Amount products Offline mode
and Remarks Multi Lingual availability/mPassbo
Display of App combining ok can be accessed
Account details all 8 regional in absence of data
in the mobile languages in connection also.
Send Account single place after first time
Statement to Search Branch, usage)
Email as PDF ATM, Cash Do a lot more with
User Profile Acceptance Interactive statement
viz Name, Machine in feature in
Address, map with mPassbook.
Mobile, branch direction Interactive statement
name and Integrated allows you to tag,
customer id Canara categorize your
Provision to mSwipe for transactions and see
maintain Offline enquiry a break up of your
personal ledger income and
for transactions expenses.
done
Refer a friend
via face book,
whatsapp,
Google+,
Gmail etc.

As per my personal experience with the app, IOB mPassbook can only generate bank statements
as it is known to be still in the developing stage. Some useful customer feedbacks are shown
below.
 32

Fig.no.6.2

5. IOB Credit cards: IOB is issuing two types of cards i.e. IOB Gold & IOB Classic. Interest charged is
24% per annum (annualised). The minimum card limit is Rs. 10,000 and the maximum credit limit is fixed
at Rs 5 lacs.

IOB CANARA SBI ICICI HDFC

It has two It can be divided Can be Can be categorixed Can be
types: IOB as: categorized as under: categorized
gold and IOB SBI Card ICICI Bank Coral under:
classic 1.VISA Credit Cards ELITE, SBI Credit Card. Premium,
It is a Visa Classic Card, ELITE ICICI Bank Platinum super
Credit Card. Gold Advantage, Chip Credit Card. premium, co-
Card is valid 2.Master Credit SBI Platinum Jet Airways ICICI brand, and
 33

for use Cards Card, SBI Bank Sapphiro premium

Internationall Standard Advantage, Credit Card. travel,
y Gold Platinum Card, Ferrari Signature premium
Acceptable World SimplyCLICK Credit Card by ICICI women,
by over 3.Corporate Credit SBI Card, Bank. professional,
1,18,000/- Card SimplySAVE ICICI Bank regular and
Member SBI Card, SBI Expressions Credit commercial
establishment Cards are issued Card Unnati, Card. Transaction
s (MEs) for with domestic/ Central SBI ICICI Bank HPCL fee of 2.5%
purchase of global usage Select+ Card, Coral American Interest free
goods & validity. Global Air India SBI Express Credit Card. credit period
services in cards will be Signature ICICI Bank Coral could range
India and issued on specific Card, Air India Contactless Credit from 20-50
over 130 request. SBI Platinum Card. days.
Lakh Outlets Minimum Gross Card, IRCTC The Card Member HDFC at its
Worldwide income to get SBI Platinum shall be entitled to sole discretion
You can CANARA Card, Mumbai apply for a review / will determine
withdraw CREDIT CARD is Metro SBI enhancement / the
cash upto Rs.100,000 p.a. Card. reduction of the cardholders
40% of the only. Save money Credit-Limit and/or credit limit
limit Liberal Card limit. with lower Cash Limit (if and cash
assigned to Get up to 30% of interest rates. provided by ICICI withdrawal
you your gross annual Just transfer Bank), upon limit.
Cash income as your balances to completion of 12
withdrawal Card limit. Fixing SBI Card. months of his
will also of the limit is at Credit limits membership
attract Cash the sole discretion are based on The Minimum
Advance of Canara Bank. the type of Amount Due shall be
Interest at Cash withdrawal card. 5% of the
24.00% p.a. limit up to 50% of outstanding amount
(annualised) your card limit or such other amount
from the (Maximum Rs. as may be determined
date of 50,000 only). by ICICI Bank at its
withdrawal Cash withdrawal sole discretion
Valid for 3 charges only The over-limit charge
years from Rs.30 per is 2.5% of the
the month of thousand. amount by which the
issue Minimum Rs.30 credit limit is
only. exceeded (subject to
Free Credit period a minimum charge of
from 20-50 days Rs.500)
Cash withdrawal Can be used for
facility at all international
ATMs of Canara transactions.
bank & other
Bank ATMs
 34

7. MARKETING SUGGESTIONS

Although this industry has strict competition, theres a significant chance to up the game by
engaging a little more in promotional activities as the bank has a strong loyal customer base.

Some of the strategies can be:-

Most of the customers fall above 50 years of age and senior citizens; as a reason they are
not very confident about e-banking activities on the grounds of security as well as usage.
Therefore, we can introduce Demo Videos/Tutorials on the website as to how to use the
digital products.

The world is moving on to social media. We should have a strong foothold at all the
social media websites to keep the audience engaged and brand remembrance high. IOB
is very active on Twitter but almost invisible on Facebook and Instagram.

During the course of my survey, there came a very insightful finding when one of the
customers expressed that he is not very confident about IOB internet banking as the
password is only 99 bit encrypted where most of the banks offer 128 bit encryption,
which makes the IOB internet banking password strength weak.

Technically, all the mobile apps of IOB need to be functioning at its best to compete with
the market and only then it can be promoted and popularized.

Data mining: To have extra fields for customer history and the purpose of this extra data
field is to create a data log of customers. Using the data we can push curated messages to
our target/segment group for any upcoming programmes/schemes/digital products,etc.

We can tie up with various e-commerce/travel websites to ensure a benefit to all IOB
card payments to promote internet banking.

As one of the biggest agenda of Digital India is to bring the millions of unbanked Indians
into the financial system, we can run Campaigns that has a social marketing edge to it.
For instance, most maid servants/drivers/blue collar workers at home or work do not have
a bank account; therefore we can prompt IOB customers to open a bank account for their
workers and promote Digital India and post a story/few lines about it on social media
using Hashtags such as #IPledgeSafeBankingForMyBai,
#IPledgeSafeBankingForMyDriver, etc. and the best of them gets a chance to get
featured on our social media pages and also avail perks from IOB.

The internet banking website can also have a Live Chat Box for quick deliveries to
queries from the customers.
 35

8. CONCLUSION

After conducting my study of IOB e-products and also for various other banks, it
can be concluded that online/digital banking is indeed flourishing, but not very
well with the older generation. They are not very open to new changes and
technology and are unwilling to accept the whole process of digitalization. As IOB
has a more customer base of retired personnels and pensioners, going digital can be
a challenge and might require huge effort in terms of assurance and usage. During
the course of my project of engaging with the digital products, it was found that the
customers were mostly unaware of all the digital products and services the bank
offered. As for the other banks, just for the competitive market prevailing outside,
they have created this huge vast ocean of digital products ranging from mobile
apps to various cards and services which do not serve any significant necessary
purpose and sometimes even the customers might get into a dilemma.

Hence, IOB can focus on the present functioning digital products and services and
be prudent that it operates to its best efficacy so as to gain the confidence of the
customers and also provide them the ease of digital banking.
 36

9. REFERENCES

https://www.iob.in/
https://www.canarabank.in/
https://www.icicibank.com/
http://www.hdfcbank.com/
https://play.google.com/store/apps/details?id=com.fss.iob&hl=en
https://play.google.com/store/apps/details?id=com.lcode.iobpassbk&hl=en
https://www.onlinesbi.com/
http://economictimes.indiatimes.com/topic/Digital-banking
https://www.eqbank.ca/the-exchange/article-detail?urlName=why-india-is-ground-zero-
for-a-revolution-in-digital-banking
https://en.wikipedia.org/wiki/Indian_Overseas_Bank
 37

10. ANNEXURE
Following questionnaire was passed to the respondents:-

Please tick [] the right choices:

1. Age:

a) Below 20 b)20-30 c)30-40 d)40-50 e)50 and above

2. Income (per annum):

a) Below 1lakh b) 1-5lakhs c) 5-10lakhs d) 10lakhs and above

3. Gender: a) male b) female

4. Occupation:

a) Service b) Business c) Retired d) Housewife e) Student

d)Self-employed e)Other(specify)...

5. Citizenship: a) Indian b) NRI c) Foreign national

Do you use internet/online/mobile banking services?

a) Yes b) No

If No, please specify the reason..............................

 38

If Yes, which of the following services you use? [tick ]

Frequently Occasionally Rarely

1. IOB Gift Card

2. IOB Multi-currency travel card

3. IOB visa Prepaid cards

4. IOB iMobile app

5. IOB Connect app

6. IOB mPassbook app

7. IOB Rewards app

8. IOB E-trading

9. Internet banking

10. IOB debit cards (ATM)

11. IOB credit cards

Any Complaints/suggestions with any of the above

services

Do you have bank accounts in any other banks? (name them)

Do you use their internet/mobile services?

a) Yes b) No

If Yes, which of their E-products you like the most and why?

Thank you.