HDFC BANK: PayZapp, Chillr, Mobile Banking & Net Banking -Under the guidance of Prof. Shubhamoy Dey Akshay Shenoy | Anupama Chinta | Kajal Modi | Nidhi Subramanian | Ransoth Nikhil Raj | Shruti Sundaram

Introduction Presently, cash transactions account for 78% of all the transactions in the country But the future is set to change as the on-going digital and technology revolution in India coupled with several progressive regulatory changes has revolutionized digital payments in India The Government’s Digital India vision and entry of large corporates such as Reliance in the telecom sector is aiding an unprecedented growth in the Internet penetration in India The project allotted to us was to measure penetration in terms of usage among existing customers of mobile applications such as Payzapp, Chillr, Mobile Banking and Net Banking and to come up with analysis regarding the same

WE SURVEYED 21 customers of HDFC Bank at their Vijayanagar Branch. Here are the results :

Flow chart depicting our Questionairre Does the customer have an account with HDFC bank IF YES: Do they own a smart phone? IF YES:Do they use apps/services provoded by HDFC(Net banking, Mobile banking, Chillr, Payzapp) Which service do they use most frequently? The feature which they liked the most in that app/service. IF NO: Reasons for not using those services (Not ware, security, poor experience)

Observations

Observations

Observations

Observations

Observations

Observations

Findings Lack of awareness There is confusion in the minds of the customers regarding the various HDFC products Switching from Paytm to using these products is difficult. These products need to have additional features for them to switch to these products While 57% of the respondents had heard about these applications, a mere 5% use it stating ease of use, convenience and security concerns as reasons for not using them Some users stated that they preferred online banking services by competitors such as ICICI Bank, SBI Bank over those offered by HDFC Bank

Recommendations to Increase penetration within the Branch Setting up a kiosk in bank branches A Different Deal Every Day to attract new customers Hoardings/ boards in and around various counters at bank for better promotions of the products Communication via Text Messages and keeping the existing customer base engaged Leveraging De-monetization & Digital Wallet campaigns to make people aware about the benefits of using these applications Create Family linked accounts

Scope & Recommendations Scope of this survey has been limited to users of traditional mode of banking. More insights may be obtained if users of some form of digital banking were surveyed. Recommendations: 1. Install TV screens which show users how to use the product. 2. Consider changing the user interface of the application by making the most used transactions simpler and easier to do

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