Hdfc bank online payment methods industry interface program Group 94 Arpit Pal (2016PGP078) K. Pavithra (2016PGP159) Mohammed Niyas (2016PGP218) Shivam Kumar Arya (2013IPM122) Shivani (2016PGP360) Tigiripalli Hemanth Raj (2016PGP409)

Research Objective Research Method The objective of the study was to find the usage of online banking facilities like internet banking , mobile banking and payment wallets. Research Objective The research was done at the HDFC branch at commerce house , Indore. The mode of research included surveys with the customers and interaction with the Bank officials. Research Method

HDFC Digital Payment Methods

Survey Analysis Top 4 reasons for customers not preferring digital payments: 1) Lack of Awareness about the Product 2) Security Concerns 3) Perceived Convenience of Offline over Online and Complicated UI 4) Better Interaction in the offline mode

HDFC Digital Products – Usage wise The most preferred HDFC products among the customers is HDFC Net banking and SMS Alerts while the percentage usage of other products is fairly low.

The result of the survey shows that most of the customers (62%) used at least one among Paytm/Mobiwik/E-wallets.

Medium Of Awareness It can be seen that the HDFC Banking professional & Email/SMS are the major medium through which customers get to know about various online products Inference: People do not generally refer Payzapp or similar HDFC products to their friends and peers and awareness through advertisement except for SMS/mail is very low. However as the survey had a significantly high sample of HDFC employees their awareness about the product through HDFC professionals might be a skewed result.

As it can be seen from the Venn diagram, most of the customers (6 out of 9) who use digital products in general, also use one of HDFC’s digital products. However, it can be seen that 3 customers who use digital products in general, do not use any of HDFC’s products. i.e. even though these customers are aware of and are accustomed to using digital products, they still haven’t started using HDFC’s products. It is important to identify such customers and create awareness about HDFC’s products since their conversion efforts would be minimal

Classification of customer based on interest and awareness about the Digital Products

SMART CUSTOMER SCEPTICAL CUSTOMER Problem Identified: No one stop solution, more digital products from HDFC like Chillr, PayZapp and mobile internet banking. Self- cannibalization Proposed solution: Focus on promoting one application instead of different applications. Chillr application should be given priority for these customers as this application provides multi-bank solutions. Makes it easy and convenient for customers. SCEPTICAL CUSTOMER Problem Identified: Majority of users (from the primary research) are concerned about the security issues regarding the transfer of payments. Proposed solution: Developing a simple application which enables users to do simple transactions. At present PayZapp is providing convenient mobile solutions for HDFC customers. However, to convert a sceptical customer into smart customer we need to tweak the PayZapp application so that the interface won’t be exuberant.

IGNORANT CUSTOMER ORTHODOX CUSTOMER Problem Identified: Lack of communication regarding the product. Wrong modes of advertisement. Proposed solution: One dedicated digital analyst who conveys information regarding our digital products to the customers and will also help in clearing doubts regarding the application usage and security. Also initial application the customer is going to use should be simple enough to make the customer habituated to digital transactions. ORTHODOX CUSTOMER Problem Identified: Habituated to old means of approach. Reluctant to change. Proposed solution: Hard to shift these customers to the digital platform. the only change in rules may change their preferred mode of approach

Insights and Suggestions The main reasons for not preferring digital applications are a lack of awareness and security issues. By countering these problems, we can convert both the ignorant and sceptical customer into a smart customer. HDFC mobile banking application has an inbuilt link for PayZapp. We recommend tweaking the app to give two interfaces - basic and advanced. Promoting PayZapp Basic and once the user is comfortable using the PayZapp Basic depending on the transaction frequency and the type of transactions of the user we should recommend Chillr or PayZapp Advance Chillr is the most advanced of our applications. For our smart customers, chillr would be one stop solution

Trends To promote digital payments Government of India is launching various services HDFC bank joined the league of banks which are capping limit on free ATM transactions and in bank services from March 1st This provokes every segment of customers even the Orthodox customers to try our digital products This is a chance to get the first mover advantage. We should promote our PayZapp and Chillr applications to get the maximum out of this situation Digital alerts like SMS and email are helping in developing the trust in consumers regarding digital applications. Hence it is advisable not to charge customers for these facilities

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