Online banking or internet banking is a payment system that allows a particular customer of a bank to make various transactions between the bank and the third party via internet. Though internet banking is considered easy and convenient, not many are aware of how the transactions are actually done. Many from older generations are wary and skeptical of how it actually works. Likewise there are a lot of customers who are aware of online banking but are not thoroughly knowledgeable about it. And that is why segmentation becomes crucial. Segmenting the banking customers helps in understanding how the financial internet banking is perceived by different segments of customer and analyse each set of customers knowledge on banking and technology. Understanding each set of customers will give financial marketer an upper hand in product/service development as well as improvisation on the existing product/service. It also provides you with valuable insights on how financial institutions are viewed in the eyes of customer who prefer banking traditionally over banking online.
Velocity MR conducted a study on banking customer segmentation, where in we dive deep into each segment of online banking customers to understand their knowledge level on both the technology and their financial know how.
Some of the key findings we cover in this report are:
a. Factors that trigger customers in choosing a bank
b. Usage and understanding of banking products
c. Different segments of banking customers
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