Literature on consumer behavior in the banking sector

Abstract

In today's dynamic financial landscape, private sector banks continually innovate and introduce new financial services to meet the evolving needs of customers. However, the success of these services largely depends on customer awareness and acceptance. This study aims to examine the level of customer awareness regarding newly introduced financial services by private sector banks and the factors influencing this awareness.The survey will assess the awareness levels of various financial services offered by private sector banks, while interviews will delve deeper into the factors influencing customers' awareness, such as marketing strategies, communication channels, and personal financial literacy.The findings of this research will provide valuable insights for private sector banks to improve their marketing strategies and communication channels to enhance customer awareness of newly introduced financial services. Additionally, it will contribute to the existing literature on consumer behavior in the banking sector and serve as a guide for policymakers in fostering a more informed and financially literate customer base. Ultimately, enhancing customer awareness can lead to greater adoption and success of newly introduced financial services, benefiting both banks and customers alike.