CUSTOMER SATISFACTION TOWARDS DIGITAL CHANNELS OF
AXIS BANK LTD
A PROJECT REPORT ON DIGITAL CHANNEL UTILISED BY CUSTOMER OF
AXIS BANK LTD
S U B M I T T E D B Y
P R A S H A N T A R U N K U M A R J U N N A R K A R
E X A M S E A T N O : 1 3 3 1 0 7
U N D E R T H E G U I D A N C E O F D R . P A R A G S H U K L A
P R O J E C T G U I D E

Introduction
Banks are not just part of our lives, but have a significant role in our daily lives. Banks always try to adopt latest technologies to enhance customer
experience. Digitalization is not an option for banking industry, rather it is inevitable. The buzzword in India now a day is creating a cashless economy.
The successful implementation of demonetization, leads the government to implement digital transactions. Digitalization is the process of converting
data into digital format. Digitalization means the adoption of technology. The main objective of the government of India is make 25 billion digital
transactions through multiple facilities. Digitalization of banking requires platforms like Unified Payment Interface (UPI), Aadhar Pay, Debit Cards and
Immediate Payment Service (IMPS).
With the surge in transaction volumes in the global and local markets the customers have also started adapting and preferring non-conventional ways of
banking (Digital Banking) over traditional banking. An automated delivery of various banking service products without any direct participation of
banks’ employees using either electronic machines or technology or internet at anytime and anywhere is called Digital Banking.
The new innovative digital technologies and futuristic thought processes have given birth to whole new businesses and social dimensions. Make in
India and Digital India is now the buzzwords to a bright and sustainable industrial and financial progress of our nation. Digital banking provides
solutions to bankers for their short term and long term business and technological requirements. The digital India is the Indian government’s flagship
program with a vision to convert India into a digitally empowered country. Faceless, paperless, cashless is requirement of India government.
Registration, Invoicing, Payment selection, Payment confirmation are the important phases of digital payment system. This generally includes three
electronic payment instruments like, cash, cheque and card.
Digital banking is a new concept in the area of electronic banking. Before the emergence of the concept of digital banking, electronic banking was
being referred to as internet banking or e-banking. There were a few more indirect banking channels like ATMs, phone-banking, mobile banking etc.
However, their aim was to cover only basic banking service through electronic banking. However, digital banking is very wide concept and it covers all
possible banking service and all alternate banking channels like Automated Teller Machines (ATM), Point of Sale (POS), Internet Banking, Mobile
Banking, Banking through Application, Phone Banking etc. except branch banking. Digital Banking can also be termed as “Direct Banking Channel”.

DIGITAL BANKING
• Banking that is done through the digital platform without any paperwork is referred to as digital banking
• Digital banking means the availability of banking services online
• With the Indian Government’s vision of a cashless economy and rapid development in improving
internet availability throughout the nation, the country recorded over 25.5 billion real-time payment
transactions in 2020 (highest in the world) exceeded china by 60 %.

Objective of the study
• To study on level of awareness towards customers in Digital banking.
• To identify the level of customer satisfaction by the usage of Digital banking
Services.
• To identify the problems are faced by the customers in Digital banking Services.
Scope of the study
• A Study on customers opinion towards Digital Banking Services.
• The Axis Banks Provide various utility Service of Digital Banking facilities to their
Customers
• The purpose of this study is to analyze the satisfaction level of customers towards digital
banking services.
• The research will cover the customer opinion on digital banking services which will be
helpful for further development and growth of Axis bank.
• The study will be able to reveal the preferences, needs, satisfaction of the customers
regarding the banking services, It also help banks to know whether the existing products
or services they are offering are really satisfying the customers’ needs.

Benefits of Digital Banking
• Advancing to a more technologically sophisticated way of doing things, it goes without saying that the benefits long outweigh the
costs. Similarly, digital banking as a technological by-product aims to make life easier for the customers of a bank. Digital banking
has the following benefits:
• Digital banking enables consumers to perform banking functions from the comfort of their homes, be it an elderly person who is tired
of waiting in lines or a working-class professional who is caught up with work, or a regular person who does not want to visit the
bank’s branch to run a single errand. It also offers convenience.
• Elaborating on the convenience offered, digital banking lets a user carry out banking work around the clock, with 24*7 availability of
access to banking functions.
• One of the biggest drawbacks of traditional banking was the overly placed importance on paper. Banking has become paperless with
the development of digital banking as a service. A user can log into their account at any point in time to monitor records.
• Digital banking allows a user to set up automatic payments for regular utility bills such as electricity, gas, phone, and credit cards.
The customer no longer has to make a conscious effort of remembering the due dates. The customer can opt for alerts on upcoming
payments and outstanding dues.
• Online shopping has become a cakewalk with payment channels becoming well-integrated with the online shopping portals. Internet
banking has significantly contributed to online payments.
• Digital banking extending services to remote areas is seemingly a step toward holistic development. With smartphones at affordable
prices and internet access in remote areas, the rural population can make the most out of digital banking services.
• Digital banking-enabled fund transfers reduce the risk of counterfeit currency.
• With the help of digital banking, a user can report and block misplaced credit cards at the click of a button. This benefit
greatly strengthens the privacy and security available to a bank’s customer.
• By promoting a cashless society, digital banking restricts the circulation of black money as the Government can keep a track of fund
movements. In the long run, digital banking is expected to lower the minting demands of a currency.

Disadvantages of Digital Banking
• Is digital banking safe? Contrary to popular opinion that digital banking poses security concerns, most readers will be
surprised to know that digital banking is safer as compared to traditional branch banking. While digital banking forums
are prone to vulnerabilities and hacks such as phishing, pharming, identity theft, and key logging, banking institutions are
investing a lot in their security systems. Security is at the forefront when considering a service such as digital banking. If
security were to be compromised, banks would lose a crucial selling factor, and more so than risking user data and
resources, banking institutions cannot afford negative publicity.
• In a hypothetical scenario where banks do, in fact, lose your money to a hacker, you will be entitled to receiving the due
amount of your bank balance for the sole reason that your money is protected. Therefore, to avoid massive public liability
and bad publicity, banks are bound to invest heavily in reinforcing the security of digital banking platforms.
• However, a digital banking user must do their part by following certain practices that act as a safeguard:
• Follow prompts to change your passwords regularly and keep your passwords confidential.
• Avoid using public networks and devices to access digital banking – if you must use a public device, remember to clear
cache and browsing data. It is good practice to not allow the browser to save your username and passwords for bank
details.
• Banks never ask for confidential information so refrain from sharing it with anyone who asks for it.
• Anti-virus protected systems offer another layer of security to your systems.
• The URL address MUST begin with ‘https’, or a padlock must appear next to the website address. The padlock is a
security certificate. The address bar turns green when the site is secured with an SSL certificated, which is an additional
validation for the security of the website. Therefore, use the bank’s URL and refrain from clicking on other links. Banks
generally use minimum SSL/128-bit encryption.
• Lastly, disconnect from the internet when the system is left idle.

COMPANY PROFILE
AXIS Bank Limited is an Indian multinational banking and financial services company with its registered office in Ahemdabad, Gujarat and corporate
office in Mumbai, Maharashtra. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of
delivery channels and specialised subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
AXIS Bank is one of the Big Four banks of India, The Bank has a large footprint of 4,758 domestic branches (including extension counters) with 10,990
ATMs & 5,972 cash recyclers spread across the country as of 31st March 2022. The Bank has 6 Axis Virtual Centers with over 1,500 Virtual Relationship
Managers as of 31st March 2022. The Overseas operations of the Bank are spread over eight international offices with branches in Singapore, Dubai (at
DIFC), and Gift City-IBU; representative offices in Dhaka, Dubai, Abu Dhabi, Sharjah and an overseas subsidiary in London, UK. The international
offices focus on Corporate Lending, Trade Finance, Syndication, Investment Banking, Liability Businesses, and Private Banking/Wealth Management
offerings.
History
AXIS bank was founded on 3 December 1993 as UTI Bank, opening its registered office in Ahmedabad and a corporate office in Mumbai.[10] The bank
was promoted jointly by the Administrator of the Unit Trust of India (UTI),[11] Life Insurance Corporation of India (LIC), General Insurance
Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance
Company. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Manmohan Singh, then finance minister of India.
In 2001 UTI Bank agreed to merge with Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and the merger did not take place. In
2004, the RBI put Global Trust under moratorium and supervised its merger with Oriental Bank of Commerce. The following year, UTI bank was listed
on the London Stock Exchange.[13] In the year 2006, UTI Bank opened its first overseas branch in Singapore. The same year it opened an office
in Shanghai, China. In 2007, it opened a branch in the Dubai International Financial Centre and branches in Hong Kong.
On 30 July 2007, UTI Bank changed its name to Axis Bank.
In 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank.
In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations.
On 1 January 2019, Amitabh Chaudhry took over as MD and CEO.
In year 2021, the Bank had reduced its stake in Yes Bank from 2.39 per cent to 1.96 per cent.

Business Objectives:
Vision and Values: To be the preferred financial solutions provider excelling in customer delivery through insight, empowered
employees and smart use of technology
Core Values:
Awards & Recognition – 2022:
Axis Bank wins Finnoviti Award for Project Maximus.
Axis Bank wins BT-KPMG Best Bank Award for Best Innovation in Banks in India.
Axis Bank wins Asia’s Best in Infrastructure Modernization at the IDC Financial Insights Innovation Award.
Axis Bank wins BT-KPMG Best Bank Award for Best Talent and Workforce in Banks in India.
Axis Bank wins IBS intelligence Global FinTech Innovation Award for Best CRM System Implementation.
Axis Bank wins IFR Asia’s Asian Bank of the Year and India Bond House award.
Teamwork
Customer
Centricity
Ethics
Transparency
Ownership

AXIS Bank Digital Banking Services (Digital Channels of AXIS Bank) INTERNET BANKING:
Internet Banking is a convenient way to do banking from the comfort of your home or office. Avoid the queues or delays and try our
simple and secure Internet Banking facility for a seamless online banking experience.
Money Coach: A software robotics based automated personal finance and investment advisory platform which helps customers plan
their future investments in a seamless manner. The service is offered free of cost and enables goal based investment advisory. After
the introduction of this facility, the Bank has witnessed manifold increase in customers investing through AXIS Mobile.
QR Basis Payment: This feature allows users to initiate transactions such as bill payments, fund transfer or scan a QR code by
simply long pressing the AXIS Mobile icon.
In app merchant payments: With this feature, customers can make instant payments for day-to-day transactions such as ordering
food, hotel bookings, travel etc. from within AXIS Mobile, directly from their bank account.
Instant digital credit: It enables customers to buy small ticket items immediately in a completely digital and paperless manner.
Using the facility, customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.
Securing card transactions: AXIS Bank is the first bank in the country to enable users to pre-set limits on their credit and debit
cards for domestic as well as international transactions.
Message to check balance: Customers can now check their account balance without logging in to the app. Customers can check
balance through watsapp or message to glance through their account balances and credit card outstanding amount.
Taxi payments: No need to worry about cash anymore, just link your AXIS Bank Unified Payments Interface (UPI) ID and pay
Uber/ Ola fares instantly.

Rail tickets: Use AXIS Mobile app to book rail tickets.
Flight tickets: You can count on AXIS Mobile app for easy flight bookings.
Bus ticket bookings: Do stress-free bus ticket bookings with AXIS Mobile app.
Local deals: Use AXIS Mobile app and get the best local deals.
Bill Pay reminders: Don’t miss out on paying any of your bills. Just set your bill payment reminders through this service and
feel relaxed.
Demat Account: Now manage your Demat portfolio from your phone.
Internet Banking: Branch banking made simpler, thanks to the Internet Banking feature. Now fill up all your paper work
without using the paper via your AXIS Mobile app and enjoy Priority Banking.
Expressions Debit Card: Now personalise your Debit Card as per your choice with numerous options.
Tax payment: Pay tax in advance in a few simple steps.
Buy General Insurance: Buying insurance was never so easy. Buy travel and motor insurance in a few simple steps.
Buy Life Insurance: Experience a quicker and easier way to get insured through AXIS Mobile app now. Exclusive life cover
option for AXIS Mobile app users with no medicals and minimal form filling in easy steps.

Digital Trade Solutions
We make the Bank come to you with our cutting edge solutions on Digital Trade. Axis Bank offers a
wide variety of services ranging from Imports, Exports and Domestic Trade transaction capabilities
through our Digital Trade platforms. We also offer paperless solutions for select importer and exporter
clients to take full advantage of the digital capabilities and also technology based solutions for your
trade requirements.
TF Connect
Digital platform to transact majority of Import-Export transactions online.
Online Inward Remittance (OIRM)
Digital offering allowing you to settle Inward remittances online.
Paperless Imports
End to end digital journey for Import bill payments.
Paperless Exports
End to end digital journey for Export bill regularisation.
e-Softex
Platform to manage the entire software export journey digitally
e-Advice
Opt for alerts and notifications of your trade transactions

TFConnect
Digital platform to transact majority of Import-Export transactions online
Overview
Through our TF connect facility, transact at the convenience of your office or home. Apply for trade transactions
online and get real time updates.
TFConnect enables you to initiate, amend and authorize and Trade Finance transactions in a digital environment,
allowing you to manage your transactions in a convenient manner. Optimal for the on-the-go businessperson.
Features and Benefits
1. 24x7 online access across the globe: Trade finance transactions can be routed anytime and anywhere.
2. Templated transactions: Simplified transactional experience and reduced data entry through templates.
3. Bulk upload / approval of transactions: Ease in routing transactions in high volumes
4. Online Copy of advises: Ready reference of debit advises and SWIFT copies online
5. Limit data availability: Information of limits available / utilized / sanctioned across various credit lines
6. Role based dashboards: Overview on pending action items for different user categories
7. Quicker turnaround time and also authorization on the move with Mobile App

Research methodology
The Electronic banking, it is also called as online, cyber and virtual banking, It
facilitates the customers using this platform in means of electronic and internet to
perform several transactions in banking like account assessing, executing
transactions from anywhere at any time. With the help of E-banking the buying and
selling of goods and services through the transfer of real money using the internet.
The customer is the click of a mouse away from any banking transactions. E-
banking system provides benefits in the form of quality services to customers,
higher interest to customers, customer satisfaction, introducing E-banking products
& services (e-banking, physical form of currency is shifting to cashless, digital and
electronic money). E-banking provides cashless banking like Automated Teller
Machine(ATM), Mobile Banking, Phone Banking, Internet Banking, Electronic Fund
Transfer (EFT), Debit card & Credit card, NEFT, RTGS.

GENDER OF THE
RESPONDENT
FREQUENCY PERCENTAGE
MALE 77 63.6
FEMALE 43 36.4
TOTAL 120 100
INTERPRETATION:
•GENDER OF THE RESPONDENT:
• From the above representation of pie chart, it concluded that out of 120 respondents 77 were male 43 were female, which comprises of
63.6% and 36.4% respectively.

AGE BRACKET OF
THE
RESPONDENTS
FREQUENCY CUMULATIVE
FREQUENCY
PERCENTAGE
18-25 89 89 74.2
26-40 11 100 9.2
41-55 16 116 13.3
ABOVE 55 4 120 3.3
TOTAL 120 - 100
•AGE OF THE RESPONDENTS:
• From the representation of the above pie chart, it concluded that,
• 89 respondents were from the age group 18-25,
• 11 were from the age group 26-40,
• 16 were from the age group 41-55 and rest were above 55 which comprises of 74.2%, 9.2%, 13.3% and 3.3% respectively.
• 100 respondents being in the age group between 18 - 40, it was found that they were tech-savvy and relied more on digital platforms rather
than traditional mode of banking except deposits and withdrawals.
• 16 respondents between ages 41-55 were found neutral in preferred use of banking.
• 4 Respondents i.e. almost to senior citizen category mostly preferred traditional banking.

Respondents’ response on reasons encouraging use of digital mode of banking:
• From the representation in above bar graphs, it was concluded that:
• Out of 120 respondents 14 never considered reduced transaction charges as the reason for their encouragement to use digital banking. 27 respondents rarely
considered the above stated reason as encouragement to use digital banking. 29 respondents considered it sometimes. 50 respondents considered that
reduced transaction charges frequently encouraged them to use digital banking.
• Out of 120 respondents 13 never considered getting rewards as the reason for their encouragement to use digital banking. 26 respondents rarely considered
the above stated reason as encouragement to use digital banking. 28 respondents considered it sometimes. 27 and 26 respondents considered that getting
rewards often and always encouraged them to use digital banking.
• Out of 120 respondents 22 never considered virtual assistance as the reason for their encouragement to use digital banking. 35 respondents rarely
considered the above stated reason as encouragement to use digital banking. 31 respondents considered it sometimes. 20 and 12 respondents considered that
virtual assistance often and always encouraged them to use digital banking.
• Out of 120 respondents 6 never considered user-friendly interface as the reason for their encouragement to use digital banking. 15 respondents rarely
considered the above stated reason as encouragement to use digital banking. 34 respondents considered it sometimes. 29 and 36 respondents considered that
user-friendly interface often and always encouraged them to use digital banking.
• Out of 120 respondents 10 never considered hassle-free & secure transactions as the reason for their encouragement to use digital banking. 10 respondents
rarely considered the above stated reason as encouragement to use digital banking. 24 respondents considered it sometimes. 36 and 40 respondents
considered that hassle-free & secure transactions often and always encouraged them to use digital banking.

Limitations of the study
• Due to constraints of time and resource, the study is likely to suffer from certain
limitations. Sum of these is mentioned here under so that the findings of the study may be
understood in a proper perspective.
• The study is related to Axis banks only. Co-operative& foreign banks are not included.
• The study is related to Vadodara only.
• The information given by the respondents might be biased because sum of them might not
be interested to give correct information.
• Customer satisfaction focuses only related to banking services other are not covered.

FINDINGS
• People are more inclined towards digital mode of banking.
• Most of the respondents preferred public sector banks rather than private sector banks.
• People are not ready to avail banking services, so as to keep cash with them, in this pandemic crisis.
• Most of the people find digital avenues of banking easy rather than visiting a branch.
• Students and not earning individuals prefer those banks which doesn’t have minimum
• requirement of balance.
• Old aged people tend to use traditional banking method rather than online.
• Population staying in rural areas trusts Public sector banks rather than private. ( also no private bank in
rural)
• Bill payments and fund transfers is the most used feature in digital banking.
• People rely on digital banking because of hassle free transactions and security reasons.
• Among my respondents AXIS Bank had 13 customers which comprised of 11.1% of my total respondents.
Here to increase customer base AXIS bank should apply competitive strategy.
• Apart from CASA banks people tend to have insurance and Demat accounts from their banks.

RECOMMENDATIONS / SUGGESTIONS
The policymakers have to take precise measurements for improving the delivering services in E-Banking as
follows.
• Clearing of cheques takes time and people don’t want to move out of there places unnecessarily. Like
Canada, India should also start E-cheque clearing through scans from Axis Mobile App itself.
• Educate old aged population about digital services provided by banks.
• AXIS Bank should take initiatives like digital village near my catchment as people in rural areas nearby are yet
not aware of various banking services.
• Schemes for rural population will be key.
• Focus on insurance products due to COVID-19 pandemic.
• Tie-ups with various institutions for education loans.
• Providing POS machines at cheaper rate to retail stores, this will increase the customer base too.
• Keep its digital banking apps i.e. Axis Mobile, Internet Banking, TF Connect are more convenient to client and
should focus on ratings and feedbacks of customers on App stores regarding the same.
• AXIS Bank in integration with AXIS Securities can organize investments and savings awareness programs so
as to increase their base in trading accounts, mutual fund investments and AXIS Lombard health plans too.