Consumer Behaviour - Doc
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Added on 2020-10-05
Consumer Behaviour - Doc
Added on 2020-10-05
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CONSUMER BEHAVIOUR
TABLE OF CONTENTSIntroduction......................................................................................................................................1Task..................................................................................................................................................21. Consumer behaviour towards cash versus cashless transaction..............................................22. Consumer perceptions towards digital banking.......................................................................33. Application of motivation theory for use of ATM in UK.......................................................44. Recommendation to banks for investing in digital banking....................................................5Conclusion.......................................................................................................................................6References........................................................................................................................................7
IntroductionDigital banking has changed the scenario of banking industry. The report will analysethat cash transaction is convenience for consumer or cashless transactions are convenience. Itwill explain what consumer feel about the digital banking. And also this project will analyse thefactors which should be improve by BanksTask Consumer behaviour towards cash versus cashless transaction The payment evaluation is changing very rapidly in UK from cash to cheque, cheque tosmart cards and recently card-less and cashless environment is surrounding with the advancetechnology. But still cash will remain as an important part of consumer's day-to-day life.Behaviour of consumer is mostly depends on the need based theory of motivation, which isconcerned by the factors which motivate consumers to choose certain behaviour (Martins,Oliveira and Popovič, 2014). Is there need of cash transactions or cashless transaction. From theMaslow's need theory, the security and safety need decides the different behaviour of consumers.Accordingly, transactions should be safe and secure, and free from fraud and theft.Behaviour of consumers towards cash:Most of the public in UK uses cash mode as payment and find it positive, whereas somelocality find the traditional payment mode negative. Cash generates security, as the public feelcomfortable and secure by paying in cash. The mode of payment reduce the risk of digital fraudor any scams. As from the view point of local public this kind of frauds and scams affects thebehaviour of them to use digital banking or making any cashless transactions. Consumers findthe cash transaction simple than other mode of payments, as they are free from the complexitythat arises in cashless transactions. Old generation still believes in cash transactions whereasyoung people like to use digital services.It is universally accepted that consumers don't need anyinternet or any account to exchange cash and in day to day transactions consumer find cashpayment more convenient (Dinh, Nguyen and Nguyen, 2018).Cash payment takes less time thanother payment modes, as consumers can be in hurry. So the priority of consumer can be payingby the cash.However, there are some negative views of using cash as many people find carrying cashinconvenient. It might be because of the volume of cash or for the safety reasons that when thecash gets stolen it never gets traced.1
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