Impact of Cashless Banking on the Performance of the Banks

Running head: IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE
BANKS
Impact of Cashless Banking on the Performance of the Banks
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

1IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
Abstract:
The main reason behind undertaking this research is the initiation of cashless banking, which has
resulted in the development of new and enhanced activities and in this manner; it would be
beneficial for fulfilling customer satisfaction. The improvements inherent in the banking services
through cashless banking would be analysed and thus, the profit to be achieved could be
ascertained. In this research, appropriate code of conduct is followed by the researcher. The
researcher has collected data from authentic sources so that the research outcomes could be
accurate and trustworthy. For conducting the data analysis, the researcher has used the MS Excel
function to convert the responses of the bank customers into meaningful graphs, charts and
tables. Initially, the opinions of the respondents have been gathered after the researcher has
provided with a close-ended questionnaire, which is to be filled by the respondents within 7
days.
It has been analysed that the banks of Singapore have implemented the cashless banking system
successfully; however, it is yet to be popularised in the public sector banks. Moreover, it has
been found that with the help of cashless banking, the customers are able to minimise their
transaction time for purchasing any necessary products and services. Moreover, the banks have
increased their online presence in the nation due to which the satisfaction level of the customers
has been maximised.
There are certain limitations in this research, one of which is the limited number of respondents
due to limited timeframe. Another limitation is the inability of the researcher to use secondary
data, which could have contributed immensely to the research findings, especially the role of
cashless banking in developing the economy of Singapore. Therefore, this research could be

2IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
undertaken in future by undertaking increased number of respondents and consideration of
secondary data.

3IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
Acknowledgements:
I would like to express my sincere gratitude and thank the following people for their immense
help and support, as without their assistance, it would not be possible for me to complete this
research.
 To my supervisor, your constant direction and guidance enabled me to carry out my
research effectively and diligently
 To my dearest friends and family, as without their financial and emotional support, the
research study would not have been possible
 To all the customers of the different banks of Singapore, who allowed me to borrow their
time for conducting surveys
 Finally, I would like to thank sincerely to all the teaching staffs as well as library staffs in
my college/university

4IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
Table of Contents
Chapter 1: Introduction....................................................................................................................8
1.1 Background of the study:.......................................................................................................8
1.2 Rationale of the study:...........................................................................................................8
1.3 Problem statement:................................................................................................................9
1.4 Research aim and objectives:.................................................................................................9
1.5 Research questions:...............................................................................................................9
Chapter 2: Literature Review.........................................................................................................11
2.1 Introduction:........................................................................................................................11
2.2 Bank theories:......................................................................................................................11
2.2.1 Organisational change:.................................................................................................11
2.2.2 Customer relationship management:............................................................................12
2.2.3 Communication of change:...........................................................................................13
2.3 Customer theories:...............................................................................................................13
2.3.1 Reaction to change:.......................................................................................................14
2.3.2 Demands by the customers:..........................................................................................15
2.4 Summary:.............................................................................................................................16
Chapter 3: Research Methodology................................................................................................17
3.1 Introduction:........................................................................................................................17

5IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
3.2 Research strategy:................................................................................................................17
3.3 Sample selection:.................................................................................................................17
3.4 Data analysis plan:...............................................................................................................18
3.5 Ethical considerations:.........................................................................................................18
3.6 Summary:.............................................................................................................................18
Chapter 4: Data Analysis and Interpretation.................................................................................20
4.1 Introduction:........................................................................................................................20
4.2 Findings and analysis:..........................................................................................................20
4.3 Summary:.............................................................................................................................28
Chapter 5: Conclusion and Recommendations..............................................................................30
5.1 Linking with the objectives:................................................................................................30
5.2 Recommendations:..............................................................................................................31
5.3 Limitations and future scope of the research:......................................................................31
References:....................................................................................................................................32
Appendix:......................................................................................................................................35

6IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
Table of Figures
Figure 1: Age group of the respondents........................................................................................20
Figure 2: Technological advancements.........................................................................................21
Figure 3: Factors promoting new banking techniques...................................................................22
Figure 4: Superiority of cashless banking over cash services.......................................................24
Figure 5: Presence of online platform...........................................................................................25
Figure 6: Satisfaction level of the customers.................................................................................27

7IMPACT OF CASHLESS BANKING ON THE PERFORMANCE OF THE BANKS
Table of Tables
Table 1: Age group of the respondents..........................................................................................19
Table 2: Technological advancements...........................................................................................21
Table 3: Factors promoting new banking techniques....................................................................22
Table 4: Superiority of cashless banking over cash services.........................................................23
Table 5: Presence of online platform.............................................................................................25
Table 6: Satisfaction level of the customers..................................................................................26