Data Analysis and Findings

This document presents the data analysis and findings of a survey conducted in Palghar district of Maharashtra. It includes information about the age, gender, working status, educational qualification, occupation, and banking habits of the respondents. The majority of the respondents were in the age category of 18-25, with a higher participation of males. Most of the respondents were students and held a bank account. The findings also highlight the need for improved banking services in the area.

Research Methods
Student Name:
Student Number:
Date: 7th January 2019

4.1 Data analysis/ Findings
The survey was conducted in the palghar district of maharashtra
4.1.1 Introduction
In this part of the chapter the researcher will be analyzing the data obtained through online
questionnaire. A set of questionnaire was created according to the objective of the research and
following questions were asked. Below are the responses obtained that will be described by the
researcher, along with their responses.
4.2 Findings and analysis
1. Age
Optio
n
Percentage
(%)
Frequency of
respondents
Total number of
respondents
18-25 71.7 66 92
25-35 18.5 17 92
35-50 8.7 8 92
Above
50
1.1 1 92
Here, the researcher has categorize the age of the participants. The age of the participants was
divided into four categories that are from 18-25, 25-35, 35-50 and above 50. It was found out
that out of 92 respondents 66 respondents belonged to the category of 18-25 that majority of the
participants belonged to the age category of 18-25 while the least number of respondents was
above 50 which was 1. The number of respondents from the category of 25-35 were 17 while
from 35-50 were 8.
As we can see the majority of the people who took interest in the survey belong to the category
of the 18-25 which is the internet savvy youth of today, the percentage of this population is

71.7% while the least was above the age category of 50 which concluded with a minimum of
1.1%. The reason behind such a low count can be language barrier or the lacking knowledge of
technology. The number of respondents from 25-35 age group was 18.5% while the number of
participants from the age was group of 35-50 representing 8.7%, both of these age groups
respondents were quite less.
2. Gender
Option Percentage
(%)
Frequency of
respondents
Total number of
respondents
Male 50 46 92
Female 48.9 45 92
Prefer not to say 1.1 1 92
The second question was regarding the age factor of the participants the male respondents were
50 while the female respondents was 45 and one preferred not to mention the age.
The gender of the respondents gives us an overall view regarding the opinion of the male and
female in the study of the research. It also helps us to find out their perception so the researcher
can plan to fill in the gaps. From the above table we can see the participation of male was higher
but also females were nearby. By making this diversification of male and female the researcher
can determine the level of financial inclusion as well as financial literacy. This can also be
helpful for the policy makers to recognize the target population and make schemes accordingly.

3. What is your working status
Option Percentage
(%)
Frequency Total no of
respondents
Full time 33.7 31 92
Part time 10.9 10 92
Not working 55.4 51 92
Here, the researcher is trying to understand the working status of the respondents. It can be seen
from the table this the number of respondents working out of 92 are 31 while the part time
working respondents are 10out of 92 and those not working are 51 out of 92.
It can be seen that number of working respondents contributes to almost 33.7% which forms
below average of the total. The opinion of the working population is highly valuable as they are
the asset of the economy. Working people are the most active people in the country`s economy
as their patter of expenditure and income helps in shaping the financial system of the economy
largely. The part time working population contributes to 10.9% which is quite less as compared
to others but since they contributes to the economy their opinion will play a huge role. The third
category was the non-working they contributed to 55.4% which is the highest among the three.
This category of population can be almost called as the dependent population. The involvement
of this population in the financial system is for short run but this cannot deny the fact that their
involvement is insignificant, therefore it is very important to find out their level of financial
literacy as it is as important equally for sustainability.

4. Educational Qualification
Option Percentage
(%)
Frequency Total no of
respondents
HSC and below 39 36 92
Graduate 48 45 92
Post Graduate 9 9 92
Diploma 2.2 2 92
In this part of the study the researcher is trying to analyze the educational background of the
respondents. The frequency of the population who were HSC (Higher secondary certificate) and
below that is 36 out of the 92 respondents while who were graduate were 45 while who were
post-graduated were 9 and who studied diploma were 2 out of the entire 92.
As we can see the population of HSC was quite average as it contributed to 39% of the entire
population while the highest was 48% while the graduate contributed to 9% and diploma to
2.2%. Since literacy is very important for the economic development of the country. The benefit
of having educated population has been realized globally long ago and also the study associates
the level of education positively with the level of financial inclusion. The better educated
population can display a better financial management as compared to the rest.
5. What is your occupation
Option Percentage
(%)
Frequency Total no of
respondents
Self employed 18 16 92
Casual labour 0 0 92
Salaried 23.6 21 92

Housewife 5.6 5 92
Student 52.8 47 92
Cultivation 0 0 92
Here the researcher is trying to understand the occupational background of the respondents. The
researcher had further categorized the occupations into self-employed, casual labor, salaried,
housewife, student and cultivation. The number of respondents belonging to self-employed
category were 16 while the respondents who were receiving salary were 21 while housewife
were 5 and the students were 47 out of the total 92 respondents.
It can been from the above mentioned table that the contribution of students was more which was
52.8% while housewife was the least which was 5.6%. The self-employed people contributed to
about 18% which was also quite less and salaried people contributed to 23.6% of the entire
population
Occupation of an individual plays an important role as it is directly linked with the transactions
in the financial system. It will help in analyzing the level of activities in the area. For example in
South of Mumbai since the income of the individuals is quite high so the banking services
available in that area is well rooted with advanced technologies to make them avail facilities
easily but if the same case is considered with Palghar since the income level is not so high the
number of banks and the services are not technologically updated. So the occupational structure
helps in stratifying the respondents on basis of occupations helps predict and reaffirm their
behavior.

6. Do you hold any bank account
Option Percentage
(%)
Frequency Total no of
respondents
Yes 81.5 75 92
No 16.3 15 92
May be 2.2 2 92
Here, the researcher is trying to know whether the respondents hold a bank account. The number
of respondents holding the bank account were 75 while 15 were not holding a bank account.
The number of respondents holding a bank account were 81.5% which was a good figure to carry
out the further as holding a bank account will decide their knowledge of the financial services
and what are associated problems of not using those services. At the same time the no of
respondents who did not hold a bank account were 16.3% which was less. This increased number
of bank accounts even in rural area of Palghar can be because of the various initiatives taken by
the government such as the Pradhan Mantri Jan Dhan Yojana. Thus it can be seen the steps taken
by government are showing an upwards trend.
7. What is the reason behind not opening a bank account
Option Percentage
(%)
Frequency Total number of
respondents
No bank in this area 8.1 3 92
No point – benefits
received in cash
10.8 4 92
No point – paid in cash 8.1 3 92
Concerned there may be 10.8 15 92

too many too charges
Not important to me 40.5 15 92
Here the researcher is trying to find out why the population doesn`t feel the need of opening
of bank account the question was divided into five categories this are no bank in this area, no
benefits received in cash, no point paid in cash, concerned about too many charges and not
important to me. The number of respondents from the first category were 3 while from the
second category that is no point- benefits received in cash is 4 and for no point paid in cash
the frequency is 3. The last category has 15 not of respondents.
The number of response for this question was minimal only 35 out 92 preferred to answer the
questions amongst which the highest number of respondents gave the reason not important to
me which simply implies the benefits of financial services are yet to reach many people this
can be due to lack of financial knowledge which can be created more awareness campaigns
and more advertisements by the government. While the category of no point – benefits
received in cash and are concerned of too many charges was 10.8%. The percentage of
concerned people throws light that banks need to work on opening charges with the
government assisting. Also with that government has also started bank accounts for free
under some schemes but seems that not yet everyone is aware of the schemes. At the same
time no point paid in cash contributes to about 81% which shows that still at some working
places the payment is not linked with the bank accounts and so the employer feels no need to
open the account. Thus the level of financial literacy still lacks level of financial inclusion.
8. Do you feel banking services in your area are needed for growth
Option Percentage
(%)
Frequency Total number of
respondents
Yes 82.4% 75 92
No 13.2% 12 92

May
be
4.4% 4 92
Through this question the researcher wants to know the opinion of the respondents regarding the
development of banking services in their particular area. The number of respondents reacting to
YES were 75 while the number of respondents who reacted to NO were 12 and who felt MAY
BE were 4 out of the total 92.
As seen from the table mentioned above the population of the study who feels the banking
services in their area are needed for growth is 82.4% which is very high. This figure indicates the
level of dissatisfaction of the customers and the need to improve the financial services. As the
number of respondents contributes mainly of the population from 18-25 it can been seen the
growing youth of the country feels the lack of availability of financial services. The population
of the respondents feels that there is no growth needed is 13.2% which is very less and the
number be rising in order to raise the level of financial inclusion.
9. How many times you use the bank account to obtain the facilities
Option Percentage
(%)
Frequency Total number of
respondents
Once in a month 37.5 34 92
Once in 6 months 26.4 24 92
Once in a year 5.5 5 92
More than once in a month 11 10 92
Never 19.8 18 92

Here the researcher wanted to know whether the respondents actively use the bank account. The
researcher divided the question is five categories. The number of respondents who visited bank
one were 34 while the number of respondents who visited the bank twice or thrice were 24. The
number of respondents visiting bank four or five times were 5 while more than five times was 11
and the last who never visited was 18.
Holding a bank account does not satisfy the purpose of its usage whereas using of those accounts
is far more significant while seeking towards inclusivity and also helps us to understand whether
the population is interested in cash or cashless transactions. The population not visiting the
account even in a month is 19.8% which is not as good as the frequency of the usage of bank
accounts is very important. At the same time it has been observed that 37.5% of the respondents
operate their accounts only once in a month which showcases they still prefer cash transactions.
It can be also observed the frequent use of account monthly is only 26.4% that is why holding a
bank account is not just important but also its frequency is vital.
10. Which of these services can you state that you can identify/ aware with?
In this question, the researcher sought to find out which of the financial services the respondents
are aware of. Results showed that Automated teller (machines (ATMs) were the most commonly
known services or rather services that majority of the respondents could identify (67.1%, n = 53).
This was closely followed by the debit cards at 66.6% (n = 53). The least known service was the
issuance of drafts with only 32.4% (n = 24) of the respondents attesting to be aware of it and
36.5% (n = 27) claiming to not know about it.
Very - Well
Known
Fairly
Known
Known Somewhat
Known
Unknown
Loans 19 (23.2%) 25 (30.5%) 18 (22.0%) 13 (15.9%) 7 (8.5%)
Deposit 37 (44.6%) 19 (22.9%) 19 (22.9%) 3 (3.6%) 5 (6.0%)

Credit cards 24 (30.0%) 13 (16.3%) 25 (31.3%) 10 (12.5%) 8 (10.0%)
Debit cards 37 (44.0%) 19 (22.6%) 16 (19.0%) 4 (4.8%) 8 (9.5%)
Issuing drafts 12 (16.2%) 12 (16.2%) 17 (23.0%) 6 (8.1%) 27 (36.5%)
Automated teller (machines
(ATMs)
46 (58.2%) 7 (8.9%) 16 (20.3%) 3 (3.8%) 7 (8.9%)
Pension payments 11 (14.5%) 17 (22.4%) 22 (28.9%) 9 (11.8%) 17 (22.4%)
Educational loans 23 (29.5%) 12 (15.4%) 17 (21.8%) 12 (15.4%) 14 (17.9%)
Mutual funds 17 (21.8%) 17 (21.8%) 17 (21.8%) 9 (11.5%) 18 (23.1%)
Investment advisor 16 (20.8%) 16 (20.8%) 18 (23.4%) 8 (10.4%) 19 (24.7%)
Housing loans 18 (22.8%) 19 (24.1%) 17 (21.5%) 8 (10.1%) 17 (21.5%)
Demat services 14 (18.2%) 12 (15.6%) 24 (31.2%) 5 (6.5%) 22 (28.6%)
Insurance products 20 (25.6%) 13 (16.7%) 19 (24.4%) 12 (15.4%) 14 (17.9%)
In most cases, people tend to identify with or get aware of products that they interact with on a
day-to-day needs. People with bank accounts will always have to deposit and withdraw money.
In most cases, cash withdrawals and deposits are done using Automated teller (machines
(ATMs), this could possibly inform the reason as to why they are the most commonly known
bank services among the many respondents interviewed. The other services are less known by
the respondents based on the fact the respondents do not interact with them or come across them
more often.
11. Are you availing these services
This question sought to find out which of the many financial services the respondents are
accessing or are available to them. The most available service according to the respondents
was the Automated teller (machines (ATMs) with 42.4% (n = 39) of the respondents
agreeing that they either always or almost always have access to it (ATMs). Debit cards came
second with 38% (n = 35) of the respondents saying it is available to them while the least
available or used was the demat services (70.7%, n = 65). One of the core mandates of the
banking is the provision of loan services to its members, however, the results of this study

showed that almost three thirds (63.0%, n = 58) of the respondents have never at any given
time accessed loan. What remains to be not known is whether people are not just willing to
take the loans or the loans are not just available to them or the loan procedures are too much
for the respondents.
Almost
Always
Always Considerably Occasionally
or tried
Never
Loans 5 (5.4%) 8 (8.7%) 5 (5.4%) 16 (17.4%) 58 (63.0%)
Deposit 8 (8.7%) 22 (23.9%) 12 (13.0%) 28 (30.4%) 22 (23.9%)
Credit cards 11 (12.0%) 7 (7.6%) 8 (8.7%) 12 (13.0%) 54 (58.7%)
Debit cards 12 (13.0%) 23 (25.0%) 14 (15.2%) 20 (21.7%) 23 (25.0%)
Automated teller (machines (ATMs) 13 (14.1%) 26 (28.3%) 8 (8.7%) 25 (27.2%) 20 (21.7%)
Pension payments 6 (6.5%) 5 (5.4%) 7 (7.6%) 12 (13.0%) 62 (67.4%)
Educational loans 4 (4.3%) 8 (8.7%) 5 (5.4%) 11 (12.0%) 64 (69.6%)
Mutual funds 4 (4.3%) 12 (13.0%) 6 (6.5%) 10 (10.9%) 60 (65.2%)
Investment advisor 7 (7.6%) 6 (6.5%) 4 (4.3%) 16 (17.4%) 59 (64.1%)
Housing loans 4 (4.3%) 9 (9.8%) 7 (7.6%) 16 (17.4%) 56 (60.9%)
Demat services 3 (3.3%) 6 (6.5%) 4 (4.3%) 14 (15.2%) 65 (70.7%)
Insurance products 7 (7.6%) 6 (6.5%) 5 (5.4%) 18 (19.6%) 56 (60.9%)
The above findings further confirm what we found in question 11 where we mentioned that
withdrawal and deposit of money is something that happens more often and as such the ATM
cards are more available to the respondents than any other service. Services such as Demat
services are in the first place not known to the respondents and as such highly unavailable to
them as well.
12. What are the problems faced in availing of banking services
When it comes to problems the respondents face in trying to access banking services, Risk of
cyber crime stands out to be one of the major problems (64.8%, n = 46) that respondents
face in accessing banking services. Hidden costs is also another big challenge according to

63.8% (n = 44) of the respondents, lack of awareness seems to be the third biggest hindrance
to access to the banking services (63.7%, n = 47) and it is closely followed by lack of proper
guidance (61.1%, n = 44) and lack of availability of services (60.2%, n = 44).
Strongly
Agree
Agree Neutral Not Agree Disagree Strongly
Disagree
Lack of awareness 22 (29.7%) 25 (33.8%) 9 (12.2%) 14 (18.9%) 4 (5.4%) 4 (5.4%)
Lack of availability 9 (12.3%) 35 (47.9%) 10 (13.7%) 15 (20.5%) 4 (5.5%) 3 (4.1%)
No proper guidance 17 (23.6%) 27 (37.5%) 9 (12.5%) 15 (20.8%) 4 (5.6%) 4 (5.6%)
Poor usage of the service
in a bank
15 (20.5%) 25 (34.2%) 11 (15.1%) 16 (21.9%) 6 (8.2%) 3 (4.1%)
Lack of guarantee on
performance
10 (14.1%) 27 (38.0%) 12 (16.9%) 16 (22.5%) 6 (8.5%) 2 (2.8%)
Hidden costs 16 (23.2%) 28 (40.6%) 10 (14.5%) 11 (15.9%) 4 (5.8%) 2 (2.9%)
Risk of cyber crime 15 (21.1%) 31 (43.7%) 12 (16.9%) 9 (12.7%) 4 (5.6%) 3 (4.2%)
Limited services offered 9 (13.0%) 32 (46.4%) 10 (14.5%) 12 (17.4%) 6 (8.7%) 3 (4.3%)
Lack of transparency 13 (18.1%) 28 (38.9%) 16 (22.2%) 12 (16.7%) 3 (4.2%) 3 (4.2%)
Other notable factors that the respondents mentioned include lack of proper guidance (61.1%, n
= 44), lack of availability of banking services (60.2%, n = 44).
Cybersecurity is a major threat in this 21st century not just in the banking sector but across all the
other sectors and both in developed and developing countries. It is therefore prudent that banks
in India should take measures to ensure this threat is contained. Both the consumers and the bank
stand to lose in cases where cybersecurity is experienced hence the need to contain it.
13. What are the reasons for poor practices of banking habits in your area
This question sought to answer the question on what are the poor practices of banking habits in
the respondent’s area. According to most respondents interviewed (66.6%, n = 48), Low level of
interest towards financial product services is the major reason for poor practices of banking
habits in the respondent’s area. The other major reason was the limited time and services (64.8%,

n = 46). Poor advertisement of the services (62.5%, n = 45) is also another reason behind the
poor practices of banking habits. Proximity and safety issues accounted for only 48.6% (n = 35)
while poor co-operation from bank staff accounted for 58.9% (n = 43).
Strongly
Agree
Agree Neutral Not Agree Disagree Strongly
Disagree
Poor availability of
services
17 (22.7%) 28 (37.3%) 7 (9.3%) 19 (25.3%) 4 (5.3%) 0 (0.0%)
Lack of awareness 13 (17.6%) 32 (43.2%) 4 (5.4%) 22 (29.7%) 3 (4.1%) 0 (0.0%)
Myth of cost and safety 10 (13.7%) 22 (30.1%) 11 (15.1%) 27 (37.0%) 3 (4.1%) 0 (0.0%)
Poor advertisement of
the services
12 (16.7%) 33 (45.8%) 7 (9.7%) 17 (23.6%) 3 (4.2%) 1 (1.4%)
Lack of consistency in
transaction
9 (12.5%) 27 (37.5%) 11 (15.3%) 21 (29.2%) 4 (5.6%) 1 (1.4%)
Poor co-operation from
bank staff
14 (19.2%) 29 (39.7%) 6 (8.2%) 17 (23.3%) 7 (9.6%) 0 (0.0%)
Proximity and safety
issues
9 (12.5%) 26 (36.1%) 13 (18.1%) 21 (29.2%) 3 (4.2%) 1 (1.4%)
Limited time and
services
11 (15.5%) 35 (49.3%) 5 (7.0%) 18 (25.4%) 2 (2.8%) 1 (1.4%)
Low level of interest
towards financial
product services
14 (19.4%) 34 (47.2%) 6 (8.3%) 15 (20.8%) 3 (4.2%) 2 (2.8%)
14. Indicate your level of satisfaction on the following factors
Respondent’s satisfaction levels with the services offered was also crucial in this study.
Respondents were asked to indicate their level of satisfaction on the various financial services
offered. Clearly, respondents were very satisfied with collection of deposits with 72.0% (n = 54)
indicating to be either satisfied or highly satisfied with the way collection of deposits happens.
64.4% (n = 47) were either satisfied or highly satisfied with the online banking
Highly
Satisfied
Satisfied Neutral Dissatisfied Highly
Dissatisfied
Collecting deposits 16 (21.3%) 38 (50.7%) 12 (16.0%) 6 (8.0%) 3 (4.0%)
Customer utility services 7 (9.9%) 34 (47.9%) 20 (28.2%) 5 (7.0%) 5 (7.0%)
Granting loans 10 (14.1%) 29 (40.8%) 22 (31.2%) 6 (8.5%) 4 (5.6%)

Customer relationship
management (CRM)
8 (11.0%) 32 (43.8%) 21 (28.8%) 9 (12.3%) 3 (4.1%)
Fund transfer services 12 (16.7%) 31 (43.1%) 20 (27.8%) 5 (6.9%) 4 (5.6%)
Online banking 14 (19.2%) 33 (45.2%) 19 (26.0%) 5 (6.8%) 2 (2.7%)
Grievance handling 11 (15.1%) 24 (32.9%) 26 (35.6%) 6 (8.2%) 6 (8.2%)
Many a times people will be satisfied with what they see working for them. According to the
respondents, collection of deposits by the banks seems to be the most effective service hence the
reason for their satisfaction. Another large proportion of the respondents said to be satisfied with
the online banking. This could be as a result of the time effectiveness that the online banking
comes along with.
According to the above results, it is likely that the respondents indicated high satisfaction levels
with the services they regularly interact with while those that they hardly use they gave low
satisfaction rating. This is because services that they had earlier on indicated to be accessing
seemed to be getting high rating as compared to those that they did not regularly interact with.
15. What is your level of approval to improve the banking habits and awareness on
financial services offered by the bank?
The last question that this study sought to investigate from the respondents was their level of
approval to improve the banking habits and awareness on financial services offered by the bank.
Awareness regarding financial services received the highest rating among all the other banking
habits that most respondents would want to see improved (79.8%, n = 59) and it was closely
followed by the need to Improve the safety and security (77.0%, n = 57).
Strongly
Agree
Agree Neutral Disagree Strongly
Disagree
Infrastructure development 19 (26.4%) 34 (47.2%) 15 (20.8%) 2 (2.8%) 2 (2.8%)
Awareness regarding 17 (23.0%) 42 (56.8%) 10 (13.5%) 3 (4.1%) 2 (2.7%)

financial services
Improvement in safety and
security
21 (28.4%) 36 (48.6%) 13 (17.6%) 2 (2.7%) 2 (2.7%)
Government initiative
towards banking institutions
19 (25.7%) 27 (36.5%) 19 (25.7%) 6 (8.1%) 3 (4.1%)
Encouraging people to start
account
19 (26.0%) 28 (38.4%) 17 (23.3%) 7 (9.6%) 2 (2.7%)
Subsidies and incentives to
the customers
18 (24.7%) 33 (45.2%) 14 (19.2%) 3 (4.1%) 5 (6.8%)
Encouraging women and
below poverty class
20 (27.4%) 27 (37.0%) 17 (23.3%) 5 (6.8%) 4 (5.5%)
It came out that poor advertising and lack of awareness was one of the reasons for poor practices
of banking habits the respondent’s area. Armed with this, many respondents would want to see
great improvement in creation of awareness this is the reason as to why aware regarding
financial services got high approval for improvement. Respondents had also indicated risk of
cyber crime as one of the major problems they face in accessing banking services, this could
explain the reason as to why Improvement in safety and security received the second highest
approval rating for improvement.