Can Voluntary Insurance Be a New Product in Bank-led e-banking: Statistical Analysis of Customers’ Preferences in Bangladesh-economy?
Akim M. Rahman, Ph.D. (USA)
Canadian University of Bangladesh, Banani, Dhaka 1213, Bangladesh
|A B S T R A C T||A R T I C L E I N F O|
|Purpose: In today’s modernized banking-services, customers compete for comparative time-saving-options and banking-service-providers compete for maximizing profits. In this win-win setup, many factors are unpredictable. These perceived risk (PR) factors have been undermining the vision of cashless-society country-wise such as Bangladesh. Banks can eliminate this issue by adopting Voluntary Insurance (VI) as a new product. But it raises question: how do customers feel about it?
Methodology: This study uses a self-designed survey questionnaire, for conducting convenience sampling reliability analysis and tests the results using statistical analysis.
Findings: Statistical analyses of customers’ preferences reveal that “age-group” and “occupation-group” of customers have different preferences. The result shows that demographic factors impact customers’ preferences for the new product.
Practical Implications: The findings can attract more users by improving customer’s satisfaction, customer-base, banks benefits including reduction of operational-cost. Thus, the answer to the question posed in the title is: Yes. Thus, this effort brings the findings of the Survey-Opinions to the attentions of bank-leaderships and policymakers so that the VI becomes a product in bank-led e-banking services, which can be an example in economy country-wise.
|Keywords: Bank-led e-banking, Perceived risk, Voluntary Insurance as a product, Risk-free e-banking, Digital-banking, Cashless Society
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Cite Article (APA): (2022). Rahman, A. M.. 2022. Can Voluntary Insurance Be a New Product in Bank-led e-banking: Statistical Analysis of Customers’ Preferences in Bangladesh-economy? The Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM).2022, Volume 9, Series 1, Pages 215-228.