Can voluntary insurance be a new product in bank-led e-banking : statistical analysis of customers’ preferences in Bangladesh-economy?

Abstract

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.