Perception, Attitude, and Preference of Digital Banking -A Study on

SMEs and Individuals in Bangladesh

Md Faiyaz Hossain Pavel Sucheta Saha
ID: 23213204012 ID: 23213204013
Department of Accounting & Information Department of Accounting & Information
Systems Systems
Bangladesh University of Professionals Bangladesh University of Professionals

Abstract
With the introduction of digital banking, the financial environment has changed and is now more
convenient, efficient, and flexible around the world. This study explores the "Perception, Attitude,
and Preference of Digital Banking" dynamics in Bangladesh among people and Small and
Medium Enterprises (SMEs). This research is guided by four main objectives: assessing the
knowledge and acceptance of digital banking services; examining the factors influencing attitudes
and perceptions of digital banking; identifying the challenges and preferences associated with
using digital banking services; and, most importantly, providing strategic recommendations for
improving the uptake and effectiveness of online banking services in the area.
According to the results, the regression model as a whole is statistically significant and accounts
for a sizable percentage of the variance in the dependent variable. Important characteristics that
impact how people view, feel about, and favor digital banking include Q3ServicedType,
Q5Securityandreliability, and Q12Riskyornot. These variables show considerable effects,
suggesting that respondents' attitudes toward digital banking are significantly shaped by the sort
of services offered, security and dependability, and perceived risk. On the other hand, it doesn't
seem that variables like service adoption (Q13Serviceadopted) and factors impacting digital
banking (Q4Factorsinfluenced) are very important. Furthermore, the research reveals inverse
links between a number of independent factors and "Q2DigitalBankServices," indicating possible
connections that need more investigation. The overall level is not overly high, even though
several variables show moderate multicollinearity, and the regression model identifies
heteroskedasticity. The study offers significant insights into the determinants that impact the
views of digital banking, emphasizing prospects for improved adoption and utilization of
services. The study's conclusions include the necessity of customized marketing tactics to
advance a variety of service offerings and improve public perceptions of security. When it comes
to improving online banking services in Bangladesh after launching, addressing perceived
dangers associated with digital banking and addressing heteroskedasticity concerns should come
first.
These results add to the continuing conversation about Bangladesh's uptake and development of
digital banking services. Understanding and addressing the unique characteristics that determine
perceptions and preferences is essential for increasing access to and enhancing the effectiveness
of online banking services in the nation as the financial industry continues to change in the digital
era.
1 | INTRODUCTION
Digital banking, often known as online
banking or e-banking, is a banking system
that enables consumers to conduct a variety
of financial activities and services over the
internet or electronic channels such as mobile
applications and automated teller machines
(ATMs). It signifies a transition away from
traditional, in-person banking and toward a
more convenient, technology-driven
approach. Banking has always been done
mostly through physical branches and in-
person contacts. Digital banking, on the other
hand, reimagines this paradigm by providing
financial services via electronic channels,
allowing consumers to manage their
accounts, conduct transactions, and access
banking services without the requirement for
physical presence. While digital banking has
several advantages, it also raises concerns
about cybersecurity, data privacy, and the
digital divide. Efforts are required to
guarantee the security of the transition to
digital banking and that all sectors of society
may access and profit from these services.
Digital banking is altering the global
financial environment by making financial
services more accessible, efficient, and
inventive, with the potential to boost the
world's economy and financial inclusion
(Abedin & Alom 2012). Embracing digital
banking can provide various benefits to
Bangladesh, a country with a huge population
and great economic growth potential.
Bangladesh should invest in digital
infrastructure, provide all citizens with
affordable and reliable internet access, and
emphasize cybersecurity and data privacy
(Bangladesh Bank 2018). Furthermore,
encouraging financial literacy and ensuring
that digital banking services are available to
all parts of the population will be critical to
fulfilling digital banking's full potential in
Bangladesh.
In this paper we aim to find out how
people will accept this digital banking system
in this present world. What are the thoughts
people are having about this digital banking.
This paper not only focuses on individual it
will focus on the SMEs also.
This paper will explore the
acceptance and knowledge of digital banking
services among SMEs and people in
Bangladesh. It will investigate the variables
affecting attitudes and perceptions of digital
banking. Also determine the preferences for
and difficulties in using digital banking
services. Objectives to offer suggestions for
boosting the uptake and efficiency of online
banking services.
The paper is structured as follows:
Section 2 discusses the relevant literature;
Section 3 outlines the methodology; Section
4 discussion on analysis Section 5 providing
recommendations based on findings and
giving conclusions.
2 | LITERATURE REVIEW
The perception, attitude, and preference of
the digitalization banking process have been
studied, analyzed, and documented from
different perspectives. Customers face the
need for digitally specified initiatives to gain
more response in the internal process of
banking other than the literature. In the
process of digitalization in banking a lot of
lacking’s were found in internal integration
and IT by multiple stakeholders.
Innovative digitalization in Bangladesh is not ecosystem can impact the digitalization in
documented sequentially. Other than a few banking.
significant digital facilities the rest of the
Mobile banking influences the development
internal processes of digitalization did not
of socio-economic variables. In Bangladesh,
receive sufficient consideration for research.
agent banking is still in the process of
Bangladesh Bank took some of the
improvement. The report intends to show the
noteworthy internal initiatives to process
eye-catching internal process of
under the financial inclusion program for
digitalization from the liberation period to
digitalization which will also reduce the
this date for customer-oriented services.
paperwork (Hasnat 2023).
Digital Bank in Bangladesh is likely to
In Bangladesh, there's no shortage of enhance financial inclusion and reduce costs.
online banking, and all of the major banks
The digital era made all the work easy
already have the facilities of mobile banking
for us including the banking sector. The rise
apps. However, there is a clear shortage of
of digital banking is one of the outcomes of
digitalization in the banking sector in the
the digital age. This paper will describe the
country. E-banking highlighted various
growing perception, attitude, and preference
services and ATMs added a new dimension in
of digital banking in India. Further digital
Bangladesh (Amin 2018). Agent banking is
banking products and benefits will be shown.
one of the very recent banking services in
The problem regarding digital banking will
Bangladesh yet to be remarkable in the
be discussed. As it plays a prominent role in
course of digitalization.
the economy of the country.
In digital banking, all the financial and
Half of the population in India lives in
banking services are carried through a
villages where there is no good network
browser or mobile app on a phone or
facility. They are not well educated or
computer. As digital banks keep their services
introduced to e-banking and are afraid of
and products in the cloud it is much more
fraud which is not good for digital banking
affordable for both banks and their users.
(Pinki & Aryan 2022). Some of the products
Digital banking is extremely prominent
of digital banking in India are UPI, NEET,
around the globe with hundreds of millions of
RTGS, AND ATM. There are many
users.
advantages of digital banking in India and
We are now in an era of digitalization still various challenges regarding those
of everything, even in the banking sector. The services.
banking sector is considered one of the
Banks are developing and converting
wealthiest businesses at the present time.
more digital business models across the
Traditional banking is cognizant of digital
world by exploring ways. Despite aggressive
access to implement numerous existing and
offerings from non-banks, there have not
new technologies to improve workflow and
many discrete changes till now. Digital
cut expenses. Thus, disruptive innovations,
banking reduces paper-based interactivity
financial technologies, and the digital
and enhances the products with value-added
services for their customers to save time. The
process of digitalization becomes more
disruptive when the value chain breaks apart
from customer interactions, transaction
processes, and configurations of products.
Moving forward from this situation will
require new revenue models equipped with
innovative products and services, much more
flexible processing, and comprehensive
cultural changes. Digitalization holds
boundaries of the current process, challenges
in banking innovation, consideration of
customer circumstances, and mechanization
of future works for overall improvement in
the banking sector.
3 | METHODOLOGY
The research design for investigating
Perception, Attitude, and Preference of
Digital Banking -A Study on SMEs and
Individuals in Bangladesh involves a mixed
method approach. Initially, a structured
questionnaire was developed to collect data
from different categories of people and
SMEs. This data known as primary data.
Here the qualitative data was analysis by
using STATA. Also, secondary data was
taken from different articles and websites.
To run the data set in STATA we
determine some variables from the structured
questions. After determining the variable
properly, we run regression; correlation; vif;
hettest and did vce (robust) for further
analysis. Based on the result we try to discuss
the findings and give conclusion on the
result.
STATA command for individual:
• RegQ2DigitalBankServicesQ4Using
MotivesQ5ComfortablenessQ6Chall
engesEncounteredQ7Facilitiesloande
positsetQ11Advantages
Q12Riskyornot
Q15InterestedinFeatures
• corrQ2DigitalBankServicesQ4Using
MotivesQ5ComfortablenessQ6Chall
engesEncounteredQ7Facilitiesloande
positsetQ11AdvantageQ12Riskyorno
tQ15InterestedinFeatures
• vif
• hettest
• regQ2DigitalBankServices
Q4UsingMotivesQ5Comfortableness
Q6ChallengesEncounteredQ7Faciliti
esloandepositsetQ11AdvantagesQ12
RiskyornotQ15InterestedinFeatures,
vce(robust)
STATA command for SMEs:
• regQ2DigitalBankServicesQ3Service
dTypeQ4factorsinfluencedQ5Securit
yandreliabilityQ7Measuretoensurese
curityQ9Financialmanagementandeff
iQ10ExpectationsofBenefitQ12Risky
ornotQ13Serviceadopted
• corrQ2DigitalBankServicesQ3Servic
edTypeQ4factorsinfluencedQ5Securi
tyandreliabilityQ7Measuretoensurese
curityQ9Financialmanagementandefi
Q10ExpectationsofBenefitQ12Risky
ornotQ13Serviceadopted
• vif
• hettest
• regQ2DigitalBankServicesQ3Service
dTypeQ4factorsinfluencedQ5Securit
yandreliabilityQ7Measuretoensurese
curityQ9Financialmanagementandeff
iQ10ExpectationsofBenefitQ12Risky
ornotQ13Serviceadopted,vce (robust)
4 | DISCUSSION on RESULT
4.1 Individual
The low p-value for the F-statistic in this
result implies that the regression model under
analysis is statistically significant,
accounting for approximately 53.12% of the
variation in the dependent variable. The
corrected R-squared, which is somewhat
lower at 50.19%, accounts for the number of
predictors. A measure of a typical error in the
model's predictions is the Root MSE
(.06443).
The relationships between the variables in
your dataset are revealed by these correlation
coefficients. Two variables, for instance, may
tend to increase together if they have a large
positive correlation, but they may tend to
move in opposite ways if they have a
significant negative correlation. A weaker
correlation indicates a relationship that is not
as strong. Knowing these relationships can
help you make decisions about your data's
context or conduct additional analysis.
Each variable's degree of multicollinearity is
indicated by the VIF values. Generally
speaking, variables with VIF values more
than 5 or 10 are regarded as having strong
multicollinearity and may require
modification in your regression model.
Although several of the variables in our
analysis have considerable VIF values
(around 3), the mean VIF of 1.98 indicates
that overall multicollinearity is not very high.
Nevertheless, it's still critical to take
multicollinearity into account when
evaluating the findings of your regression
study and, if needed, to think about ways to
deal with it.
Homoskedasticity is substantially rejected by
the Breusch-Pagan / Cook-Weisberg test
results. Stated differently, the model exhibits
signs of heteroskedasticity, indicating that the
variability of the errors varies in tandem with
the fitted values of Q2DigitalBankServices.
Because violations of the assumption of
constant variance can impact the validity of
hypothesis tests and the precision of
parameter estimations, this may have an
impact on the reliability of the regression
analysis. To get more dependable results,
researchers frequently need to handle
heteroskedasticity in their models.
This analysis looks at the relationship
between a number of independent variables
Q2DigitalBankServices, Q4UsingMotives,
Q5Comfortableness,
Q6ChallengesEncountered,
Q7Facilitiesloandepositset, Q11Advantages,
Q12Riskyornot, and
Q15InterestedinFeatures and the dependent
variable, which isn't stated explicitly.
The F-statistic indicates that the model is not
statistically significant. Due to their large p-
values, the individual coefficients for the
majority of independent variables are also not
statistically significant. This implies that
there might not be a strong correlation
between the independent factors and the
dependent variable, and that the model may
not fit the data well. It's critical to take the
analysis's context into account and, if needed,
investigate several models or data
transformations.
4.2 SMEs
The total model accounts for a sizable
percentage of the variance in the dependent
variable and is statistically significant.
Q3ServicedType, Q5Securityandreliability,
and Q12Riskyornot are independent
variables that exhibit statistical significance
and exert a discernible influence on the
dependent variable. Q13Serviceadopted and
Q4factorsinfluenced, however, don't seem to
be statistically significant predictors.
The links between Q2DigitalBankServices
and the other variables in your dataset are
revealed by these correlation coefficients. A
negative correlation implies that there is a
relationship between a rise in one measure
and a fall in the other. In conclusion, the
findings show that, to varied degrees, a
number of the factors have a negative
correlation with Q2DigitalBankServices.
These correlations point to possible
connections and linkages between these
variables that you could investigate further in
your investigation.
The mean VIF of 1.75 indicates that overall
multicollinearity is not very high, even
though numerous variables have VIF values
suggesting moderate multicollinearity
(around 2). Nevertheless, it's still critical to
take multicollinearity into account when
evaluating the findings of regression study
and, if needed, to think about ways to deal
with it.
Given that the p-value is so near to zero, the
null hypothesis is rejected. This indicates that
there is a good chance your regression model
has heteroskedasticity. Practically speaking,
it suggests that there is probably a violation
of the assumption of constant variance of
errors over all values of
"Q2DigitalBankServices". This is a problem
that you should take into account while doing
your regression analysis because it can have
an impact on the accuracy of the parameter
estimates and statistical conclusions. In order
to account for the heteroskedasticity, this may
include utilizing heteroskedasticity-robust
standard errors, model transformations, or
other methods.
The results of this regression model indicate
that, although the other independent variables
do not seem to have statistically significant
effects, "Q3ServicedType" and
"Q12Riskyornot" are statistically significant
predictors of "Q2DigitalBankServices," with
negative effects. When deciding how relevant
these factors are, it is crucial to take into
account the particular setting of the study as
well as the significance level that have been
chosen.
4 | CONCLUSION
In case of individuals and SMEs, the main
conclusions drawn from the statistical
analysis performed in the study "Perception,
Attitude, and Preference of Digital Banking –
A Study on SMEs and Individuals in
Bangladesh," based on the interpretations of
the data. The key findings are discussed here.
In case of Individuals, we can see that-
Model Significance and Fit: The low p-
value for the F-statistic in the study implies
that the regression model is statistically
significant. About 53.12% of the variation in
the dependent variable can be explained by
the model, and the contribution of the
predictors is taken into account by the
corrected R-squared (50.19%). With a Root
Mean Squared Error (RMSE) of 0.06443, the
model's predictions are reasonably accurate.
Correlation Coefficients: The dataset's
variables' relationships are shown by the
correlation coefficients. Significant negative
correlations imply that two variables move in
the opposite direction from one another,
whereas strong positive correlations show
that two variables tend to increase together.
Less strong associations are implied by
weaker correlations. Decisions regarding the
data's context and future research can be
guided by an understanding of these
relationships.
Multicollinearity: Variance Inflation Factors
(VIF) are used to measure multicollinearity,
which is the intercorrelation among
independent variables. Although a few
variables exhibit significant VIF values (of
about 3), the average VIF of 1.98 indicates
that multicollinearity is not very high overall.
However, while analyzing the regression
findings, multicollinearity must be taken into
account and addressed.
Heteroskedasticity: The model appears to
have heteroskedasticity, as indicated by the
results of the Breusch-Pagan / Cook-
Weisberg test. This implies that the
variability of errors fluctuates in relation to
the fitted values of
"Q2DigitalBankServices." The validity of
parameter estimates and hypothesis tests can
be impacted by heteroskedasticity, which
may have an effect on the analysis's
dependability. For more reliable results,
researchers should take steps to address
heteroskedasticity.
Regression Model and Coefficients: To
investigate the association between a number
of independent variables and an unidentified
dependent variable, the study uses a linear
regression model. On the other hand, the F-
statistic suggests that the model does not
seem to have statistical significance.
Furthermore, most of the independent
variables have high p-values and non-
significant coefficients, indicating a poor
association between them and the dependent
variable.
In case of SMES we can see that-
Significance of the Model and Predictors:
The entire regression model explains a
sizable portion of the variance in the
dependent variable and is statistically
significant. Q3ServicedType,
Q5Securityandreliability, and
Q12Riskyornot are the independent variables
that show statistical significance. This
indicates that there is a noticeable
relationship between these variables and the
dependent variable,
"Q2DigitalBankServices."
Q4factorsinfluenced and
Q13Serviceadopted, on the other hand, don't
seem to be statistically significant predictors.
These factors have no discernible impact on
how people view, feel about, or favor digital
banking.
Coefficients of Correlation: The
associations between
"Q2DigitalBankServices" and the other
variables in the dataset are revealed by the
correlation coefficients. Notably,
"Q2DigitalBankServices" and a number of
independent variables have negative
relationships with one another. This implies
that a rise in one variable is correlated with a
fall in another. Potential relationships and
links that can be further investigated in the
study are indicated by these negative
correlations.
Multiple collinearities: The mean VIF of
1.75 suggests that overall multicollinearity is
not very high, even though some independent
variables have VIF values implying strong
multicollinearity (around 2). However, while
analyzing the regression analysis's findings,
multicollinearity must be taken into account
and dealt with.
Having heteroskedasticity: The Breusch-
Pagan / Cook-Weisberg test's low p-value
indicates the presence of heteroskedasticity
in the regression model and shows that the
null hypothesis of constant variance is
probably rejected. The precision of parameter
estimations and statistical findings might be
affected by heteroskedasticity. Scholars’
ought to contemplate tackling this matter by
employing techniques such as model
transformations or heteroskedasticity-robust
standard errors.
Important Forecasters: A statistical
analysis reveals that "Q3ServicedType" and
"Q12Riskyornot" are strong predictors of
"Q2DigitalBankServices." Perceptions,
attitudes, and choices toward digital banking
are adversely affected by each of these
factors. "Q12Riskyornot" is related to
perceived risk, but "Q3ServicedType" seems
to be related to the kind of services provided.
In conclusion, the results show that some
variables—like the kind of service and the
perceived level of risk—have a major impact
on how SMEs and individuals in Bangladesh
view, feel about, and prefer digital banking.
It appears that other variables, such as service
adoption and factors impacting digital
banking, are not very important. It is
imperative to take into account these findings
in light of the particular topic of the study and
the selected significance level. A more
thorough grasp of the dynamics involved in
digital banking perceptions and preferences
might be possible with additional research
and data examination.
The following recommendations are put forth
to improve the comprehension and advocacy
of digital banking within the area:
1. Encourage Diverse Digital
Banking Services: It is imperative that banks
and other financial institutions in Bangladesh
market and diversify a wide range of digital
banking services, considering the impact of
"Q3ServicedType" on attitudes and views.
Tailored marketing plans must to be created
to increase recognition and emphasize the
advantages of various service categories.
2. Strengthen Security and
Reliability: Banks should prioritize security
measures and reassure clients about the
dependability of their digital banking
platforms, acknowledging the importance of
"Q5Securityandreliability." Strong risk
management procedures and openness about
security measures can allay worries and
motivate more people and SMEs to use
digital banking.
 3. Reduce Perceived Risks:
"Q12Riskyornot" has a big influence on how
people think and what they want. Financial
entities, including banks, ought to devise
tactics aimed at reducing the perceived
hazards linked to digital banking. It can be
advantageous to advise clients about the
safety precautions that are in place and to
provide them clear instructions on risk
management.
4. Address Non-Significant Factors:
There was no statistically significant
difference between "Q4factorsinfluenced"
and "Q13Serviceadopted". They shouldn't be
completely disregarded even though they
might not be very good predictions.
Subsequent investigations may examine the
variables impacting the perceptions of digital
banking and investigate strategies to enhance
the uptake of digital banking offerings.
5. Take Multicollinearity into
Account: Despite the fact that
multicollinearity in general is not particularly
high (mean VIF = 1.75), multicollinearity
among independent variables must be closely
watched. When analyzing results, researchers
and financial institutions should use caution
to ensure that multicollinearity does not
cause confusion.
6. Deal with Heteroskedasticity:
Heteroskedasticity might affect how accurate
statistical results and parameter estimations
are. To solve this problem and raise the
accuracy of the findings, researchers and
analysts should use strategies like
heteroskedasticity-robust standard errors or
model transformations.
7. More Research on Negative
Correlations: The study found that
"Q2DigitalBankServices" and a number of
independent variables had negative
correlations. Additional research is necessary
to comprehend the underlying dynamics of
these connections. These negative
relationships and their consequences for
preferences in digital banking can be
explored in more detail in future studies.
In conclusion, encouraging the
adoption and effective use of online banking
services requires an awareness of and
attention to the variables influencing
Bangladeshi consumers' views, attitudes, and
preferences toward digital banking. Through
the implementation of these ideas and
additional research, Bangladesh's financial
industry may improve its digital banking
services and meet the varied demands of
individuals and small and medium-sized
enterprises. As a whole, the results of the
analysis of "Perception, Attitude, and
Preference of Digital Banking – A Study on
SMEs and Individuals in Bangladesh" point
to certain regression model limitations,
including non-significant predictors and
possible problems with heteroskedasticity
and multicollinearity. These results highlight
the need for additional research as well as the
evaluation of different models or data
modifications in order to have a better
understanding of the variables affecting
digital banking attitudes and perceptions
among individuals and SMEs in Bangladesh.
REFERENCES
Abedin, M. Z. & Alom, M. M., 2012. Digital Banking: A Scenario of Bangladesh. World Journal
of Social Sciences, January, Vol. 2(No. 1.), pp. 116-130.
Amin, M. A., 2018. Academia. Digitalization of Banking in Bangladesh: A study on Mutual Trust
Bank. https://www.academia.edu/37433818
Bangladesh Bank, 2018. Online Payment Gateway Service Providers (OPGSPs). [Online]
Available at: https://www.bb.org.bd/fnansys/paymentsys/onlinepay.php
Bb. B.B.. 2012. Mobile financial services in Bangladesh: An overview of market development (No.
id: 5108)
Hasnat, A. (2023). Jahangirnagar University. Journal of Digital Banking in Bangladesh.
https://www.researchgate.net/publication/371783144_Digital_Banking_in_Bangladesh
Pinki & Aryan, 2022. DIGITAL BANKING IN INDIA: AN OVERVIEW, Vol. 8, pp. 2455-3662.
APPENDIX
Part-A
Questions for individuals-
1. Do you have bank account?
Yes/No 1/0
2. If yes, then do you use any digital services of that bank? If yes then which services?
1-Yes 0-No.
3. Which services you are use to with digital banking?
1-Online banking.

2-Mobile Banking Apps.

3-Digital wallets (Sonali e- wallet, trust- money etc.)

4-Others.

4. What motives you consider using these services for your financial activities?

1-Convenience and timesaving.

2-Access to a wider range of banking features.

3-Enhanced security features.

4-Recommendations from friends and family.

5-Others

0-None.

5. How comfortable do you feel using digital platforms for sensitive financial transactions?
1-Very comfortable
2-Somewhat comfortable
3-Neutral
4-Somewhat uncomfortable
5-very uncomfortable.
6. Are there any challenges you’ve encountered while using these banking services? (If yes, what did you encountered?)

1-Yes 0-No Ans-

7. Do you take facilities like loan, deposits etc. from your bank?

1-Yes 0-No

8. If yes, is there any problems faced by you? And how do you think that can be mitigated?
Ans-

9. Have you ever heard of digital banking?

1-Yes 0-No

10. What idea come to your mind when you hear the word Digital Banking?
Ans-
11. What advantages do you think digital bank can bring for your financial transactions?

1-Convenience & accessibility.

2-Faster transaction processing.

3-Better security features.

4-More options for managing accounts and funds.

 5-Lower fees and costs.

6-I don’t see any advantages.

7-I have not used digital banking services.

12. Do you think that the digital banking is way risky than the traditional one? If yes why?
1-Yes 0-No Ans-
13. As a young professional, what kind of financial products you are expecting from digital banking? (loans, DPS etc.)
Ans-
14. How do you think digital bank should be?
Ans-
15. If you are used to with the traditional baking system, if digital banking offers you the same features, are you interested
to receive it?

1-Yes 0-No

Questions for SMEs-

1. Do you have bank account?
1-Yes 0-No
2. If yes, then do you use any digital services of that bank? If yes then which services?
1-Yes 0-No.
3. Which services you are use to with digital banking?
1-Online banking.
2-Mobile Banking Apps.
3-Digital wallets (Sonali e- wallet, trust- money etc.)
4-Others.
4. What factors influence your preferences for these services?

1-Reputation and trustworthiness.

2-User-friendly interfaces.

4-Faster transaction processing.

5-Security measures and data protection.

6-Others.

5. How do you perceive the security and reliability of this service?

1-Very secure and reliable.

2-Somewhat secure and reliable.

3-Not very secure and reliable.

4-No comments.

6. Have you ever encountered any security issues or fraudulent activities related to these services?

1-Yes 0-No

7. What measures do you take to ensure the security of these services that you are using?

1-Using strong and unique Passwords.

2-Enabling two-factor authentication.

3-Do not share login credentials.

4-Avoid public wi-Fi for banking.

5-Others (Please specify)

8. Have you ever heard of digital banking? And what comes to your mind when you think about it?

1-Yes 0-No Ans-

9. Do you believe that digital banking can enhance financial management and efficiency for SMEs?

1-Strongly believe.

2-Somewhat believe.

3-Not sure.

4-Strongly do not believe.

10. What are the benefits you are expecting associated with digital banking for SMEs?

1-Improved financial management.

2-User-friendly interfaces.

3-Enhanced payment efficiency.

4-Cost Savings.

5-Greater security.

6-Others.

11. What kind of financial products you are expecting from digital banking? (loans, DPS etc.)
Ans-
12. Do you think digital banking is risky?

1-Yes 0-No

13. Do you think there are any services that traditional bank offers that should be adopted by digital banking?

1-Yes (if yes, please specify)

0-No.

2-No comments.

14. If you are used to with the traditional baking system, if digital banking offers you the same features, are you interested
to receive it?

1-Yes 0-No

Part-B
Please, fill out the following information about yourself.

Age: 1/below 20, 2/20 – 30, 3/30 – 40, 4/40 – 50, 5/50 & above

Gender: 1-Male 2-Female

Education: 1-Secondary 2-Higher Secondary 3-Honors 4-Masters 5-Others

Occupation: 1-Self Employed 2-Private Service 3-Govt. Service 4-Housewife

Monthly Income: 1/below 15,000; 2/15,000 – 30,000; 3/30,000 – 45,000; 4/45,000 – 60,000;

5/60,000 & above

Thank you for your support