Extension of banking hours.

• Main Authors: Choo, Joo Kwang., Keong, Wen Han., Tit, Wei Lee.
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business::Accounting
• Online Access: http://hdl.handle.net/10356/51180
• Institution: Nanyang Technological University

1975 saw the move by a local bank to extend Saturday banking hours. Since then, night-banking and Sunday banking were also introduced. This study was undertaken as we wanted to find out the necessity of such as a move in the age of electronic banking. A random sample of 319 was collected during the extended banking hours outside the branches which offer such a service. Our survey showed that 62.1% ofthe users visited the banks because they were busy during normal banking hours. The 3 services that were used most often wcre cash deposit, cheque deposit and passbook update. 27% of the users were found to be ignorant of their banks’ electronic services. Most users cited security reasons for their preference in visiting the banks over equivalent electronic banking. “Location” and “High interest rates on Savings” were ranked above “Extended Banking Hours” in their choice of a bank. Finally, our survey showed that the majority of users visited the banks during the extended banking hours only once in a month. We recommend that the banks step up on the publicity of their electronic services. We also conclude that the extension of banking hours may be a necessary move in view of today’s competitive retail banking market. Finally, we recognise that there are alternative approaches to doing our project.