The Indian banking industry is on a major technological upgradation drive after having successfully absorbed the international standard in its operating norms. A study was conducted by the author, based on 100 account holders of ICICI Bank in Chennai recently, for portraying their varying levels of satisfaction. To control the response bias and to increase the reliability of the data, a structured pattern of questions was also used during a descriptive survey research. Statistical tests were employed for the data analysis using SPSS. The Discriminant Analysis, which emerged out of the study findings, explicitly takes a logistic form that is typical of adoption behavior of new Internet-based banking services, which enhances the level of satisfaction among bank customers. Further, the Discriminant Equation, designed by the author, signifies shifts in the levels of satisfaction from the basic banking services to special electronic data-based services, and also predicts accurately the frequency of visiting the site for various requirements. The author is of the opinion that Internet literacy (as measured by the penetration of Internet usage in a country) is the major factor underlying online banking penetration in India.

Now the country's financial markets would be characterized by financial liberalization, disintermediation, internationalization and technological advancement. Competition in the banking sector gets intensified because of low product differentiation and easy copiability of most of their services. Indian banking industry is also on a major technological upgradation drive after having successfully absorbed the international standard in its operating norms. When companies invest in customer-facing technologies, the key to evaluating success is not only evaluating the efficiency it imparts to the cost of operations, but also whether technology is seen by the customers as delivering real benefits.

ICICI Bank has been in the banking sector for more than a decade and this study shows the customer satisfaction among different modes of its banking services. Since the advent of technology, Internet banking has become an important part of the services offered. Consumers are not willing to queue in a bank to get petty remittances of payments or inquiring about the account balance and other consulted facilities. So as an integral component of comparative analysis of services and facilities, Internet banking is significantly gaining greater importance. The study also portrays the level of satisfaction among the respondents while availing the bank's service through four different channels such as Internet, phone, branch and ATM.