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ADAPTING DIGITAL BANKING SERVICES DURING COVID-19 PANDEMIC: A STUDY ON CUSTOMER EXPERIENCES IN SELECTED DISTRICT OF MAHARASHTRA STATE, INDIA

Journal: International Journal of Electrical Engineering and Technology (IJEET) (Vol.12, No. 5)

Publication Date:

Authors : ;

Page : 8-17

Keywords : Covid-19 Pandemic; Digital Banking Services (DBS); Customer Experience (CX); Nationalized Bank; Private and Cooperative Bank. Online Banking.;

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Abstract

Introduction: Banks play a vital role for economic growth since their evolution. A bank is a financial institution which deals with monetary deposits, lending, and credits to the customers. In present landscape, banks and businesses are interconnected with each other. The increase in innovation in technologies and development of new solutions encourages banks to transform from traditional bank to e-bank. Rising number of banking institutes are moving toward digital platforms to deliver their services online because of increasing usage of smart phones and internet penetration across the world. Hence, rise in adoption of online and mobile banking platforms are positively impacting the adoption of Digital Banking Services (DBS) across the globe. During covid-19 outbreak the usage of digital banking services increased drastically in urban and rural area of selected region of Maharashtra State. Methodology: In the present study efforts were made to understand the growth of digital banking services and related customer experience by means of collecting firsthand information from customers. The customer experience is studied on the basis of selected parameters like: trust on digital banking services (DBS), Preference towards nationalized, cooperative and private banks, widely used transaction type, Popular Digital wallet platform for online payment, secured banking transaction, convenience of use, perceived benefits and disadvantages of digital banking services. On the other hand systematic approach to review the literature is adopted to study related trends. Findings: Though there is increased usage of DBS during covid-19 outbreak and people have higher preference to use DBS still awareness, security concern, convenience of use and network connectivity remains major issues needs to be addressed. Superior customer experience means clarity and transparency, support for digital tools with which many customers are still unfamiliar in distress. Communication and quickly adoption of technology and situation plays crucial role. Implications: This study is useful for all the banks as an input to maximize their customer experience and strengthen their customer base at large. Banks would do well when they expand their digital infrastructure encompassing stability, security, availability and reliability of their digital services

Last modified: 2021-06-04 20:56:46