Customer Experience with Digital Banking - A Comparative Study of Private and Public Sector Banks

By : Gazia Sayed, Najmus Sahar Sayed

Page No: 19-33

Abstract
Financial Technology (Fintech) has completely changed the entire Indian financial ecosystem. Fintech has reshaped the banking system, especially after the 2008 financial crisis. There has been a huge growth in the usage of debit cards, mobile wallets, ATMs, prepaid cards, RTGS, NEFT, internet banking, mobile banking etc., in the past two decades. However, with advancement of technology, the customers’ perception regarding probability of risk in conducting online banking transaction is also increasing. As the usage of internet has increased, the knowledge of people and their access to information has also improved. Hence, it is necessary to understand the perception of the bank customers with respect to digital banking. It is also necessary to do a comparative study of private and public sector banks customer’s experience with digital banking. Hence, for this study, a descriptive research is used. The views and opinions of 300 respondents were collected through a structured questionnaire. The data was analysed through different statistical tools like frequency table with percentages rank order, and independent t test in SPSS. The analysis reveals that the main reasons for customers to use cashless or digital transactions is that they are a faster way of performing transactions. The study also concludes that for some of the services offered by private and public sector banks, there is no significant difference in the experience levels of the customers. But for the services regarding online home loan facility, online investing of funds, mobile banking services, online application for loan, internet banking services, chatbot and SMS alert facilities, there is a significant difference in the level of experience and satisfaction of customers. For these services, the customers of private sector banks are more satisfied than the customers of public sector banks. Hence, it is recommended that public sector banks should enhance their digital products / services.

Authors :
Gazia Sayed : Faculty-Finance, IES Management College and Research Centre - Mumbai
Najmus Sahar Sayed : Faculty-Accounts, Oriental College of Commerce And Management - Mumbai.
 

DOI: https://doi.org/10.32381/PROD.2020.61.01.3