Impact of Technological Advancements on Customer Satisfaction in Retail Banking: An Empirical Study

Abstract

Rapid increases in technological advancements have transformed the banking experience of the customers. The receipts, payments and transfers are fast, hassle free, instant, and anytime-anywhere. With the introduction of a wide variety of payment methods, robust digital banking infrastructure and ease of use has contributed not only to a multifield growth of digital banking usage, but also to customer satisfaction and loyalty. This study focuses on measuring the impact technological advancements in digital banking on customer satisfaction. The research design is descriptive. The sample size of the study was 240 banking customers. Only those customers were chosen who were using digital banking tools or applications for receiving, transferring, or paying money to others. The data were analyzed with “Exploratory Factor Analysis”, and “Multiple Regression Analysis”. It was found that. Convenience and Accessibility, Personalization & Improved Customer Service, Enhanced Security, Ease of Use & Fulfilment and Reliability significantly affect Customer Satisfaction in the digital banking services.