A Study Of Bank Customer Experience In Relation To Technology Innovation In Banking

Abstract

Consumers are the king of the market. Banks are greatly influenced by the consumer and their needs. With the increase in population, demand for banking services has been increasing. Many factors such as speed, service quality, competition, efficiency, effectiveness etc. affects customer satisfaction. Overall performance of the organisation is linked with the customer. Appropriate strategies and plans must be drawn up not only to satisfy customer but also to retain them as consumer behaviour helps to judge the acceptability and reliability of the bank. In the coming years banks will fully rely on information technology, so it becomes very necessary to know the preference of consumer regarding technology innovations in banking. Customer perception gives a better insight of the consumer’s understanding which is an important factor in launching new technology innovations in banking. The primary objective of technology is to bring ease in the banking environment. Modern concept of banking specifically stresses on cost effectiveness, time effectiveness, convenience in banking and offering customised services to the consumers for their better experience. Technology has also entered the rural areas so that money management can become much efficient. As majority of the Indian population lives in rural areas so it is very important and urgent need to deliver very economical, convenient and cost effective services to satisfy rural customers. There are many long term and short term impacts of the information technology on rural areas every segment of society shows different behaviour towards banking technology based on their habits, risk factor, convenience etc. The study focuses on influence of technology on bank customer experience in relation to technology innovation in banking industry. The paper also studies the challenges faced by the customers while usage of technology. As consumer’s mind is a mystery, it is very difficult to understand their thought process. So the exercise of collecting responses of the customers will help to build satisfaction and loyalty for the customers