Is There an Impact of Digital Transformation on Consumer Behaviour? An Empirical Study in the Financial Sector

Abstract

Digital transformation has become a notorious topic in the financial sector, as its implementation brings about a positive change in the user experience. Its relevance is seen in how scientists study it from different points of view, while it attracts the interest of financial institutions, as the understanding resulting from the research can improve the implementation of plans in the new digital era. Therefore, the objective of this study is to determine the impact of digital transformation on consumer behaviour in the financial sector. A quantitative explanatory level approach was used. The study population was finite, consisting of bank customers, considering a simple random probability sample of 385. The technique used was the survey and a questionnaire as a validated and reliable instrument. Digital transformation has been shown to have a significant impact on consumer behaviour in the financial sector, tested by Chi-square and ordinal logistic regression (χ2 = 0.000 < 0.05; Wald coefficient = 29.162 = 0.000; Nagelkerke’s R2 = 0.381), confirming that consumer behaviour is driven by digitisation activities. This work highlights the importance of managing digital transformation as a mediator of business success and, within action plans, taking steps to improve customer service as a precursor to customer loyalty.