Abstract
This study explores the critical factors influencing the adoption and effectiveness of digital banking, focusing on customer preferences, technological advancements, and external pressures such as market competition and the COVID-19 pandemic. By conducting a systematic literature review of 112 peer-reviewed articles, this research examines key themes, including convenience, security, personalization, competitive innovation, and resilience during crises. The findings reveal that user-friendly interfaces, 24/7 availability, and seamless transaction processing are primary drivers of customer satisfaction and loyalty. Robust security measures, such as encryption and multi-factor authentication, and transparency in data usage policies play pivotal roles in fostering trust. Personalization, enabled by AI and data analytics, emerged as a significant factor in enhancing user experience and retention, though privacy concerns remain a challenge. Furthermore, the review highlights how market competition drives technological innovation, with traditional banks adopting blockchain, AI, and biometrics to maintain a competitive edge. The pandemic served as a catalyst for digital adoption, compelling banks to rapidly enhance their digital infrastructure to meet evolving customer needs. By synthesizing these insights, this study not only validates existing research but also identifies gaps and areas for future exploration, such as the ethical use of data and inclusivity in digital banking. These findings offer actionable insights for financial institutions and policymakers to optimize digital banking ecosystems for long-term growth and customer engagement.
Published Version
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