Authors:
S. Surya Kumar, S. Prasanna Kumar, Sonia Singh, Arun Kumar Sandu
Addresses:
Department of Commerce, Loyola College, Nungambakkam, Chennai, Tamil Nadu, India, surya79746@gmail.com, drprasannakumar@loyolacollege.edu. Department of Management, Toss Global Management, International City Dubai, United Arab Emirates, soniasinghdr23@gmail.com. Department of Cloud Platform, Coupang, Seattle, Washington, United States of America, arunsandupro@gmail.com.
The banking industry has developed rapidly in the past few years. The use of digital banking has become an integral part of our life. It is the most practical and successful way to create customer value. Digital banks are virtual banks that only exist on the internet. The digital banks can be accessed through the internet using smartphones, laptops, computers, and other gadgets. Digital banks substitute cheques and other paperwork used by traditional banks. The advancement in computers, smartphones, the internet and communication technology can attract customers towards digital banks. This descriptive study deals with the challenges and opportunities of digital banks in the customers’ perception. This research aims to identify the factors affecting customers’ adaptation towards digital banks and their services, the challenges they face, and suggestions for improving the services of digital banks. A structured questionnaire was developed, a survey was conducted among 187 respondents, and Percentage and Factor Analysis were used in this research. The result shows that respondents of various age groups prefer digital banks over traditional banks. Customers face some challenges while using digital bank services, and They feel digital banks are convenient and easy and that funds are transferred instantly. The study’s implication also highlights areas for future research and recommendations to improve digital banking services.
Keywords: Challenges and Opportunities; Convenience and Ease of Use; Customer Adaptation to Digital Banking; Factor Analysis; ANOVA Data Analysis; Challenges Faced by The Customers; Advancement in Computer.
Received on: 24/07/2023, Revised on: 09/10/2023, Accepted on: 29/11/2023, Published on: 03/03/2024
AVE Trends in Intelligent Technoprise Letters, 2024 Vol. 1 No. 1, Pages: 30-39