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Study on Customer Needs in the Light of Technology Transformation in the Banking Industry

Study on Customer Needs in the Light of Technology Transformation in the Banking Industry

The rapid growth of technology is driving a huge change in the banking sector, which is now in the midst of this change. Within the context of this technology-driven shift in the banking business, the purpose of this research is to get a better knowledge of the requirements and expectations of customers. The Role of Technology in Improving the Customer Experience in the Banking Sector. OBJECTIVES on Technology affects bank-customer relations , Introduction on Customer Needs in the Technology Transformation in the Banking Industry. Specifically, the study intends to shed light on how banks can create superior customer experiences. Download Free MBA report on Customer Needs in the Light of Technology Transformation in the Banking Industry

Online transactions, mobile banking, and customized digital services have changed bank-customer relations. This study identifies and addresses technology shift-related consumer issues. The study analyzes how people understand and use technology-enabled financial services and how they affect banking. This mixed-methods research is qualitative and quantitative. Questionnaires, one-on-ones, and group sessions gather customer input on technology-enabled banking services.

The research examines how technology influences consumer trust, loyalty, and satisfaction. Technology-enabled services influence bank honesty, trustworthiness, and data security, according to these research. Banks must grasp these attributes to retain customers in the digital era.

Introduction on Customer Needs in the Technology Transformation in the Banking Industry

The fast growth of technology is driving a shift that is now taking place in the financial services sector. The method in which consumers engage with banks has been drastically altered as a result of technological developments, which has led to adjustments in client requirements, preferences, and expectations. This research seeks to give banks with insights that will allow them to successfully fulfill these developing consumer expectations and create better customer experiences. The emphasis of this study is on understanding the needs of customers in the context of technological revolution in the banking sector.

The banking industry has seen a great deal of transformation as a direct result of technological advancements including the proliferation of digital banking platforms, mobile banking apps, and services based on artificial intelligence. Customers now have better access to financial services, greater convenience, and greater flexibility as a result of these technological improvements. However, in doing so, they have also presented banks with new obstacles as well as possibilities to satisfy the expectations of their customers.

This study aims to identify and assess the main consumer needs that have arisen from extensive banking technology usage.  Analyzes how technology affects client preferences and behaviors to understand evolving consumer needs. This study uses mixed-methodologies, combining qualitative and quantitative methods. Surveys, interviews, and group discussions are used to get client feedback on technology-based financial services. Gathered and studied client needs, preferences, and factors affecting satisfaction and loyalty are revealed.

OBJECTIVES on Technology affects bank-customer relations.

  • Mobile banking, AI, and other technologies must be useable, accessible, tailored, and real-time. Technology affects bank-customer relations.
  • Technology-enabled banking reviews. Check their tech satisfaction with online banking, smartphone apps, chatbots, etc. Technology impacts customers.
  • Data breaches worry online bankers. Assess platform dependability, security, privacy, and openness. These worries deter bank and tech use.
  • Personal budgeting. Data analytics, AI, and ML may assist bank customers. Personalization may boost customer loyalty.

Role of Technology in Improving the Customer Experience in the Banking Sector

Research on banking consumer needs in light of technological transformation sheds information on changing customer expectations and preferences. The literature research shows that customer needs include simplicity of use, personalization, security, seamless integration across all channels, real-time information, and convenience.

Banks must provide 24/7 digital financial services to maximize ease and accessibility. Customization may be achieved by using customer data and analytics to deliver customized services and recommendations. Building trust in technology-enabled financial services may need strict security measures and open communication. To provide a consistent and linked customer experience, internet, mobile, and physical channels must be seamlessly integrated. User-friendly interfaces and real-time data may boost customer satisfaction.

To meet consumer requests, banks must monitor and react to evolving technologies and client expectations. This may include investing in AI, chatbots, and data analytics. Consistent client input and interaction across several media may help financial institutions understand and address their customers’ changing needs.

To conclude, banks must understand client needs in the context of technology to succeed in digital banking. Linking strategy, investments, and services to consumers’ shifting expectations helps banks build connections and provide great customer experiences. This study provides valuable insights that banks may utilize to better serve their consumers in the ever-changing world of technology-driven banking.

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Project Name : Study on Customer Needs in the Light of Technology Transformation in the Banking Industry
Project Category : MBA Marketing
Pages Available : 55-65/pages
Project PPT cost : Rs 500/ $10
Project Synopsis : Rs 500/ $10
Project Cost : Rs 1750/$ 30
Delivery Time : 24 Hours
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