IoT in Banking - Factors influencing Customer Experience among Digital Banking users.
Presenter Type
UNO Graduate Student (Masters)
Major/Field of Study
Information Systems and Quantitative Analysis
Advisor Information
Professor at School of Interdisciplinary Informatics UNO
Location
CEC RM #127
Presentation Type
Oral Presentation
Start Date
22-3-2024 2:30 PM
End Date
22-3-2024 3:45 PM
Abstract
The digital revolution has transformed the banking sector. The most notable change that has taken place in recent years is the movement towards digital banking. The number of digital banking users in the United States is forecasted to reach almost 217 million by 2025. Traditional banks are investing heavily in digital technologies such as Internet of Things (IoT) to create services that will enable digital transformation. The digital banking services facilitated by IoT i.e., ‘Bank of Things,’ are a focused area of IoT that could potentially transform all operations of banking. Making a successful banking IoT service requires customer-centric thinking and careful planning. By identifying the factors that enhance the customer experience, banks can develop better services and gain competitive advantage. Based on the literature review a research model was derived, and a survey was conducted to identify the factors that are important in enhancing the customer digital banking experience. This study extended the theoretical model to include two additional factors – reliability and perceived risk. Results from our study are based on 112 respondents around the world who participated in the survey via LinkedIn. Key findings reveal that firm reputation, reliability and ease of use are key predictors of positive customer experience, while perceived risk had a negative influence and was least significant. The results indicated that when customers perceive a bank as trustworthy, reliable, and having good services, they tend to feel more confident in their decisions and less apprehensive about potential risks. The high availability and usage of digital banking services, including digital wallets, biometric authentication, chatbots/virtual assistants and wearable payments, showcased the evolving nature of the banking industry and increasing acceptance of these technologies. This study concludes by highlighting the fact that while seamless user experience, reliability and trustworthiness continue to remain foundational in positive user experience, banks should continue to prioritize technological innovation and invest in customization of services to remain competitive.
IoT in Banking - Factors influencing Customer Experience among Digital Banking users.
CEC RM #127
The digital revolution has transformed the banking sector. The most notable change that has taken place in recent years is the movement towards digital banking. The number of digital banking users in the United States is forecasted to reach almost 217 million by 2025. Traditional banks are investing heavily in digital technologies such as Internet of Things (IoT) to create services that will enable digital transformation. The digital banking services facilitated by IoT i.e., ‘Bank of Things,’ are a focused area of IoT that could potentially transform all operations of banking. Making a successful banking IoT service requires customer-centric thinking and careful planning. By identifying the factors that enhance the customer experience, banks can develop better services and gain competitive advantage. Based on the literature review a research model was derived, and a survey was conducted to identify the factors that are important in enhancing the customer digital banking experience. This study extended the theoretical model to include two additional factors – reliability and perceived risk. Results from our study are based on 112 respondents around the world who participated in the survey via LinkedIn. Key findings reveal that firm reputation, reliability and ease of use are key predictors of positive customer experience, while perceived risk had a negative influence and was least significant. The results indicated that when customers perceive a bank as trustworthy, reliable, and having good services, they tend to feel more confident in their decisions and less apprehensive about potential risks. The high availability and usage of digital banking services, including digital wallets, biometric authentication, chatbots/virtual assistants and wearable payments, showcased the evolving nature of the banking industry and increasing acceptance of these technologies. This study concludes by highlighting the fact that while seamless user experience, reliability and trustworthiness continue to remain foundational in positive user experience, banks should continue to prioritize technological innovation and invest in customization of services to remain competitive.