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Assessing the impact of digital transformation on customer experience in the banking industry.pptx
- 1. Assessing the impact of digital transformation on customer experience in the banking industry Supervisor: Presented By: Dr.Jyoti Sondhi Smriti Sharma Associate Professor of Reg No: Abhilashi University 22RSMMBA011 MBA Student of Abhilashi University
- 2. Table of contents: Introduction Research Question Methodology Expected Outcomes Significance Data Analysis Conclusion References
- 3. INTRODUCTION Several industries, including banking, have been profoundly impacted by the digital transition. In order to keep up with the technology's rapid advancement, banks have experienced significant transformations. This study attempts to examine how the banking sector's digital revolution has affected customer experience. This study looks at how digital technologies are used and how they affect customer engagement, satisfaction, and loyalty in order to shed light on the opportunities and difficulties that banks are faced with as they undergo transition.
- 4. Research Questions How has digital transformation influenced the overall customer experience in the banking industry? What are the key digital technologies implemented by banks during their transformation journey? How has digital transformation affected customer satisfaction and engagement levels in the banking sector? What are the challenges faced by banks during the digital transformation process, and how do they impact customer experience? What strategies can banks adopt to maximize the benefits of digital transformation and enhance customer experience?
- 5. Methodology The research issues will be addressed using a mixed-method approach. Data gathering and analysis for the study will include both quantitative and qualitative information. Surveys given to bank clients will be used to get quantitative data about their satisfaction, engagement, and opinions of digital services. Interviews with bank executives and industry professionals will be used to collect qualitative data in order to get insights into the problems and solutions related to the banking industry's digital transformation. To find patterns, trends, and correlations, the data will be analysed using statistical methods and thematic analysis.
- 6. Expected Outcomes 1. A comprehensive understanding of the impact of digital transformation on customer experience in the banking industry. 2. Identification of key digital technologies implemented by banks and their influence on customer satisfaction and engagement. 3. Insights into the challenges faced by banks during the digital transformation process and their implications for customer experience. 4. Recommendations and strategies for banks to enhance customer experience and maximize the benefits of digital transformation.
- 7. Significance By concentrating on its effect on customer experience, this study will contribute to the body of knowledge already available on digital transformation in the banking industry. Banks will be guided by the findings in their decision-making to increase client engagement and happiness by better understanding the forces behind and obstacles to the digital revolution. The study will also be a great resource for industry experts and policymakers as they develop strategies and policies to support the banking sector's successful digital transformation projects.
- 8. DATA ANALYSIS How important is digital customer experience to your organisation? Table: 1.1 According to figure 1 (44.9%) extremely important digital customer experience in our organisation, (24.7%) very important digital customer experience in our organisation, (20.2%) moderately important digital customer experience in our organisation, (5.6%) slight important digital customer experience in our organisation and (4.5%) do not important digital customer experience in our organisation. Sr.no Respondents Percent% 1 extremely important-it is at the top of our list 44.9% 2 very important - its considered essential 24.7% 3 moderately important-there are some higher priorities 20.2% 4 slight important-its on our list 5.6% 5 not important-no plans this year 4.5%
- 9. What is digital customer experience a priority for you organisation ? Table: 1.2 According to figure: 1.2 (31.5%) its marketing driven-grow customer base, (36%) To improve customer success/retention (CSAT, NPS, etc.), (16.9%) to reduce costs: ops or customer service, (12.4%)To fix some downright embarrassing issues and (3.4%) other. Sr. no respondents Percent% 1 its marketing driven-grow customer base 31.5% 2 To improve customer success/retention (CSAT, NPS, etc.) 36% 3 to reduce costs :ops or customer service 16.9% 4 To fix some downright embarrassing issues 12.4% 5 other 3.4%
- 10. What are your organisations top 3 digital customer experience challenges? Table: 1.3 According to figure 1.3 (34.4%) lack of strategy/executive support (23.3%) siloed systems/customer data, (31.1%) regulations that create data or operational hurdles, (10%) lack of in - house expertise/skills and (1.1%) other. Sr. no Respondents Percent% 1 lack of strategy/executive support 34.4% 2 siloed systems/customer data 23.3% 3 regulations that create data or operational hurdles 31.1% 4 lack of in - house expertise/skills 10% 5 other 1.1%
- 11. How would you rate the general effectiveness of your current digital CX platforms and tools? Table: 1.4 According to figure 1.4 (44.4%) Working well, (41.1%) satisfactory and (14.4%) needs work. Sr.no Respondents Percent% 1 Working well 44.4% 2 satisfactory 41.1% 3 needs work 14.4%
- 12. What are your organisation current digital customer experience investment priorities? Table: 1.5 According to figure 1.5 (32.2%) digital assets management, (16.7%) Micro services/ API development, (31.1%) marketing and experience automation, (8.9%) analytics and dash boarding, (11.1%) digital transformation projects and (0%) other. Sr.no Respondents Percent% 1 digital assets management 32.2% 2 Micro services/ API development 16.7% 3 marketing and experience automation 31.1% 4 analytics and dash boarding 8.9% 5 digital transformation projects 11.1% 6 other 0%
- 13. Conclusion To better understand the challenges of digitization, this study combined qualitative data with industry best practises from the banking sector. Here, the first ever qualitative derivations were created, which encourages further study. Again, the importance of this exploratory method is emphasised by the interview subjects' eagerness and openness to taking part in the study. The results also highlight a sizable, still-evolving field of research that need further attention. This is made clearer by the complicated nature of the literature review and the requirement to employ derived data from sectors dealing with related issues. Future research should carefully analyse and analyse the identified transformation/implementation barriers as well as the reasons for the ongoing discrepancy between perceived and actual responses to digitalization, according to the study's findings. If the enormous number of obstacles discovered limits the interpretation possibilities, a further limiting of the subcategories might be taken into consideration. There is also a risk that other influencing elements will be discovered. It is also possible to conduct in-depth studies of realistic transformation methods and management assessments of the scope of obstacles. Studies may also focus on examining banks and their management in further detail in order to find new best-practice practises as well as their plans for undergoing digital transformation. Future research should analyse the results using a larger sample size across all methodological approaches to improve the possibility that new recommendations might be made based on existing bank structures or their business strategies It is also advised to quantify each individual association between the primary and secondary barriers and to use a sustainable study approach. Another subject that needs more research is how digital transformation affects financial organisations' long-term growth. The conditions for digital transformation, which are prerequisites for sustainable growth, require a thorough investigation; this subject doesn't seem to have received enough attention. The creation of a questionnaire is crucial for the implementation of additional quantitative studies that will allow analyses at the main barrier level or even studies of sub-barriers. These additional approaches could improve research on digital transformation as well as the banking sector more broadly and open the door to other industry studies, including those in other business sectors.
- 14. References Abuhasan, F., & Moreb, M. (2021, July). The Impact of the Digital Transformation on Customer Experience in Palestine Banks. In 2021 International Conference on Information Technology (ICIT) (pp. 43-48). IEEE. Meena, M. M. R., & Parimalarani, G. (2020). Impact of digital transformation on employment in banking sector. International Journal of Scientific & Technology Research, 9(1), 4912-4916. Borges, G. L., Marine, P., & Ibrahim, D. Y. (2020). Digital transformation and customers services: the banking revolution. International Journal of Open Information Technologies, 8(7), 124-128. Kaur, B., Kiran, S., Grima, S., & Rupeika-Apoga, R. (2021). Digital banking in Northern India: The risks on customer satisfaction. Risks, 9(11), 209. Kitsios, F., Giatsidis, I., & Kamariotou, M. (2021). Digital transformation and strategy in the banking sector: Evaluating the acceptance rate of e- services. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 204. Zouari, G., & Abdelhedi, M. (2021). Customer satisfaction in the digital era: evidence from Islamic banking. Journal of Innovation and Entrepreneurship, 10(1), 1-18.