Customer Perception towards the Digital Transformation in Banking Industry with Special Reference to Madurai City

Abstract

The financial services industry is going through dramatic changes as a consequence of changing customer behavior, increasing expectations, channel proliferation, disruption, innovative use and adoption of new technologies and the digitization of business and society in general. Cost reductions, increasing top-line revenue and mitigating risk remain the key drivers, also in banking industry The digital transformations taking place in finance are driven by many common challenges and opportunities across the industry, whether it concerns insurance, (retail) banking or other financial services. At the same time, in each of those financial industry segments there are several specific challenges, depending on the digital transformation maturity level, the region, the overall ecosystem, the customer context (including the use of digital channels), the business scope and the degree in which digitization has taken place and processes have been connected. This article focuses on the customer context. It deals in detail about the perception of the customers about the Digital Transformation that has taken place in the Banking Industry. Various variables were identified during this study. Statistical techniques such as ANOVA, Correlation, Regression, were used for analysis purpose and the related findings, suggestions and recommendations were arrived from the study undertaken.