The convenience of it applications for customers in banking

The convenience of it applications for customers in banking

Author: 
Sanjiievkumar, R., Dr .Muthuswamy, P.R.
Abstract: 

With the patterns of consumer behaviour changing with the increasing use of technology in the delivery of banking services, there is a need to cultivate customers’ confidence in using the tech-based services. This is so because customers may not be ready to avail the tech-based service delivery and there is proof of growing customer frustration while interacting with the technology based service delivery interfaces.  Since the products offered to the customers of a bank are more or less standardized in nature, banks are feeling an increasing need to differentiate themselves from the competitors on other criteria that can influence customer loyalty. This is so because customer loyalty has been shown to be of utmost importance for firm performance in the long run. As Information Technology is vital in banking today, it becomes imperative for banks to realize its impact on operational performance in order to justify capital investments. Case studies have shown that effective and efficient use of Information Technology (IT) helps to distinguish between business equivalents. For example, IT was an important distinction between banks that were doing well in the mid-1980s as compared to those that was less profitable1. Today, information technology (IT) has become a key element in economic development and a backbone of knowledge-based economies in terms of operations, quality delivery of services and productivity of services. Therefore, taking advantage of information technologies (IT) is an increasing challenge for developing countries. There is now growing evidence that Knowledge-driven innovation is a decisive factor in the competitiveness of nations, industries, organizations and firms. Organizations like the banking sector have benefited substantially from e-banking, which is one among the IT applications for strengthening the competitiveness.

Paper No: 
037