Are digital banking services a solution for good customer satisfaction?

Abstract

Most of us are familiar with when digital banking services are moving increasingly online. This trend has risen due to digitalization and, therefore, customer demands. Not many want to handle their daily banking matters through a person, and today's routine is to handle most of the issues online or without interaction with a bank employee. Previous research has been done where customers' satisfaction with their banks is measured. This research will answer whether digital banking services are a solution for good customer satisfaction and go on a deeper level into what channels customers wish to interact with their bank in different subjects related to consumer banking. The study was conducted quantitatively using a survey. The results showed that the respondents were generally satisfied with their primary banks and services. A majority wished to handle almost all daily banking matters through digital channels. Still, the research found differences regarding different topics such as payments, cards, loans, or investment-related issues. Essential digital banking services were analyzed and ranked using the Kano model. The Black Box model examined customers' decision-making process when interacting with digital banking services. The rise of FinTechs and Neobanks was seen as a trend in the research, and many respondents used some services provided by such actors. The research found that in more complex banking matters, there is still a need for personal interaction with the bank and that digital solutions and services cannot fully replace personal bank clerks. Mobile and Internet Banks emerged as the most important digital services in the research, and such features as budgeting tools or economic advice were not considered necessary. There is room for future research regarding AI and banking services and collaboration with FinTech providers and traditional banks.