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SSwriters.org: Guidelines on Assignment of Building customer loyalty in digital banking
1.1 What makes it interesting to read?
The fast digitalisation of businesses worldwide had challenged the conventional commercial models through breaking-down the industrial boundaries and engendering the opportunities. The digital disruptions (such as online as well as mobile banking) now substantially reforming financial services (Weill and Woerner 2015). The disruptions are forcing the banking sectors in refining the costs and profiting models through the improvements of the operational and administration system and hence enhancing the profit rates (Yiu et al. 2007). Such type of paradigm shifts has led in predicament where traditional banking sectors are called-off for satisfying changed demands of the clients in coping with impacts of technology infusions propelling various types of technical upgradations (Deloitte, 2015).
1.2 Why is it a valuable piece of writing?
The aim of the subjected research i.e. “Building customer loyalty in digital banking (A study of bank staff’s perspectives on the challenges of digital CRM and loyalty)“ is to examine the perceptions amongst stakeholders of different Swedish banks relevant to their experiences about the digitalisation processes and their impacts on the customer relation. In this research study, data gathered through the series of the semi-structure and in-depth interviewing with the management representing various types of banks having insights in bank digitalisation processes and their impacts on the customer’s satisfaction/relations and digitalization. The conclusion of this research presented that fifty percent interviewees experiencing great challenges of customer loyalty due to the adaption of the digital banking. It is also observed that there exist perceived insecurities about the customers’ experiences and proficiencies due to digital banking. This research conducted on the bases of the Interpretative Phenomenological Analysis (IPA) studies of major Swedish banks, that is limiting external validities of the conclusion of this research.
1.3 How contemporary is the issue addressed in the article?
After identification of the characteristics related to the digital banking it is found that the bank manager perceiving to be challenging or advantageous toward humanizing the relationships with their customers and banking managers that would garner the awareness regarding effective development of the appropriate strategies while addressing the needs of the customers of the digital banking. These areas are vastly under study. Therefore, the issues related to the digital banking and the customer loyalty are deeply addressed in this research study.
1.4 What approach of relationship and network characteristics does the article have?
This research contributing to literatures of the digital-channels and the perceived impacts on the customer loyalties from the managerial perspectives. The conclusion also showing that present customers’ loyalty theory requires to be reviewed for accommodating era of digitalization.
1.5 Can you relate the information in the article to your own experience?
The information provided in the article regarding the digital banking and the customer loyalty has been observed by the many bank account holders like me who have been partially transferred themselves from manual banking to the digital banking. While transacting the money from one account to the other online through the mobile application or website, there is always a feeling that my information and password may not be hacked digitally as we have seen many news regarding account hacking and online scams. Therefore, it is my personal experience that the customer loyalty on the bank is decreased due to online digital banking due to data security and cyber hacking issues.
2 Reason of Investigating Customer Loyalty in Digital Banking
The emergences of e-commerce in 1990s and the increasing spreads had accompanied the tremendous development in environment of the businesses. These trends had forced banking sectors in surviving within the highly competitive environments prior to their entry in the electronic markets and adapting themselves in such circumstances (Elliot, 2007).
Also, despites rapid growths of the e-commerce and needs for business for entering in the e-market, numerous customers acknowledged that they’re unsatisfied with the online digital banking experience. Thus, it needs further researches in better understanding the factor that affecting customers’ loyalty in digital environment (Luo et al., 2012).