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Consumer Behavior on Banking Apps and Technology
Subject area: Science,Engineering and Technology · Area of research: Financial Technology
Abstract
The proliferation of mobile banking applications has revolutionized the financial industry, offering consumers unprecedented convenience and accessibility. This study explores the multifaceted factors influencing consumer behavior concerning banking apps and technology. By examining user preferences, technological advancements, and security concerns, the research provides comprehensive insights into how consumers interact with digital banking platforms. Recent surveys indicate a significant reliance on mobile banking, with 62% of consumers stating they cannot live without their mobile banking app, and 78% using it weekly. Key drivers of adoption include user-friendly interfaces, robust security measures, and personalized services. However, security remains a paramount concern; studies have shown that consumers prioritize safety over ease of use, with many expressing apprehension about potential fraud and unauthorized access. Media Center Home EMARKETER Technological advancements, such as biometric authentication and AI-driven customer support, have been instrumental in enhancing user trust and satisfaction. For instance, the introduction of passwordless web banking services using biometric methods aims to counter threats from malware and phishing attacks. Despite these innovations, challenges persist, including device vulnerabilities and the need for continuous user education on cybersecurity best practices. news This study concludes with strategic recommendations for financial institutions to bolster user engagement and trust in mobile banking technologies. Emphasizing the importance of integrating advanced security features, ensuring intuitive user experiences, and providing personalized services can significantly impact user adoption and satisfaction.
Keywords
Mobile Banking, Consumer Behavior, Financial Technology, User Experience, Digital Banking
References
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[3] Lee, M. C. (2009). Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit. Electronic Commerce Research and Applications, 8(3), 130-141.
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How to cite this paper
@article{1708389,
author = {Mehul Sharma},
title = {Consumer Behavior on Banking Apps and Technology},
journal = {Iconic Research And Engineering Journals},
year = {2022},
volume = {5},
number = {9},
pages = {723-727},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1708389.pdf},
abstract = {The proliferation of mobile banking applications has revolutionized the financial industry, offering consumers unprecedented convenience and accessibility. This study explores the multifaceted factors influencing consumer behavior concerning banking apps and technology. By examining user preferences, technological advancements, and security concerns, the research provides comprehensive insights into how consumers interact with digital banking platforms. Recent surveys indicate a significant reliance on mobile banking, with 62% of consumers stating they cannot live without their mobile banking app, and 78% using it weekly. Key drivers of adoption include user-friendly interfaces, robust security measures, and personalized services. However, security remains a paramount concern; studies have shown that consumers prioritize safety over ease of use, with many expressing apprehension about potential fraud and unauthorized access. Media Center Home EMARKETER Technological advancements, such as biometric authentication and AI-driven customer support, have been instrumental in enhancing user trust and satisfaction. For instance, the introduction of passwordless web banking services using biometric methods aims to counter threats from malware and phishing attacks. Despite these innovations, challenges persist, including device vulnerabilities and the need for continuous user education on cybersecurity best practices. news This study concludes with strategic recommendations for financial institutions to bolster user engagement and trust in mobile banking technologies. Emphasizing the importance of integrating advanced security features, ensuring intuitive user experiences, and providing personalized services can significantly impact user adoption and satisfaction.},
keywords = {Mobile Banking, Consumer Behavior, Financial Technology, User Experience, Digital Banking},
month = {March},
}