Introduction
Nowadays electronic banking or online banking has become a phenomenon across the world. Most of the people support this kind of banking as it makes the daily life of the people easier as they can easily transfer their funds for the retail purchases or any other activities. Hence, it can be seen that most of the customers prefer electronic banking as they won’t face any kinds of constraints or hassle. But at the same time there are several challenges which can be faced by the customers under different situations. Hence, dissertation writing service in UK and advantages, those challenges need to be identified properly. However this report will focus on the concept of the electronic banking and its relationship with the satisfaction of the customers. Hence one would be able to understand whether the customers are satisfied in relation to the electronic banking or not by developing this research study. Furthermore in this research study, the future scope of the enhancement of customer satisfaction in relation to the electronic banking will be discussed.
Concept of Electronic Banking
Electronic banking is a system which uses telecommunication as well as computers for enabling the transactions within the banking sector. This can be done by using the computers as well as telephones instead of any kind of human interaction in this context (Rahi et al. 2020). Thus it can be stated that electronic banking can use electronic mediums for helping the users to get access to their funds under different situations. This kind of service eliminates the requirements of write that essay UK the customers of the banks to visit the branches while performing any financial transactions. As there are lots of customers who are using the internet for a host for the day-to-day activities, the digital medium of the banking has made the whole banking activities more convenient as well as accessible for the customers (Anouze and Alamro, 2019). In this regard, it should be noted that there are different types of electronic banking services which can be opted by the customers for performing different types of transactions. The discussion regarding those types of electronic banking services are as follows, such as,
Internet Banking: This type of banking service can allow the customers to perform financial as well as non-financial transactions by using the internet. Hence customer should have a strong internet connection to avail this service.
Mobile Banking: Most of the banks currently use app for performing mobile banking (Sharma et al. 2020). Hence, in this regard, the customers easily can use the app for performing different types of banking activities.
ATM: Through this ATM or Automated Teller Machines, the customers can withdraw their funds or deposit their money. Furthermore they can easily update their bank passbook or check their account balance.
Thus from the above discussion it can be stated that as time saving personalised transaction can be done very easily, the electronic banking system has gained more popularity (Haq and Awan, 2020). But it should be noted that the security should be maintained at utmost priority from the perspective of both banks as well as customers.
Benefits of Electronic Banking
Based on the above discussion, online assignment help UK it can be seen that there are different types of benefits which can be availed by the customers while opting for electronic banking in this context. Hence, this is essential for the researchers to properly identify those benefits which are as follows, such as,
- Electronic banking always helps the customers by providing the convenient situation as by using e-banking, those customers can easily make transactions (Rahi et al. 2019). Moreover, instead of visiting the branches of the banks they can verify their accounts and get their account statement within their comfort zone. The customers also can check their account balance and update their personal account through electronic banking
- At present, as most of the banks are encouraging their customers to avail the electronic banking, hence they provide low to no deposit accounts along with some low penalties for the early withdrawal of the fixed deposits
- On the other side, previously the banks as well as financial institutions were in need of the office space extension as well as recruitment of the more people to deal with the customers (Baicu et al. 2020). This kind of hassle has been reduced due to practicing electronic banking
- Electronic banking overall has enhanced the mobility and customers can save their precious time as well. Furthermore, they can transact their money whenever required along with conducting some shopping. Sometimes, the customers can also get discounts for conducting shopping through electronic banking
- Electronic banking has made it easier for both banks as well as customers to get relevant information. The customers can avail several services, like, logging in to the websites of the banks, investment research tool, and loan calculator or equity trading platforms (Geebren et al. 2021). Based on these provided services, the customers can take proper decisions relating to their banking activities
Relationship between Electronic Banking and Consumer Satisfaction
Based on the above discussion it can be seen that electronic banking has helped the customers in different ways. They especially do not spend their time visiting the branches and doing all the banking activities. Hence, the time saving feature and fulfilment of the need just by one click has enhanced the customer engagement more from the perspective of the electronic banking (Dianat et al. 2019). Hence, it can be stated that the relationship between the electronic banking and customer satisfaction is positive as well as static. Without any physical presence customers can easily link with their bank services properly which has made them satisfied in the ultimate way. Furthermore it can be found out that, nowadays most of the customers always prefer to buy either online or visiting the stores, but sometimes they do not prefer to carry the cash. On the other side, as customers become more involved in these electronic banking activities, the banks were eager to improve their quality of the electronic system along with their operational strategies (Lee and Lee, 2020). In this way they can provide the proper services which can satisfy the customers without any issues.
Challenges of Electronic Banking faced by Consumers
Though customers nowadays prefer electronic banking, they still need to understand the bottlenecks of this electronic banking while availing this service in this context (Khatoon et al. 2020). In this regard, following are some challenges which can be faced by the customers while using electronic banking, such as,
- To avail the electronic banking services in different ways, the customers want to maintain a strong internet connection. But most of the time, it can be seen that in developing countries or underdeveloped countries, though the electronic banking facilities are there, they don’t have proper and strong internet connection (Bashir et al. 2020)
- On the other side, sometimes, when the customers want to avail the different types of electronic banking, like, internet banking or mobile banking while performing the services like, online or physical shopping or any kinds of bill payments, they lose their internet connection. At that time, the customers find it difficult to finish their overall purchasing or any other operations
- Despite several protections and securities which are taken by the banks, still due to some technological glitches, the customers face several security issues which can create more risks for them (Li et al. 2021)
Recommendations on Improving Customer Satisfaction
As without taking the help of the technological advancements, it is not possible to complete whole works related to the banking activities, it is necessary for the banks and other financial institutions to integrate the technology in a proper manner (Nguyen et al. 2020). Nowadays it is not possible for the customers to avail any kinds of services, like shopping, bill payments and more without getting access to the electronic banking. Hence, for enhancing the customer engagement and their security, they need to check their technological integration before integrating any delivery. Furthermore, it is also necessary to review the security and make that update on a time basis to reduce the security weaknesses for the effectiveness of the electronic banking services (Pambudi et al. 2021). Hence, in this way, the customer satisfaction overall can be increased.
Conclusion
Based on the above discussion, it can be stated that increasing and maintaining the customer satisfaction is the ultimate objective of most of the banks and financial institutions in this context. Those financial institutions as well as the government of most of the countries have taken the initiative to make investments in the digital transformation which can further enable the delivery of the effective customer experience under different circumstances. But at the same time, this is essential for these financial institutions to secure their technological usage by providing utmost security, so that they can provide the ultimate satisfaction to their customers. Electronic banking has several digital touch points, maintaining which can link with the customer satisfaction and in this way the customers can make proper financial decisions under different situations. Thus it can be concluded that the relationship between the electronic banking and customer satisfaction is strong and static but it needs to be secured properly and adequately.