Digital Banking Services from Customer Perspective

Abstract

Process of digital transformation affects and changes industries considerably, with the financial services industry as well. Digitalization and fintech introduce many innovative products and services for the bank's customers. Focus in this paper is on customers' perspectives of digital banking services in Serbia. The aim of the paper was to discover incentives for the digital banking products and services use. Authors have created a research model and set four factors that mostly represent incentives for the use of digital banking products and services. Online empirical survey has been conducted with 522 respondents. Research results show that time saving, flexibility in time and place, and user-friendly application represent the most significant reasons for the digital banking products and services use. Costs connected with the use of digital banking services have lower influence, as incentive, then three factors aforementioned. Generally, consumers' satisfaction with digital banking services in Serbia is on a high level. The results of this study could be used by banks to further develop their digital banking product and services and improve customer experience or could be beneficial for the institutions that intend to enter the digital financial services industry. Future research should be focused on factors that have an important influence on consumers' satisfaction with digital banking services.