Impact of Consumer Digital Experience on Consumer Reliability in the Context of Indian Banking Sector

Abstract

Abstract Digitalization has been transforming the banking sector in India, and it has brought about numerous changes in the way banks operate and serve customers. Our study paradigm, which is based on earlier studies defines Consumer Digital Experience as a formative latent construct that is determined by three factors: Digital Product Offerings, Digital Business Environment, and Frontline Equipment. In addition, and in keeping with other research, we think of Consumer Reliability as a single latent construct with distinct elements expressing its following aspects, word of mouth and satisfaction. This paper discusses the impact of the Consumer Digital Experience on consumer reliability in the Indian banking system. The main tool for analyzing the impact we use Exploratory factor Analysis to define our number of factors then we perform the Structural Equation Modeling to find the relationship between Consumer Digital Experience and consumer reliability in the banking sector. The results of the study confirm that Consumer Digital Experience has a very strong impact on consumer reliability especially the frontline digital equipment plays a crucial role in increasing consumer trust with respect to the current digital era while other factors also have an association with consumer reliability but at a very small level. Consumers are more concerned with the digital equipment installed in the banks.