The Role of E-Banking and E-Payment Facilities in Customer Satisfaction in Private Banks

Abstract

Internet banking is gaining momentum over conventional banking especially since everyone now has a smart phone through which e-banking facilities are easily accessible. Banks gain a competitive advantage by providing greater quality of services which increases customer satisfaction. An array of services including account opening, fund transfer, payments of bills, recharging phones, balance inquiry, etc. can now be done at a quicker pace and more conveniently through e-banking or electronic banking. NEFT, RTGS, SWIT and M-wallets are the other e-payment facilities provided by banks. This paper aims to identify the reasons for adopting epayment facilities and the customer satisfaction level with respect to them. The main reason for customers adopting these facilities is due to its characteristic of instant payment facility followed by the convenience and time-saving aspect, the 24/7 availabilities of these services, lower risk regarding loss and theft and finally minimum service charges.