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Exploring the relationship between
lifestyle, digital financial element
and digital financial
services experience
Dhananjay Bapat
Marketing Management, Indian Institute of Management Raipur, Raipur, India
Abstract
Digital
financial
services
experience
297
Received 5 December 2020
Revised 31 May 2021
16 September 2021
24 October 2021
Accepted 24 October 2021
Purpose – The purpose of this study is to explore digital financial services experience, investigate the
antecedents to digital financial services experience and examine familiarity as a moderator.
Design/methodology/approach – The study uses dual methods: qualitative and quantitative. Multiple case
studies are applied as a qualitative method to explore and capture recent development in rapidly changing digital
finance. An empirical, survey-based approach is used to collect data from 258 respondents about their experiences
with digital financial services experience using constructs, such as perceived ease of use, timeliness, lifestyle and
digital financial element. The study used structural equation modeling using smart-PLS.
Findings – Using word count, hierarchy chart, items clustered by similarity and qualitative analysis by
applying NVivo 12, the study validates the constructs and captures recent developments. Using smart PLS, the
structural equation model reveals that the digital functional element positively affects the digital financial
services experience. It is observed that lifestyle mediated between perceived ease of use and timeliness with
digital financial services experience. Further, familiarity moderates the relationship between the digital
financial element and digital financial services experience. Moreover, while this research analyzed the
relationship regarding financial services customers, we suggest a comparative study between different entities.
Originality/value – The study can be considered one of its kind using qualitative and quantitative research
methods. It integrates theory from both the information system and marketing domain. As the increased
number of digital channels and interfaces has increased, companies need to understand how to improve the
digital financial services experience.
Keywords Digital financial services experience, Familiarity, Digital functional element, Lifestyle,
Perceived ease of use, Timeliness
Paper type Research paper
Introduction
In recent years, financial services have witnessed profound changes due to the development of
digital technologies. Digital transformation has revolutionized how financial service providers
operate, establish relationships with customers and develop business models. Technology plays
a vital role in shifting consumer behavior toward digital payment transactions. Consumers are
increasingly attracted to digital transactions, which is evident through increased mobile
banking, internet banking and mobile app. transactions. The trend toward increased digital
transactions has accelerated during the COVID 19 pandemic due to social distancing. While the
scope of digital transactions has expanded to include QR codes, mobile applications and other
newer digital options, we find that past studies have looked independently at mobile banking
and internet banking. To our knowledge, there is a paucity of studies that cover digital financial
services experience in an integrated and comprehensive manner.
Technological developments significantly influence financial services marketing
(Dootson et al., 2016). Digital financial services, through telephone, internet, QR code and
The authors wish to thank the Editor and anonymous reviewers for providing notes that significantly
improved the manuscript in all stages of the peer review process.
!International Journal of Bank
Marketing
Vol. 40 No. 2, 2022
pp. 297-320
© Emerald Publishing Limited
0265-2323
DOI 10.1108/IJBM-12-2020-0575
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mobile, are offered to customers. The complexity in digital banking has altered the focus from
product to platform. There is a greater involvement of banking regulators, umbrella
organizations supported by banks, global payment network players like Visa and
Mastercard and aggregators in India in adopting digital financial services. Understanding
and creating enabling conditions toward a positive digital experience in financial services has
remained a high priority for financial services providers (Bapat, 2017; Becker and Jaakkola,
2020). During the initial phase, digital financial services included ATM, cards and mobile
banking with limited features. Thereafter, Unified Payment Interface (UPI), a unique
initiative of connecting multiple bank accounts with a single mobile application, was
launched in India in 2016. The success of UPI and its potential in digital banking in India has
attracted an entry of global players, such as Google, Amazon and Samsung, in digital
payments. In addition, there are e-tailers and fintech players, which have marked their
presence in digital financial services. In the present times, digital banking covers a broad
spectrum of services such as mobile payments, mobile banking, internet banking, payment
apps, banking apps, QR code and integrated marketplace linked to financial services.
The conventional study on brand and customer experience has relied on constructs such as
satisfaction, loyalty and brand relationships. For financial services marketers, a unique brand
experience is critical in attracting and retaining customers (Morgan-Thomas and Veloutsou,
2013; Khan et al., 2016a; Joshi and Garg, 2021). Digital financial services experience covers both
the cognitive and affective drives (Mollen and Wilson, 2010). Understanding the factors that
drive digital financial services experience has remained a high priority for cross-sections of
stakeholders such as government, policymakers, marketers and academicians (Becker and
Jaakkola, 2020; Payment and Settlement Systems in India: Vision 2019–2021). The present
study incorporates the construct from the marketing and information systems domain.
Customer experience has received remarkable attention in recent times. Brand experience has
been studied from offline and online contexts (Khan et al., 2016b; Bapat 2017, 2020). Hampshire
(2017) investigated the consumer adoption of mobile payments using the technology
acceptance model (TAM). Chen et al. (2012) identified timeliness, content and accuracy as
factors contributing to internet banking satisfaction. Garg et al. (2014) found that convenience is
an important factor that influences the customer experience. Mbama and Ezepue (2018)
explored the antecedents to digital banking experience and observed that factors, such as
service quality, functional quality, perceived value, employee–customer engagement, perceived
usability and perceived risk, influence digital banking experience.
Flavian et al. (2009) explored the role of user experience in the relationship between
familiarity and loyalty. Flavian et al. (2009) found that familiarity influences loyalty among
consumers who exhibit higher experience in Internet usage. Rufin and Molina (2014) considered
familiarity as a moderator in the relationship between transparency and satisfaction. In line
with Rufin and Molina (2014), our study assumes familiarity as a moderator. We pose two major
research questions: (1) What are practitioners’ insights about the phenomenon of digital
financial services experience (2); What are the drivers of digital financial services experience
while aligning theories from the marketing and information system domain. The study
explores the topic by covering qualitative and quantitative research. Qualitative research
covered the practitioner’s insights on the topic. Senior executives, who were associated with
digital banking services, were approached. These executives were drawn from a cross-section
of card network companies, public sector and private sector banks and financial technology
companies. A qualitative study was followed by a quantitative study, which examined the
antecedents to digital financial services experience using structural equation modeling (SEM)
through a cross-sectional survey. Partial least square–structural equation modeling (PLS-SEM)
examined a total of 258 responses.
The paper makes the following significant contributions. First, the paper combines the
research from information systems (IS) and the marketing domain. While IS considers digital
products as pieces of technology, marketing literature tends to view digital brands as
augmented products or services. There is a viewpoint that confining to rigid boundaries may
result in limited understanding. While responding to the need for an integrated approach, the
study combines two domains to propose a digital financial services experience model.
Customer experience plays a vital role in acquiring and retaining customers during growing
customer expectations (Monferrer-Tirado et al., 2016). Second, in the wake of the recent Covid19 outbreak, when there is a restriction in physical movement and health concerns with cash
usage, digital transactions have witnessed phenomenal growth. Digital financial services
cover people to people, people to a merchant, merchant to people, people to government and
government to people transactions. Digital financial services, which is a distinguishing factor
between performing and other financial organizations, offers immense potential. Third, past
studies have investigated the aspects of service quality, customer satisfaction and loyalty
(Jun and Palacio, 2016), brand experience for financial services (Bapat, 2017), customer
experience (Klaus and Maklan, 2013; Garg et al., 2014) and electronic service quality (Amin,
2016). The present study covers the digital financial services experience, which is an
important objective for financial services marketers. We find that scant attention is given to
digital financial services experience, which is comprehensive and broader. Fourth, most of the
past studies have examined the consequences of the digital banking experience. The present
study examine antecedents of digital financial services experience. Fifth, the study includes
both qualitative and quantitative research methods. Qualitative research helps in exploring
the topic and covers recent development based on employee interviews and secondary
sources. Quantitative research will validate the hypotheses and confirm the findings based on
survey results.
The rest of the study is structured as follows. First, the study offers a conceptual
framework and related hypotheses. Then, we divide the study into two: a qualitative study in
Study 1 and a quantitative study in Study 2. We describe the method and discuss the results.
We explore discussions, theoretical and managerial implications. Finally, we discuss
limitations and future research.
Literature review
Conceptual framework
The concept of digital financial services experience is influenced by four disciplines:
information technology, marketing, finance and services. IS researchers have investigated
user involvement with an online brand. The TAM and unified theory of acceptance and usage
of technology (UTAUT) are critical theories from the information technology domain (Davis,
1989; Venkatesh et al., 2003). These theories are applied in the context of digital banking
(Ananda et al., 2020; Souiden et al., 2021). Davis, 1989 argued that perceived ease of use and
usefulness factors influence behavior in using new technology. TAM suggests that key
drivers of behavioral intentions are people’s beliefs about their ability to use technology and
their subjective evaluation of technology usefulness (Morgan-Thomas and Veloutsou, 2013).
The perceived ease of use has emerged from self-efficacy theory which is about how well one
chooses an action to deal with the prospective situation (Bandura, 1982). Digital financial
services examined telephone banking (Alawan et al., 2016) and mobile banking (Zhou, 2011)
during the initial phase. While digital financial services are about technology, it also
incorporates service components, highlighting the importance of service marketing theories
(Mbama and Ezepue, 2018). Marketing theory and models cover intrinsic and extrinsic factors
that shape customer perceptions (Gronroos, 1982). These factors include service and
functional qualities (Kaura et al., 2015; Monferrer-Tirado et al., 2016).
Hoehle et al. (2012) contend that the utilization of digital banking channels has grown
substantially. There is anecdotal evidence to support the growth of digital financial services.
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With the development of technology, customers expect better interactions in digital financial
services and social media (Dootson et al., 2016; Gandolfo, 2020). Providing a unique brand
experience in a digital environment is critical due to the rich and dynamic information flow
related to the digital domain (Morgan-Thomas and Veloutsou, 2013). Digital services are
characterized by uncertainty, intangibility, variability and perishability (Kollmann and
Suckow, 2008). Nysveen and Pedersen (2014) outlined the importance of experience and
examined unique and memorable brand experiences for service brands. The digital
environment provides possibilities for the functions of the inter-activities and a real-time
brand experience (Brun et al., 2014; Moynagh and Worsley, 2002). There is an increased
importance of superior experiences in an online environment (Brun et al., 2014; Rajaobelina
et al., 2013; Sunikka et al., 2011). Online brand experience (OBE) is about an individuals’
internal subjective response to contact with an online brand (Morgan-Thomas and Veloutsou,
2013). Online brand experience has emerged from the concept of customer experience (Arnold
et al., 2005) and incorporates cognitive and affective factors (Gentile et al., 2007). Rose et al.
(2011) covered the rational, cognitive and goal-oriented responses to a brand. Effective user
experience design has been an important part of the managerial agenda (Hausman and
Siekpe, 2009; Rappaport, 2007). The present study considered antecedents to digital financial
services experience as perceived ease of use, timeliness, lifestyle and digital functional
element.
Hypotheses development
The rationale behind the hypotheses
There has been an acceleration in digital banking transactions during the Covid-19 pandemic
because of growing concerns about the virus in currency notes. While online banking is
related to the Internet and other associated platforms, digital financial services can be
extended to mobile and other digital finance formats, including mobile apps and QR codes.
The study on online shopping considers that convenience provides a significant advantage
and reduces site navigation and check-out process difficulties. Convenience is likely to impact
lifestyle as it will reduce cumbersome procedures. In digital banking, timeliness matters for
an individual customer journey in various phases, such as searching a financial services
provider, transaction duration and response from the financial services provider. Digital
banking sites and applications offer greater flexibility to customers, which is expected to
improve their lifestyles. Lifestyle plays a critical role in providing unique experiences to
digital banking customers. According to Schmitt (1999), experience helps to connect a brand
with a customers’ lifestyle. Brand experience can happen during media exposure, purchase or
brand usage (Alba and Hutchinson, 1987; Bapat, 2020). It can lead customers to explore the
flexibility and offers empowerment.
Brand familiarity is considered the number of brand-related direct or indirect experiences
accrued by the consumer. Various factors such as frequency, knowledge, media and
advertisement exposure contribute to developing familiarity (Kent and Allen, 1994; Stewart,
1992; Campbell et al., 2003). Familiarity happens in diverse situations, including encounters
with the service provider (Rufin and Molina, 2014). Brand familiarity is an important variable
that can affect consumer processing (Bapat, 2017). Baker et al. (1986) considered brand
familiarity a unidimensional construct based on processed information. Park and Stoel (2005)
found that brand familiarity significantly affected purchase intention.
We hypothesize that perceived ease of use and timeliness will positively affect lifestyle,
positively impacting the digital financial services experience. The digital financial element
will also impact the digital financial services experience. The role of familiarity as a
moderator is also explored. The hypothesized model is shown in Figure 1.
Perceived
ease of use
Digital
financial
services
experience
H1
5
Lifestyle
H2
301
5 :
H3
5c
TTimeliness
Digital
financial
services
experience
H4
Digital
funcƟonal
element
5
Familiarity
Figure 1.
Hypothesized model
Perceived ease of use
Perceived ease of use refers to a person’s belief that using digital technology will be free of
cognitive effort (Davis, 1989). Some customers are more comfortable and have confidence
with technology-based products (Koufaris, 2002). For higher acceptance, it is expected that
digital transactions are simple and easy for the customer. According to the TAM, perceived
ease of use positively affects user acceptance. TAM has been examined in the realm of
information systems, marketing and electronic commerce (Yen and Wu, 2016). Along with
perceived ease of use, subjective norm, attitude and perceived usefulness positively
influenced mobile phone use intention (Flavian et al., 2020). The antecedents to perceived ease
of use are screen size, compatible system and ease of navigation (Singh and Srivastava, 2018).
Perceived ease of use influences the user-friendliness of digital financial services, which
closely resembles consumers’ lifestyles. Thus, the following hypothesis has been proposed:
H1. Perceived ease of use positively influences lifestyle.
Timeliness
The study by Chen et al. (2012) identified timeliness as one of the factors for Internet banking
satisfaction. In addition to timeliness, content, accuracy, format and ease of use influenced the
satisfaction. In the airline industry context, post-flight service quality was measured by the
timeliness of flight arrival and departure (Farooq et al., 2018). The study on omnichannel
consumers for logistics service providers considered timeliness as the significant factor.
Timeliness in the context of digital banking is related to quick response and up-to-date
information. Timeliness is about how financial services providers are equipped to resolve
issues or complaints. Any delay in response may lead to the spread of negativity about the
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brand. In the digital banking context, customers evaluate digital services based on timeliness.
For instance, a long wait time may frustrate the customer. Therefore, improved timeliness can
contribute to enhancing consumer lifestyle. The reduction in time for digital transactions is
about simplifying consumer life. Thus, we suggest that timeliness positively improves
consumer lifestyle.
H2. Timeliness positively influences lifestyle.
302
Lifestyle
While explaining the concept of online brand experience, Schmitt (2000) explored the role of
technology and lifestyle. Changes in lifestyle, action and activity of an individual during
brand contact are referred to as “behavioral experience” (Brakus et al., 2009; Schmitt, 1999).
Hamzah et al. (2014) incorporated lifestyle in behavioral dimensions of brand experience.
Lifestyle is one of the primary reasons for shifting offline to online. Digital banking offers
greater flexibility in managing transactions, including payment of bills and transfer of
money. From a financial services perspective, lifestyle is a single factor that helps marketers
with better brand positioning (Gentile et al., 2007; Hamzah et al., 2014). In line with Hamzah
et al. (2014), we consider lifestyle an antecedent to the digital financial services experience. We
propose the following.
H3. Lifestyle positively influences digital financial services experience.
Digital functional element
Functionality plays a vital role in the experiential outcome of an online brand (Flavian et al.,
2009). According to Hamzah et al. (2014), functionality includes skill, control and interactivity.
Thus, the digital functional element is about security and control (Khan et al., 2016b).
Security, a pressing issue for digital customers, covers authentication, confidentiality,
privacy protection and data integrity. There is a risk associated with information theft,
service theft and data corruption. If the security risk is high, it will result in greater difficulty
in undertaking digital transactions. As a result, security control becomes a prerequisite for
the functioning of digital commerce (Suh and Han, 2003). Financial service providers improve
security through secure socket level certificates, two-factor authentication, one-time
password and biometric features to alleviate the risk. Hamzah et al. (2014) confirmed that
the digital functional element positively influences the digital financial services experience.
We posit the following.
H4. Digital functional element positively influences the digital financial services
experience.
Digital financial services experience
The advancement of information and communication technologies has led to digital brands.
As a result, these brands can offer digital experiences to customers (Ha and Perks, 2005;
Morgan-Thomas and Veloutsou, 2013). Morgan-Thomas and Veloutsou (2013) defined online
brand experience as “an individual’s internal subjective response to the contact with the
online brand” (p. 22). Pine and Gilmore (1998) highlighted the importance of experiences and
considered them an essential offering from organizations. Nowadays, customer experience
has become a source of competitive advantage to organizations. Customer experience
positively drives satisfaction (Meyer and Schwager, 2007). Customer experience happens
when interactions take place between a customer and an organization. Experience emanates
from the interface with the organization and its offerings at different touchpoints (Gentile
et al., 2007). In digital banking, various touchpoints include websites, mobile applications,
point of sales payments for credit and debit cards, QR codes, etc. Alloza (2008) considered that
brand experience could occur when customers search, purchase, receive and consume
products or services (Schmitt and Rogers, 2008). Brand experience can also happen during
the association of products or services in an online setting (Brakus et al., 2009). According to
Nysveen et al. (2013), brand experience includes both customer and non-customer
experiences. O’Loughlin et al. (2004) confirmed the role of experience as a meaningful and
relevant construct for retail financial services.
Familiarity as moderator
Familiarity is about the necessary conditions for digital financial services. For the financial
services brand, the improvement in brand familiarity is positive for sensory, emotional,
behavioral and relational brand experiences for high familiarity service brands (Bapat, 2017).
The risk is enhanced when customers have not seen or experienced the digital services
provider. Flavian et al. (2009) suggested that increased familiarity with the services is
associated with repurchase intentions. Rufin and Molina (2014) considered familiarity as a
moderator in the relationship between transparency and satisfaction. The selection of
familiarity in our study as a moderator is consistent with findings from Rufin and Molina
(2014) and Bapat (2017). As familiarity can affect the digital experience services processes, the
paper seeks to analyze the moderating role of familiarity in the relationship between
perceived ease of use, timeliness, lifestyle, digital functional element and digital financial
services experience. The following hypotheses have been proposed:
H5a. The strength of association between perceived ease of use and lifestyle is
moderated by familiarity.
H5b. The strength of association between timeliness and lifestyle is moderated by
familiarity.
H5c. The strength of association between lifestyle and digital financial services
experience is moderated by familiarity.
H5d. The strength of association between digital functional element and digital financial
services experience is moderated by familiarity.
Method
The study used both qualitative and quantitative methods. The decision to adopt qualitative
methodology was driven by the research scope (digital transformation, customer experience
and capability perspective) and firm type (financial services providers). We relied on multiple
case methods covering interviews, Internet-based information, social media sources and
newspapers. We referred to Vision document from Reserve Bank of India (RBI), WhatsApp
group on payment technocrats, LinkedIn group on digital banking, social media sources such
as Electronic payment and services Ltd on YouTube. Since digital banking is evolving and
involves many changes, the multiple case study method was appropriate. The interviewee
included experts in the financial services covering existing banks, fintech start-ups, and
policymakers and was available on an online banking platform. The interview schedule
covered the following aspects: (1) the scope of digital transformation; (2) the impact of digital
transformation; and (3) customer experience during digital transformation. Qualitative
research is appropriate when exploring the framework, and it helps to validate the key
variables.
Regarding the firm type, we considered financial services providers and decided to
approach experts in the domain. The research was conducted based on the guidelines and
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suggestions for qualitative methodologies covered in the literature (Yin, 1994). The material
was analyzed by performing an open coding practice. Open coding is suitable for coming out
and confirming the theory. The material was codified using textual analysis and analyzed
using the statistical package NVivo 12. We approached experts who held leadership roles,
and they represented banks, fintech and platforms. Experts were selected based on their
subject knowledge and availability. We followed judgmental sampling to choose the experts.
We also gathered responses to general and open questions to encourage interviewees to share
information. Then, we continued with more specific questions to fine-tune discussions from
the interview schedule.
The qualitative research and literature review contributed served as an input to
quantitative study. The quantitative research relied on a survey method to collect data from
customers who have used digital financial services. A questionnaire was used as the primary
data collection instrument, and it suited the purpose considering its advantages.
Study 1
The qualitative data included both primary and secondary sources. These included
interviews, news items, Internet-based information, vision statement, etc. The data were
analyzed based on the protocols for qualitative data analysis. The analysis was carried out
based on the interpretive method (Eisenhardt and Graebner, 2007). The research was
conducted after the COVID pandemic hit the world. These cases were chosen based on
significant insights about the relationship between digitization and customer experience. All
the interviewees were experts in the domain of digitization of financial services. In addition,
the material also included other items such as news items, Internet-based information and
vision statement from the RBI.
Case selection and respondent profile
In line with the requirements of exploratory research, cases were selected to obtain significant
insights concerning digital experience about financial services. All the analyzed cases
represent diverse organizations covering global card network companies, an umbrella
organization with expertise in digital payments, leading Indian business conglomerates
interested in digital business, fintech companies and leading Indian private sector banks. The
online conversation transcripts were analyzed using a grounded theoretical approach by
building codes. Two independent coders were involved in identifying and validating the
concepts and themes which emerged from the data. Once the coding process was complete,
the results were compiled and integrated. The categorization provided by coders was similar,
and inter-judge reliability was around 80%. It ensured the reliability of the qualitative study.
Zaggle is a fintech company operating for about nine years. The company has evolved
from managing rewards to employee compensation to employee expenses. Fintech
companies are attracting investor attention with cutting-edge business models. The newer
business model offers a lot of value addition. Federal Bank is an old-generation private sector
with headquarters in Kerala and has its network all over India. The bank is a recipient of
various awards in the domain of innovation. Mastercard, a leading global card network, is
present in India through debit cards, credit cards, prepaid cards and contactless cards. With
the current growth and potential in emerging markets, Mastercard is interested in developing
Indian markets. Reliance Industries Ltd is a leading global Indian conglomerate with an
interest in traditional business and digital business. The company has focused on digital
business. Recently, the company has entered into a tie-up with global technology giants such
as Facebook and Google. National Payments Corporation is an umbrella organization formed
by the regulator, RBI. The success of NPCI through unique products of ATM switch, RuPay
cards, Immediate payment services (IMPS) and UPI has attracted the attention of developed
countries. NPCI has played an essential role in accelerating digital payments in India. HDFC
is a leading bank known for consistent profitability and performance for more than a decade.
It emerged from a modest organization to become a leading organization. The respondent
profile is shown in Table 1, which summarizes the research cases regarding the company
profile and key contributions.
Digital
financial
services
experience
Study 2
The online questionnaire, developed on Qualtrics, was sent to select respondents. These
respondents were requested to send the link to their acquaintances, classmates and friends.
The online survey mode resulted in a rapid turnaround in data collection, the ability to reach
large units of the population and cost-effectiveness while giving respondents the convenience
to answer the questionnaire. We maintained the anonymity of the response. The
questionnaire was pre-tested and refined through an initial pilot survey to improve the
content validity of the items. The data were collected from online mode through e-mail and
social media platforms. We followed snowball sampling. We identified the respondents who
dealt with digital channels. The Qualtrics link was sent to respondents in the initial phase
through e-mail or social media platforms. The questionnaire was sent to about 312
respondents. We obtained 258 useable responses.
305
Construct
Extensive studies are conducted on the TAM. Perceived ease of use is developed through the
TAM. In the context of digital financial services, the scale of perceived ease of use relates to
the degree to which a person believes that using digital banking would be free of effort. This
can be in the context of searching the service provider, contacting service providers, applying
for products and services and subsequent transactions, including payments. The scale was
originally developed by Davis, 1989. In the study, we adapted the scale from Chen et al. (2012).
Timeliness relates to how digital financial service provides quick response and up-to-date
information. We adopted the scale from Chen et al. (2012), and it was earlier used by McHaney
et al. (2002). The scale of lifestyle was adopted from Khan et al. (2016b) and was measured
Sr.
No.
Company
Broad profile
Description
1
Zaggle
Fintech
2
Federal Bank
Commercial Bank-private sector
bank
3
Mastercard
Global Card Network company
4
Reliance Industries
Ltd
National Payments
Corporation of India
It is a leading private sector
organization
It is not for Profit Company under
the provisions of Section 25 of
Companies Act 1956
HDFC Bank
Commercial Bank-private sector
bank
The company evolved from managing
rewards to employee reimbursement and
employee expenses
The company is old generation private
sector with headquarters in Kerala and
having its network all over India
It is a global card network having its
presence in India through debit card,
credit card, prepaid card and contactless
cards
The company has a strong presence in
telecom, digital and e-tail
National Payments Corporation of India
(NPCI), an umbrella organization for
operating retail payments and settlement
systems in India
The company is a leading private sector
bank
5
6
Table 1.
Profile of selected
companies
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using three items. The digital functional element was used in the study by Garg et al. (2014),
which referred to it as an online functional element. The wordings related to the online
interface were suited to the digital banking interface. The digital functional element deals
with the functionality aspect of the website, its usability and interactivity components. Online
functional elements emerged as one of the significant factors of customer experience in banks.
The scale was adapted from Garg et al. (2014). To our knowledge, few studies are available on
digital financial services experience. We adapted the scale from Khan et al. (2016a). Table 2
depicts the scale, items and source. We also measured familiarity using a single item on a
Likert scale of 1–7, with 1, being strongly disagree, and 7, being strongly agree. We relied on
seven-point Likert scale to allow for more fine-grained distinctions (Krosnick and Presser,
2010). Table 2 provides scales and items.
Sample profile
The second part of the study is quantitative in nature, and an online survey method was used
to collect the data. Respondents were approached through a survey from the Qualtrics link.
Since the survey was about the digital financial services experience, undertaking digital
transactions were set as a prerequisite. The average age of the sample was 22 years. About
75% of respondents were male, and 25% were female. Eighty-three percent of respondents
possessed a graduate degree, and about 10.5% of respondents were post-graduates. The
sample profile is shown in Table 3.
Sr
No.
1
2
3
Dimension
Adapted from
Description
Ease of use
Chen et al.
(2012)
Chen et al.
(2012)
Digital financial services are user-friendly
Digital financial service is easy to use
We get the information that is needed in time from
Digital financial service
Digital financial services provide up-to-date
information
I can easily login/logout of the digital interface
The digital links are error-free/accurate
The functioning of the digital interface is proper
This bank offers interactive digital process
This brand gives an element of security while using a
digital interface
A digital transaction with the bank improved my
lifestyle
I find time flexibility in managing digital
transactions
It is interesting to use the service of this corporate
brand at any place
The digital banking experience is visually very
appealing
The brand’s digital interface has clarity
The digital menu is easy to understand
The bank’s digital interface is well organized
The language of financial terms and conditions are
clear
Navigating through a digital interface is easy
Timeliness
4
5
6
7
8
9
Digital functional element
Garg et al.
(2014)
10
Lifestyle
Khan et al.
(2016b)
Digital financial services
experience
Khan et al.
(2016a)
11
12
13
14
15
17
18
Table 2.
Scale and items
19
Age
Percentage
Less than 25 years
25 and more and less than 35
35 and more
80%
15%
5%
Gender
Percentage
Male
Female
75%
25%
Education
Percentage
Graduate degree
Post Graduate degree
Others
83%
10%
7%
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Table 3.
Sample profile
Reliability and validity
We conducted a pilot test and pre-tested the questionnaire. Further, the questionnaire was
validated by the people involved in digital banking. Finally, we evaluated the scales for
applicability and comprehensibility. We, thus, confirmed the reliability of the model.
We looked at the values of the outer loadings to examine the correlations between the
latent variable and the reflective indicators in its outer model. Hair et al. (2016) suggested that
indicators with outer loading above 0.6 can be retained. We performed the bootstrap using the
option of factor scores and found the value of the outer model. It was observed while
performing the outer model testing. Items were found above the acceptable level of 0.6, thus
meeting the requirement. The values ranged between 0.698 and 0.916. Convergent validity
refers to the extent to which a measure correlates, or converges, with other measures of the
same construct (Fornell and Lracker, 1981; Hair et al., 2016). Table 4 shows Cronbach’s alpha,
composite reliability and average variance extracted. Convergent validity is confirmed when
the Average Variance Explained (AVE) value between the constructs is equal to or exceeds
0.5 (Hair et al., 2016). Thus, convergent validity is established. To meet conditions of internal
consistency, we examined Cronbach’s alpha. The value of Cronbach’s alpha was greater than
0.70 (Hair et al., 2016; Field, 2005). The results of Table 4 confirm it.
We referred to the pattern of item loadings across constructs in the model to examine the
discriminant validity. We followed Hair et al. (2016) recommendations that an item loading on
the associated construct should be greater than all of its loadings on other constructs. As seen
in Table 4, AVE scores meet the requirement of a value of more than 0.5, and composite
reliability exceeds the value of more than 0.6. Another validity measurement is discriminant
validity, which is the extent to which a latent variable is distinct from other latent variables
Perceived ease of use
Timeliness
Lifestyle
Digital functional element
Digital financial services
experience
Cronbach
alpha
Composite
reliability
Average variance extracted
(AVE)
0.799
0.804
0.813
0.830
0.870
0.908
0.911
0.889
0.887
0.902
0.832
0.836
0.728
0.662
0.606
Table 4.
Cronbach alpha,
composite reliability
(CR) and average
variance
extracted (AVE)
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308
(Hair et al., 2016). We find that the AVEs square roots for all the constructs were more than the
inner-construct correlations, thus confirming discriminant validity (Table 5).
Result
Study 1
The case study analysis is conducted along with the domains of digital financial services
experience of (1) trends and progress of digital financial services from Indian standpoint;
(2) antecedents to digital financial services experience; and (3) perception of digital financial
services experience among senior executives.
The importance of experience is evident from the Vision statement of the RBI. Vision 2021
concentrates on a two-pronged approach of (1) exceptional customer experience; (2) enabling
an eco-system that will result in this customer experience. RBI created an Umbrella
organization – the National Payments Corporation of India to focus on digitizing the retail
payments. Onboarding all the financial services providers, including commercial banks,
regional rural banks and cooperative banks, set the stage for accelerating digital payments.
NPCI came out with revolutionary products such as ATM switch, RuPay card, Immediate
payment services and UPI. As a result, digital transactions have witnessed a significant
increase in recent years in India. According to A.P.Hota, Ex CEO, NPCI, “It is felt that the
digital target has to be big and ambitious. When we set high targets, energy follows. In 3 years,
Unified Payment Interface (UPI) has crossed 1 billion transactions a month. It was a celebration
when the National Payments Corporation of India crossed 1 billion transactions per month. The
regulator has set a target of 1.5 billion transactions per day. It is not farfetched, and but it can be
a reality. Today, Unified Payment Interface (UPI) is a great success story followed by other
countries. Even developed countries like the US are looking to replicate the success of UPI. There
is a deep commitment to set less-cash society. There is about 700–800 million customer who is
potential customers in India. There can be a lot of transactions that can be looked at for digital
transactions: payment to vegetable vendors, payment to mom-and-pop stores, Kirana stores,
grocery stores, super stores, e-tailing transactions, online purchase, and payment for utility
bills”. The NVivo analysis of the Hierarchy chart is presented in Figure 2, and Item clustered
by word similarity is shown in Figure 3. Based on interview observations, we offer a
qualitative study of digital financial services experience in Table 6.
Customer experience
The Vision statement of the RBI mentions, “Customer experience can be enhanced with a
general centralized helpline for addressing customer queries in respect of various digital
payment products, security aspects, recourse mechanism, etc.” According to Ajay Bhalla,
Mastercard, “Customer experience has become key, intuitive, and top-notch.” This demonstrates
the importance of customer experience by global card network companies and is visible
Table 5.
Discriminant validity
Perceived ease of use
Timeliness
Lifestyle
Digital functional
element
Digital financial
services experience
Perceived ease
of use
Timeliness
Lifestyle
Digital
functional
element
0.884
0.313
0.195
0.139
0.877
0.265
0.328
0.867
0.570
0.908
0.064
0.130
0.578
0.577
Digital financial
services experience
0.811
Digital
financial
services
experience
309
Figure 2.
Hierarchy chart
through developments in biometrics and contactless payments. Mr Anjani Rathor, Chief Digital
Officer, HDFC Bank, has outlined how customer experience is critical. The role of customer
experience is considered vital by the RBI. RBI has envisaged a general centralized helpline for
addressing customer queries regarding various digital payment products, security aspects,
recourse mechanisms, etc. It is expected that a centralized helpline is likely to play an important
role in improving customer experience. With the increasing acceptance, Razorpay offers digital
solutions to corporate customers with immense flexibility such that corporate cards are
provided to their employees to create a smooth reimbursement experience.
Perceived ease of use, timeliness, lifestyle and digital functional element
HDFC Bank has made good progress in digitizing retail payments, which is evident by
comparing present and past transaction profiles. According to Anjani Rathor, HDFC Bank,
“There is a change in how accounts were opened. Today, a customer gets a link, a customer fills
up the form, video KYC is undertaken, and saving account is opened.” This can contribute
toward improving convenience, thereby ease of use. According to Rajanish Prabhu, YES
Bank, “SMS Pay is a simple yet convenient value addition to our merchant POS solutions and
provides an alternative channel of payment acceptance for our merchants at zero incremental
cost.” Such solutions are aimed at improving convenience to customers.
Digital transactions are expected to improve efficiency in a big way. The vision statement
of RBI has emphasized the aspect of turnaround time (TAT). The statement has stated,
“There is a need for harmonizing the TAT of customer complaints and requisite chargebacks.
Timelines should be reasonable and aligned with the instructions issued regarding customer
liability for unauthorized electronic payment transactions. The Reserve Bank will be addressing
the various facets in this regard, with the objective of optimal timelines expected to result in
customer delight and certainty of conclusion.” As evident from the statement, the improvement
in timelines will help in improving customer delight and, thereby, customer experience.
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310
Figure 3.
Items clustered by
word similarity
RBI has continued with its thrust for improving cybersecurity hygiene. Mastercard has
outlined the need to provide guardrails to enhance security, thereby improving trust. Security
involves obtaining consent from customers and ensuring that customer payment is secured
and transparent.
Study 2
We used SEM to test the hypotheses. SEM is recommended to undertake preliminary
analysis on missing values, data normalcy and outliers. We have tested the missing value and
outliers through a frequency test and Cook’s distance, respectively. The assessment of
Themes
Major initiatives
Conclusions
Customer Experience
The vision statement has put customer
experience as a critical objective. The
importance of customer experience is
outlined by major stakeholders such as
RBI (banking regulator), Card network
organizations (NPCI, Mastercard),
Banks (HDFC Bank, Federal Bank) and
fintech organizations. Thus, the thrust
is on the customer journey
The vision statement has mentioned
several initiatives to improve customer
experience. There is a proposal for a
centralized helpline for addressing
customer queries. There are
developments in the form of biometrics
and contactless payments which will
enhance customer experience. The
initiatives are also in unchartered
areas of corporate cards for providing
a better experience to employees
Regulators, card network companies,
and financial service providers are
improving ease of use, timeliness, and
security features. Ease of use and
reduced turnaround time (TAT) will
likely contribute towards a better
lifestyle. Security can be related to the
digital functional element
There is a significant increase in digital
transactions and payments. The
account opening process and newer
process improvements, such as SMS
PAY, have marked an improvement.
This contributes to improving
convenience, thereby ease of use
The vision statement has emphasized
reducing turnaround time for resolving
customer complaints and banking
transactions
RBI will continue with the thrust of
improving awareness regarding
cybersecurity hygiene
Source(s): Author analysis
Ease of use, Timeliness,
Lifestyle and Digital
Functional element
normal distribution was tested through skewness. The recommended values are between 3
and þ3 (George and Mallery, 2019). All the observations met the condition. We undertook the
frequency test to confirm data is free from missing values. After ensuring this, second, we
have used Cook’s distance to test for the outliers in the data. It is suggested that if the distance
of any response is above 1, such response should be considered as an outlier. The result
indicates that the data is free from outliers (Stevens, 2012) as the value is below 1. Third, the
normality of the data was ascertained through the test of skewness. The results reveal that all
the values lie between the recommended range of þ3 and 3 (George and Mallery, 2019).
Therefore, we can confirm that the data is approaching normal distribution.
Common method bias
Common method variance is about the amount of spurious covariance shared among
variables (Lindell and Whitney, 2001). The questionnaire was validated by subject experts
and pilot tested, which ensured that the wording of the questions is clear, concise and
accurate. The timing of filling up the questionnaire was reasonable, which eliminated the
chances of common method bias. We maintained the anonymity and confidentiality of
respondents in terms of their name, phone number or email, which was not asked during the
survey. After the preliminary analysis, the variables considered under the present study were
examined to assess common method bias. We followed Anderson and Gerbing (1988)
recommendation of undertaking common method bias in addition to the criteria of construct
validity and reliability. This was done by following Harman’s single factor test for data bias.
The outcome exhibits that the total variance explained by the single factor was 40.03% which
is below the standard cut-off value of 50%. We performed a confirmatory factor analysis
Digital
financial
services
experience
311
Table 6.
Qualitative analysis for
digital financial
services experience
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312
approach based on Murray et al. (2011) recommendation, in which all the items were loaded as
the indicator for a single factor. The result indicated a poor fit. Thus, we can confirm that
common method bias may not be an issue with the data.
Measurement model
SEM allows understanding complex relationships emanating from complicated variable
relationships (Hair et al., 2016; Gefen and Straub, 2005). For assessing SEM, PLS is a method
to examine causal-predictive analysis and is preferred for theory development (Urbach and
Ahlemann, 2010). PLS has an advantage in terms of reviewing small samples and application
for a large number of constructs.
We referred to the value of R square to indicate model fit and the predictive ability of the
endogenous variables (Hair et al., 2016). Hair et al. (2016) suggest that the minimum level for
an individual R should be greater than a minimum acceptable level of 0.10. The R square
value of lifestyle was 0.496; the digital financial services experience was 0.591, meeting the
requirement. Overall, while referring to the value of R square, the model is valid.
Structural model
The bootstrapping process was followed to determine the significant levels of path
coefficients. An assessment of the structural model was undertaken to assess the significance
of the paths (Hair et al., 2016). A systematic evaluation of the structural model was performed
to evaluate the importance of path coefficients by examining the standard error, T-statistics
and confidence interval (Hair et al., 2016). Table 7 shows the path coefficient for the latent
variables. The bootstrap T-statistics suggest an acceptable t value of more than 1.96 at a 95%
confidence interval.
While referring to Table 7, four hypotheses were supported. We find that both perceived
ease of use and timeliness positively impacts lifestyle. The path coefficient from perceived
ease of use to lifestyle is 0.413 and that from timeliness to lifestyle is 0.347. Lifestyle positively
influenced digital financial services experience with a path coefficient of 0.257. Digital
functional elements positively affected the digital financial services experience with a path
coefficient of 0.321. The study used the Bayes estimator to examine the mediation effect of
lifestyle in the structural model (Table 8). It is observed that lifestyle partially mediated
between perceived ease of use and timeliness with digital financial services experience. We
explored familiarity as a moderating variable in the model’s proposed association. While
referring to Table 9, the results suggest that familiarity moderates the relationship between
digital financial elements and digital financial services experience (H5d). High familiarity had
a pronounced effect than low familiarity in the relationship between digital functional
Path coefficient
(βÞ
pvalues
Perceived ease of use → Lifestyle
0.413
0.000
Timeliness → Lifestyle
0.347
0.000
Lifestyle → Digital financial services experience
0.257
0.001
0.321
0.000
Path
Digital functional element → Digital financial services
Table 7.
Summary results of the experience
Source(s): Smart-PLS analysis
structural model
Results
H1
Supported
H2
Supported
H3
Supported
H4
Supported
element and digital financial services experience. However, we did not find the effect of
perceived ease of use and lifestyle, timeliness and lifestyle and lifestyle and digital financial
services experience differ across familiarity levels.
Discussion
To our knowledge, few studies (Hampshire, 2017) are available on the topic of digital financial
services experience, which uses both qualitative and quantitative analysis in a single study.
The study captures the viewpoints of both employees and customers. Using word count,
hierarchy chart, items clustered by similarity and qualitative analysis using NVivo 12, the
study validates the constructs and captures trends and progress in digital payments and
transactions. There are newer developments in biometrics, contactless payments, employee
expense management and cards for corporate customers with improved features. The
regulator has played an essential role in setting up the National Payments Corporation of
India, which has revolutionized the payment experience through RuPay cards and a UPI. The
massive transactions and higher targets of the UPI are testimony to the impressive
performance and a greater potential of digital payments and transactions. The vision
statement by the central bank (RBI) has accorded top priority to improve customer experience
in digital commerce. RBI has envisaged a centralized helpline to enhance customer
experience.
The quantitative study examines the relationship between perceived ease of use,
timeliness, lifestyle, digital financial elements and digital financial services experience. We
have relied on the PLS-SEM method. It has many advantages over covariance-basedstructural equation modelling (CB-SEM) in predicting key target constructs, handling small
samples and robust approach. PLS-SEM is a suitable method when the research objective is
theory development and prediction of constructs. PLS-SEM is useful when the primary aim is
Total indirect effect
Perceived ease of use → Digital
financial services experience
Timeliness → Digital financial
services experience
Source(s): Smart-PLS analysis
Path coefficient (βÞ
pvalue
95% confidence
level lower 2.5%
95% confidence
level 97.5%
0.106
0.003
0.040
0.181
0.089
0.023
0.027
0.181
Path
High
familiarity
Low
familiarity
Difference
p-value
Perceived ease of use → Lifestyle
0.148
0.392***
0.821
Timeliness → Lifestyle
0.128
0.396***
0.793
0.281***
0.839
0.236**
0.002
Lifestyle → Digital financial services
0.133
experience
Digital functional element → Digital
0.634***
financial services experience
Note(s): ***p < 0.001, **p < 0.01, *p < 0.0.05
Source(s): Smart-PLS analysis
Digital
financial
services
experience
313
Table 8.
Bayes results to test
the significance of
indirect effect (indirect
effect)
Hypotheses
H5a not
supported
H5b not
supported
H5c not
supported
H5d supported
Table 9.
PLS results of
multigroup analysis
based on
familiarity level
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314
the prediction and explanation of target constructs. PLS-SEM is suitable in a situation where
theory is less developed. Since digital financial services are new and evolving, we applied
smart PLS for analyzing the results. In doing so, it considers two aspects that contribute to
clarifying this link. First, it investigated whether lifestyle mediates between perceived ease of
use and timeliness with digital financial services experience. Further, the research
investigates whether the digital functional element positively influences the digital
financial services experience. Second, the study examines whether familiarity moderates
the relationships between perceived ease of use, timeliness, lifestyle, a digital financial
element with digital financial services experience.
Furthermore, the empirical setting is investigated in the context of digital financial
services. The study is suitable considering growth and development in digital transactions.
The results indicate that lifestyle partially mediates between perceived ease of use and
timeliness with digital financial services experience. The digital financial element directly
influences the digital financial services experience. Familiarity moderates the link between a
digital financial element and digital financial services experience. The path coefficient for
high familiarity was more than that of low familiarity. These insights are also valuable to
digital bankers because marketing managers can benefit from approaching these two
customer groups with differing familiarity levels. For instance, they can develop different
marketing strategies for target customers with high familiarity and low familiarity. As higher
engagements can attain high familiarity customers, managers must focus on initiatives that
result in high familiarity. Specific marketing actions should, therefore, focus on improving the
emotional connection.
Theoretical implication
Recently, researchers have paid close attention to a digital experience. According to Verhoef
et al. (2009), customer experience encompasses a set of interactions between a customer,
product and company and value created through interactions. The finding offers new insight
into the salience of digital experience in financial services. There are contextual similarities
and differences between this study and some other studies. Past studies have explored
experience from the standpoint of brand experience (Khan et al., 2016b), mobile banking
(Hampshire, 2017), customer experience (Garg et al., 2014) and internet banking (Chen et al.,
2012). Previous studies on brand experience are majorly focused on the conceptual
understanding of the brand experience. Our study is broad-based and focuses on digital
experience covering internet banking, mobile banking, card payments, QR code and mobile
apps. The focus of other studies is also different from this study. As the scope of digital
financial services increases, the present study incorporates various facets of digital financial
services. Some of the factors in our study are comparable to Mbama and Ezepue’s (2018)
study, which considered antecedents to digital banking experience as service quality,
functional quality, perceived value, employee–customer engagement and perceived usability
and perceived risk. Our study explored digital functional elements, lifestyle and digital
financial services experience. During the time of more social media usage, lifestyle continues
to be an essential factor. The significant effect of the digital functional element is consistent
with the study by Khan et al. (2016b), which considered factors such as functionality,
corporate self-identity and lifestyle. The greater importance of digital functional elements
while comparing with lifestyle highlights the importance of security and other essential
features of the digital app.
Falvian et al. (2006) found that familiarity only affects loyalty among consumers who
exhibit higher experience in Internet usage. In line with the approach by Rufin and Molina
(2014), our study considered familiarity as a moderator and found that familiarity moderates
digital financial elements and digital financial services experience. Past studies focus on
investigating digital banking adoption and behavioral intention, and only a few studies
examine post-adoption (Tam and Oliveira, 2017). For instance, exploring customers’ postadoption experience, satisfaction and changes in their attitudes toward digital banking is an
upcoming field of research, particularly under the current pandemic environment of Covid-19.
Managerial implication
Most of the studies have looked at digital banking intention and adoption. Souiden et al. (2021)
suggested a study on experience. Against the backdrop of the spread of the Covid-19 virus,
many businesses and individuals are migrating toward digital payments to reduce the risk of
virus spread through currency notes. It is likely that customers, who have experienced digital
services during the Covid-19 pandemic, will continue with digital services, albeit with the reopening of branches (Payments Journal, 2020). According to the McKinsey study, digital
interfaces, such as web, self-service and mobile applications, witness a growing share of
customer-initiated contact (Breuer, 2020). The McKinsey study findings indicate that the
quality and availability of digital interfaces will significantly impact customer satisfaction.
Customers are willing to recommend those companies that offer a consistent and
personalized experience in payment services.
As technological giants like Amazon and Google enter digital payment services, the
incumbents, including existing banks, are under pressure to raise the standards. At a time
when restrictions are imposed on social movements, digital transactions offer immense scope
for growth. Customer expectations have further increased with the developments due to
changing technological environment and Covid-19 situation. Customers expect digital
offerings that are smart, tailored to their needs, and easy to use. The increased number of
digital channels and interfaces are creating more complications. Companies need to
understand how to improve customer experience in routine tasks and specialized banking
transactions. Customers look for an integrated experience that is channel-agnostic. To ensure
that the digital functional element offers a unique and compelling experience, we suggest that
financial services providers focus on customer education, which is in line with measures
indicated by the RBI. In the future, financial services providers need to look into resolving
customer issues on a real-time basis. It will improve customer confidence to deal with digital
transactions and ensure improvement in customer experience.
Against the backdrop of general confinement imposed on the populations of several
countries during the Covid-19 pandemic, businesses are focusing on developing online and
mobile services to limit the spread of the virus. Several financial institutions around the world
offer support to their customers. They strongly encouraged customers to use mobile and
online services such as submitting online claims, making mobile or online payments and
transfers. Their communications are mainly targeted to those who had not yet made the shift
to digital banking or were reluctant to adopt it. By breaking the ice and finding themselves
using digital banking services, many laggards started familiar services and gradually
discovered the benefits associated with these services. According to Lightico’s (2020) survey,
of a sample of 1,000 customers, 82% were concerned about visiting their local bank branches
amid Covid-19, and 63% were more inclined to try a digital app or website than before the
coronavirus. These findings underline the continuation of digital payments after the
Covid-19.
Limitations and future research
This study has some limitations which can serve as starting points for further research. The
study is based on cross-sectional data, which may not fully address the relationships among
the constructs. Future research can use longitudinal designs to address dynamics, causality
Digital
financial
services
experience
315
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316
and complexity. It can also use experimental research to study the relationship among
variables. The use of a non-randomized sampling design poses another limitation. Future
research can use alternate statistical methods to collect the data. Despite our best effort to
include the most important factors that could condition the link, other moderating or
mediating variables could contribute to the digital financial services experience. The
moderating variable can be contextual and demographic variables. The future research can
include antecedents to digital financial services experience as service quality, privacy, digital
interface, employee–customer interface and perceived usefulness. Moreover, while this
research analyzed the relationship in respect of financial services customers, it opens up an
opportunity to examine, in a comparative study, whether these relationships with other
contexts differ in strength.
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Further reading
Bapat, D. (2018), “Exploring advertising as an antecedent to brand experience dimensions: an
experimental study”, Journal of Financial Services Marketing, Vol. 23, pp. 210-217.
About the author
Dr Dhananjay Bapat is Assistant Professor, Indian Institute of Management (IIM), Raipur, India, and
has worked earlier with the National Institute of Bank Management (NIBM), Pune, with a total academic
experience of 13 years and industry experience of about 8 years. He has taught courses on Marketing
Management, Marketing of Financial Services and Brand Management, and has published articles in
reputed journals such as International Journal of Bank Marketing, Journal of financial services
marketing, Strategic Change, Eurasian Business Review, Decision, Journal of Strategy and Management,
International Journal of Services Sciences, Global Business Review, Ivey Case Study, Emerald Emerging
Market Case Studies, Vision–The Journal of Business Perspective and South Asian Journal of
Management. He has worked with reputed corporate groups like GCMMF (AMUL) and Crompton
Greaves and has published books “Marketing for Financial Services” and has presented research papers
in conferences in India and USA and is the recipient of the best paper award for a banking conference in
India in the year 2016. He has published articles in Financial Express and Mint. He has received Best
Kaizen Award in supply chain management while working with GCMMF (Amul). Dhananjay Bapat can
be contacted at: dhananjay1304@gmail.com
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