Assessing Perceived Impact Of Financial Innovation On Customer Satisfaction Among Customers Of Chosen Banks Within The Ayawaso North Municipality, Greater Accra

Abstract

The Ghanaian banking sector continues developing various products and services through financial innovation efforts. This has culminated in a competitive environment leading to most banks developing new products and services such as e-banking, ATM, internet banking, mobile banking, and e-commerce among other popular products and services geared towards meeting unique customer demand and satisfaction (Senanu & Narteh, 2022). The research explores various dimensions of financial innovation, encompassing digital banking solutions, and advanced service delivery methods. Employing a combination of surveys, and data analysis, it scrutinizes how these innovations impact customers' banking behaviors, levels of satisfaction, and overall financial improvement. Additionally, the study investigates how customer attributes and preferences intersect with financial innovation and its impact on customer satisfaction. The study used a purposive sampling technique to understand factors that either facilitate or impede financial innovation adoption and acceptance among bank customers in this particular region. A survey conducted obtained feedback from 78 customers of three banks. These three selected banks were Fidelity Bank, ADB Bank, and Bank of Africa Limited. Furthermore, the findings of the study indicate that financial innovations have impacts on customer satisfaction. Key areas of which are faster transactions, convenience, personalization, as well as accessibility among others. Key security and technical issues were raised. These areas must be a matter of concern for the banking sector. Financial institutions should prioritize enhancing user experiences and personalizing promotions to retain existing customers and attract new ones seeking convenient online banking services.