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Is There an Impact of Digital Transformation on Consumer Behaviour? An Empirical Study in the Financial Sector

Author

Listed:
  • Giovanna Patzy Uribe-Linares

    (Faculty of Business, School of Management and Marketing, Universidad Privada del Norte, San Juan de Lurigancho, Lima 15434, Peru)

  • Cristian Armando Ríos-Lama

    (Faculty of Education, Postgraduate School, Universidad San Ignacio de Loyola, La Molina 15024, Peru)

  • Jorge Alberto Vargas-Merino

    (Faculty of Business, Department of Research, Innovation and Social Responsibility, Universidad Privada del Norte, San Juan de Lurigancho, Lima 15434, Peru)

Abstract

Digital transformation has become a notorious topic in the financial sector, as its implementation brings about a positive change in the user experience. Its relevance is seen in how scientists study it from different points of view, while it attracts the interest of financial institutions, as the understanding resulting from the research can improve the implementation of plans in the new digital era. Therefore, the objective of this study is to determine the impact of digital transformation on consumer behaviour in the financial sector. A quantitative explanatory level approach was used. The study population was finite, consisting of bank customers, considering a simple random probability sample of 385. The technique used was the survey and a questionnaire as a validated and reliable instrument. Digital transformation has been shown to have a significant impact on consumer behaviour in the financial sector, tested by Chi-square and ordinal logistic regression (χ 2 = 0.000 < 0.05; Wald coefficient = 29.162 = 0.000; Nagelkerke’s R 2 = 0.381), confirming that consumer behaviour is driven by digitisation activities. This work highlights the importance of managing digital transformation as a mediator of business success and, within action plans, taking steps to improve customer service as a precursor to customer loyalty.

Suggested Citation

  • Giovanna Patzy Uribe-Linares & Cristian Armando Ríos-Lama & Jorge Alberto Vargas-Merino, 2023. "Is There an Impact of Digital Transformation on Consumer Behaviour? An Empirical Study in the Financial Sector," Economies, MDPI, vol. 11(5), pages 1-16, April.
    • Handle: RePEc:gam:jecomi:v:11:y:2023:i:5:p:132-:d:1133139
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    References listed on IDEAS

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    1. Ildikó Kovács & Éva Réka Keresztes, 2022. "Young Employees’ Perceptions about Employability Skills for E-Commerce," Economies, MDPI, vol. 10(12), pages 1-28, December.
    2. Masahina Sarabdeen & Hind Alofaysan, 2023. "Investigating the Impact of Digital Transformation on the Labor Market in the Era of Changing Digital Transformation Dynamics in Saudi Arabia," Economies, MDPI, vol. 11(1), pages 1-14, January.
    3. Alejandro Alvarado Herrera & Judith Cavazos Arroyo & Rubén Vázquez Charolet, 2014. "Efectos de los emplazamientos de marca real y enmascarada en el comportamiento del consumidor: un experimento exploratorio," Estudios Gerenciales, Universidad Icesi, November.
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