Evaluation of Service Dimensions of Traditional Banking and Digital Banking: The Case Study of Lloyds Bank, United Kingdom

Abstract

Banking has evolved over a period of time with the technological advancement. Customer preferences of traditional versus digital banking need to be studied in order to provide better banking experience for the customers. There are various effects of digital banking, which have been identified and discussed by reviewing literature sources. In order to collect the data, customers of Lloyds bank plc, United Kingdom were selected. Two scales are developed to measure the effects such as usefulness, accessibility, easiness to use, efficiency, availability, cost effectiveness, security, responsiveness and credibility of digital banking and traditional banking. Through the study, it was found out that security of the digital banking is the key aspect that customers prefer in the traditional banking over digital banking. Hence, recommendations are made to Lloyds bank to maintain higher level of security in the digital banking to enhance the customer satisfaction.