Digital PaymentsPayments Banks

How important is quality of services under the digital payments option?

Service quality as broadly explained is a comparison between perceived expectations of a service or product with perceived performance.

Be it any business or service, service quality is one primary factor that decides whether the business or the service will be successful in putting long term effect in customer’s mind. The better the service quality the better position it holds in the minds of the customers.

It is important to offer a quality service because business offering high service quality is considered to meet, generally, exceed customer expectations as well as remain economically competitive. Also, researches have shown that improvement in the quality of service has always increased profitability and economic competitiveness in the long term.

Regulatory compliance, legalized business conduct, efficient and safe online banking service and ease of the accessibility to the customers are some categories that determine the success of a banking corporation and a digital wallet facility providing company. Fintech companies, banks, NBFCs, and digital payments platforms have moved forward and have taken a new innovative approach to the bank by integrated technology with banking.

Read More: Digital Payment Expansion in India

How Cashless Economy Helps in Digital Payments

When it comes to being a part of a cashless economy it becomes even more important to explore the area of digital payments. Proving information related to banking and other related payment services has greatly uplifted new modern society in terms of payments and investment decisions a customer can make. Likewise, real-time digital payments have become completely normal because they have made the entire process really easy, and fast and the entire process saves a lot of legal paper works required for the transactions. With the introduction of the biometric authentication process, there has been even more breakthrough with the kind and amount of financial services and transactions being offered by third party vendors and banking institutions.

There are various factors that determine the success of the digital payment initiative step. Next would be conductive infrastructure that generally goes a long way in determining the ease with which these payment services can be opted and practiced. The infrastructure plays a significant effect to determine the rate of speed and ease with which these payment options can be used and can be accepted in our day to day activities. For the infrastructure to be functioning and conducive and to ensure guarantee security of the system, there is an urgent need for system secureness and robust system testing. As the enhancing technology is making things easier, faster and cheaper for the payment services to function, it is important that we ensure the service quality associated with it is always taken care of to maintain or even increase the boundaries of the customer segments that a particular company targets.

Improvements to service quality may be achieved by improving operational processes; identifying problems quickly and systematically; establishing valid and reliable service performance measures and measuring customer satisfaction and other performance outcomes.

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