THE IMPACT OF DIGITAL TECHNOLOGY ON CONSUMER BUYING BEHAVIOUR IN THE FINANCIAL PRODUCTS INDUSTRY

Abstract

The advent of Digital technology has transformed the financial products industry, changing the way consumers access and interact with products and services in the financial sector. This study aims to identify the different digital technologies used by consumers during their buying behaviour and examine the influence of digital technology on customer habits for financial products industry. A sample of 80 respondents from the financial products industry completed an online survey. The survey questions were designed to collect data on consumer behaviour in the digital era, including the use of digital channels to access financial products and services, preferences for digital interfaces, and concerns around data security and privacy. Descriptive statistics, and regression and theme analysis were used to examine the data. The investigation's findings indicate that Digital technology has a significant impact on consumer behaviour, with a majority of respondents using digital channels to access financial products and services. The regression analysis shows a positive correlation between the use of digital channels and consumer behaviour, suggesting that Digital technology plays a crucial role in shaping consumer behaviour in the financial products industry. The results of the study indicate that social media, mobile applications, online marketplaces, search engines, comparison websites, and online forums are the most commonly used digital technologies during buying behaviour. Additionally, the regression analysis reveals that Digital technology has a significant positive effect on consumer behaviour, leading to changes in customer satisfaction, loyalty, and trust. Overall, the study provides valuable insights for businesses in the financial products industry to develop effective digital strategies and maintain their competitiveness in the marketplace. The study's findings highlight the importance of Digital technology in shaping consumer behaviour and the need for businesses to invest in digital infrastructure and adopt innovative strategies to remain competitive in the digital era. Therefore, businesses need to have a strong online presence and e-commerce strategy to cater to the needs of digitally savvy consumers.

Keywords: Digital technology, consumer behaviour, financial products, consumer buying behaviour, digital infrastructure, industry.