An Empirical Analysis Of Critical Factors For E Commerce Application In Banking Industry

Abstract

The foundation of contemporary business transactions, e-commerce, is fundamentally changing banking services across the globe. It is important because it offers unmatched ease, broadens the market, improves operational effectiveness, encourages financial inclusion, and spurs innovation in the banking industry. Financial institutions must comprehend the key elements driving e-commerce success in order to stay competitive and satisfy changing consumer demands. In order to optimize e-commerce applications in the banking industry, this empirical analysis focuses on key drivers such as security measures, user experience, interaction with financial systems, scalability and flexibility, and leadership. 240 participants who were actively utilizing the e-commerce platform in the banking sector provided information for an empirical examination of the important factors for e-commerce applications in the industry. The results showed that the independent variables account for about 45% of the variability in the dependent variable. Overall, this empirical analysis highlights the need of addressing these crucial elements to improve customer happiness and competitiveness and offers insightful information on the complex structure of e-commerce applications in the banking sector.