Beyond Traditional Banking: Exploring the Influence of Technology on Depositors' Decision-Making in Bank Selection

Purpose: The banking sector is crucial for the economy, and with growing competition, banks must pinpoint factors influencing depositors' choices. This study aims to uncover how technology adoption by commercial banks plays a role in depositors' decisions. Methodology: A hybrid approached is attempted in this study to explore the phenomenon of interest. In the qualitative phase, focus group discussion was conducted on two heterogeneous groups, each with ten participants. The recorded audio was further transcribed using speech-to-text modules. A natural language processing tool has been used to identify words or phrases that are semantically related or have similar meanings to depositors’ sentiment analysis. The quantitative phase involved descriptive statistics, principal component analysis and regression analysis to explore insight numerically. Findings: Respondents expressed a generally positive sentiment toward technology in banking, influencing their selection decisions, in the qualitative phase. In the quantitative phase, significant technological aspects affecting depositors' post-selection evaluations are identified. Findings from both approaches converge on the same line. Practical implications: Findings of this study may aid decision-makers in banking industry to articulate distinct technological aspect implied in banking service delivery and better design service offerings to attract new depositors and gain competitive advantages. Originality/Value: This is the first study to focus solely on technology to explore how technology influences depositors' bank choices in the context of Bangladesh. Research Limitations: Significant parts of several conversations were sorted out for sentiment analysis. If it was possible to consider all relevant statements of the focus group discussion for sentiment analysis, it might convey a more pertinent sentiment score.