Authors: Dr. K. Vinayagam, Dr. V. Vetrivel, Dr. A. Gokulakrishnan, Dr. P. Sasikumar
Abstract: Artificial Intelligence (AI) and digital technologies are increasingly transforming financial services by improving convenience, accessibility, personalization, transaction efficiency, fraud detection, and customer support. The present study examines the effectiveness of technology in financial services among retail customers in Chennai, with particular attention to technology adoption, customer satisfaction, demographic influences, and the emerging role of AI-enabled financial services. The study adopts a quantitative research design and uses primary data collected from 300 retail customers in Chennai through a structured survey. The study uses descriptive statistics, Chi-square analysis, ANOVA, correlation, and multiple regression to examine technology usage and customer satisfaction. The findings indicate significant differences in satisfaction across income groups (F = 5.23, p < .05), a significant association between education level and financial technology usage (χ² = 18.45, p < .001), and a moderate positive correlation between technology usage and customer satisfaction (r = .58). Multiple regression results indicate that education level, income level, and technology usage significantly predict customer satisfaction, whereas age and gender are not statistically significant predictors. The study further highlights the potential of AI and related technologies to support personalized financial services, fraud detection, risk management, and improved customer experience. However, cybersecurity, privacy, digital literacy, accessibility, and trust remain important considerations. The study recommends strengthening cybersecurity, improving digital literacy, developing user-friendly interfaces, providing customer support, and implementing responsible AI practices to improve the effectiveness and inclusiveness of technology-enabled financial services in Chennai.
DOI: http://doi.org/10.5281/zenodo.23079620
