Crafting a customer-centric experience framework for enhancing digital payment journeys

Abstract

In the era of digitalization, the rise of digital payment systems has transformed the landscape of financial transactions, prompting a need to comprehensively understand and optimize customer experiences (CX) within this domain. However, there is a scarcity of studies available on customer experience within the realm of digital payments. To address this shortfall, our study aims to develop a conceptual model based on comprehensive review of existing academic literature on fintech, digital payments, consumer behavior and customer experience to enhance the understanding in this sphere. The study adopts the Stimulus-Organism-Response (S-O-R) model as a theoretical framework to unveil the multifaceted dynamics of CX within the domain of digital payments. The implications derived from this framework facilitates digital payment service providers in devising strategies to enhance customer experience, promote customer satisfaction, facilitate adoption, prevent intention to switch and cultivate long-lasting customer engagement amidst the evolving landscape of digital payments.