The Effectiveness of Technology Adoption among the Customers of Cholamandalam Investment & Finance Company Limited in Jharkhand: An Empirical Assessment

Abstract

The massive usage of digital techniques has changed the way financial services are being operated, mainly with making services available faster, increasing the company's efficiency, and keeping the customers interested. This work explores to what extent customers of Cholamandalam Investment & Finance Company Limited (CIFCL) have embraced technology in Jharkhand, India by examining their adoption of digital financial technologies besides assessing how effectively these technologies help the customers get their financial services delivered. For this reason, a quantitative research approach was chosen. It involved use of structured questionnaires that were passed to CIFCL customers at random branches in Jharkhand. This study draws on UTAUT (Venkatesh et al, 2003) and TAM (Davis, 1989) to analyze why customers choose one technology or another. Descriptive and inferential statistical methods were First and foremost used to process these data so that customer perceptions of tech's ease-of-use availability trustworthiness, safety, and overall effectiveness were revealed. Majorly, the results reveal that most customers are quite happy with CIFCL's digital financial services, mostly the mobile application and digital payment system, online loan processing, and customer support. These tools allow customers to get things done much quicker, efficient and still enjoy a high level of service accessibility. But, it can be still said that there are issues for digital literacy cybersecurity internet connection and technological infrastructure that are the reason why these technologies haven't been utilized effectively in particular by those in rural areas. In sum, the paper states that the key to making customers trust digital transactions lies in improving digital literacy of customers by creating awareness, increasing the level of cybersecurity practices, and upgrading technological infrastructure in India's NBFC sector which would encourage financial inclusion.