Digital Inclusion, Sustainable Revolution: MFS in the Bangladeshi Context

Abstract

This study, titled “Digital Inclusion, Sustainable Revolution: MFS in the Bangladeshi Context", investigates the key elements influencing customer satisfaction with leading MFS providers such as bKash, Nagad, Upay, and Rocket. As the use of mobile phones for financial transactions becomes increasingly widespread, the need to ensure high levels of consumer satisfaction becomes crucial for service delivery and the continued expansion of the mobile finance sector. The research specifically examines how factors like convenience, accessibility, security, and reliability shape customer perceptions and experiences with these services. To explore these issues, the study utilizes both primary data, collected through surveys conducted with MFS users, and secondary data obtained from existing literature, reports, and company publications. Through this mixed-method approach, the paper provides valuable insights into how users interact with these platforms and the degree to which they are satisfied. It also highlights the areas where MFS providers can further improve to better meet the needs of their customers. Findings from the research indicate that customers value MFS platforms for their ability to offer financial services without the need to visit a physical bank branch. There are many areas where traditional banking system or the infrastructure is not accurately present, that is where these services play a useful role. However, this study refers to multiple problems or challenges that users face, like the random transaction failures, people who do not understand how the feature of the services work and how secure their account is. These problems can create threats for these sorts of business and to its customers as they need satisfaction regarding these matters. These matters are the challenges for these companies to grow their customer service, improvising the transaction security methods and explaining the services through ad campaigns. This study also defines that if companies focus on these critical issues, they might have better chances at conquering the market share and create significant opportunities to expand their market which can bring immense financial growth in this industry.