The challenges of using the MyPrime app and its impact on customer retention: a study on Prime Bank PLC

Abstract

Digital banking has revolutionized the financial industry in Bangladesh and mobile applications are now an essential tool of service delivery and communication with customers. Prime bank PLC has introduced MyPrime App to increase ease of access to their customers, lessen dependence on the branch system and improve efficiency in their system. Although this is advantageous, users have always been faced with difficulties like technical problems, lack of usability, security, and slow services. The objective of the internship report is to find out the most important challenges customers interact with using MyPrime App and how they affect customer retention and customer satisfaction rates. The use of mixed-method approach, which blends the primary data collected through surveys with the secondary data provided by academic journals and user reviews, was chosen. The results indicate usability issues, recurrent technical failures, slow time response, and poor guidance dramatically influence customer satisfaction. In turn, these problems negatively affect customer loyalty and retention. The report ends with strategic conclusions on how the experience in the app can be made better to enhance customer retention at the Prime Bank PLC.