Customers Experience and Perception Towards the Adaptation of Financial Services; A Special Reference to RAAST


  • Usman Ullah M.phil Scholar
  • Junaid khan Quaid-i-Azam University Islamabad
  • Junaid Ali Shah Quaid-i-Azam University Islamabad
  • Rukhsar Baloch Quaid-i-Azam University Islamabad


RAAST, Digital financial services, advertising tools, direct marketing, Point of Purchase, Banking customer experience, Intention


This study delves into the intricate landscape of the banking industry, specifically examining the transition from traditional banking experiences to the adoption of the newly introduced digital financial service, RAAST, by the State Bank of Pakistan (SBP) in January 2021. Despite extensive promotional efforts by commercial banks through advertisements and marketing campaigns, the study focuses on understanding customer perceptions and addressing challenges in embracing this digital transformation. The research encompasses a diverse sample of 250 respondents from various regions across Pakistan, and the data is meticulously analyzed using SPSS-26, incorporating the specialized Hayes extension for mediation analysis. Considering the multifaceted factors, the primary objective is to unravel the complex dynamics influencing customers' intention to use RAAST. Surprisingly, the findings reveal an insignificant direct relationship between customers' banking experiences and their intention to use RAAST. This intriguing outcome prompts a deeper exploration into the underlying factors contributing to this lack of correlation. The study goes beyond the surface to investigate the potential mediators that influence the adoption of RAAST. The mediation analysis highlights several crucial factors in shaping customer intentions. Notably, ease of use emerges as a powerful mediator, bridging the gap between the traditional banking experience and the allure of RAAST. Additionally, the study identifies the impact of television advertisements, point-of-purchase interactions, and direct marketing in mediating the relationship between existing banking experiences and the intention to use RAAST. The results suggest that while customers may not be directly swayed by their past banking experiences, various mediating factors significantly contribute to their willingness to embrace RAAST. This nuanced understanding provides valuable insights for policymakers and commercial banks, emphasizing the importance of targeted strategies that prioritize ease of use, effective television advertisements, strategic point-of-purchase engagement, and personalized direct marketing to facilitate the successful adoption of digital financial services in Pakistan.