Customer Experience in Fintech

Cătălin Mihail Barbu,Dan-Cristian Dabija,Mihai Constantin Răzvan Barbu,Dorian Laurenţiu Florea

doi:10.3390/jtaer16050080

Abstract

The purpose of this paper is to analyse customer experience (CX) in the fintech sector. Fintech is a dynamic and innovative field that fully benefits from advances in information and communication technology. The concept of customer experience is multidimensional, analysed from various perspectives, and with distinct valences in different industries. Based on the stimulus-organism-response (S-O-R) approach, we proposed a model in which customer experience in fintech is the result of customer’s evaluation of the stimuli proposed by fintech companies. Using partial least squares equation modelling (PLS-SEM), we tested a series of hypotheses and validated the proposed model. The results showed that perceived value, customer support, assurance, speed and perceived firm innovativeness are positively related to customer experience in fintech. In turn, customer experience is positively associated with loyalty intentions of the customer. Our paper contributes in identifying the dimensions, the determinants and the outcomes of customer experience in fintech, while from a managerial perspective, we demonstrate how fintech companies must integrate customer experience in their business models.

Highlights

By analysing the customer experience in fintech, this paper makes significant contributions to both theory and practice: from a theoretical perspective, we extend the application of the S-O-R approach with new insights from customer experience in the fintech sector and highlight several factors influencing the customer experience, while from a managerial perspective, we formulate a series of actionable recommendations for a more relevant customer experience in fintech
The paper is structured as follows: in Section 2 we present the review on customer experience and on the S-O-R approach, and explain how the customer experience is formed in the fintech industry
The following question arise: what is the significance of a customer mark on a Likert scale when asked to evaluate the dimensions of customer experience? Can we judge the highest mark as a positive experience? Or, perhaps the lowest mark as an unpleasant experience? In the terms of this paper, we propose the concept of relevant customer experience

Summary

Introduction

Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Fintech represents a set of innovative services, supported by advances in information and communication technology. The fintech sector includes innovative companies that offer financial services based on technology, fintech being the results of merging two concepts:. “finance” and “technology” to “financial technology” [1]. Fintech services are to be found in a variety of industries such as: mobile payments, e-commerce, portfolio management, risk management, customized consulting, virtual currencies, systems integration, and others [2]

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