Fintech, Crisis, and Marketing: How Technology-Driven Financial Firms Adapt Their Approach to Retain Customers

DOI

10.2991/978-94-6463-162-3_28How to use a DOI?

Keywords

Artificial intelligence (AI); Big data analytics (BDA); Customer Lifetime Value (CLV); Customer retention; Customer Relationship Management (CRM); Digital marketing; financial firms; CNBV model; Kano model; Pareto principle; RFM analysis

Abstract

Fintech, or financial technology, has revolutionized the way consumers access and manage their finances. In times of crisis, retaining customers becomes even more important for financial firms to maintain market share and minimize financial losses. This research aims to explore how technology-driven financial firms adapt their marketing strategies to retain customers during times of crisis. Through a literature review and case studies, this study will examine the methods used by fintech companies to maintain customer loyalty and engagement during economic downturns. It will also examine the tactics, techniques and models used by fintech companies to retain customers, with a focus on the role of financial risk management, CRM systems and customer data analysis. The paper will also discuss the importance of customer retention in the context of the fintech industry and its impact on financial stability. It will also delve into the evaluation methods and models used by the firms like the Pareto principle, Kano model, RFM analysis and Entropy-weighted CLV for identifying and prioritizing their most valuable customers and tailoring their retention strategies accordingly. Additionally, this research will investigate the role of digital marketing channels, such as social media and email marketing, in fintech crisis management. The findings of this study will provide valuable insights for fintech companies, as well as marketers and practitioners in the financial industry, on how to effectively navigate crisis situations and maintain customer relationships.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - S. Shreyanth
AU  - P. T. Suwetha
AU  - V. Kathiroli
AU  - S. Niveditha
AU  - Harshitha Jayaprakash
PY  - 2023
DA  - 2023/05/10
TI  - Fintech, Crisis, and Marketing: How Technology-Driven Financial Firms Adapt Their Approach to Retain Customers
BT  - Proceedings of the International Conference on Emerging Trends in Business & Management (ICETBM 2023)
PB  - Atlantis Press
SP  - 309
EP  - 321
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-162-3_28
DO  - 10.2991/978-94-6463-162-3_28
ID  - Shreyanth2023
ER  -