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

S. Shreyanth (), P. T. Suwetha, V. Kathiroli, S. Niveditha and Harshitha Jayaprakash
Additional contact information
S. Shreyanth: MBA, NMIMS University (NGASCE)
P. T. Suwetha: EY GDS, Advanced Tax Analyst
V. Kathiroli: Renault Nissan (RNTBCI), Design Engineer
S. Niveditha: Rajalakshmi Engineering College, Department of Biotechnology
Harshitha Jayaprakash: Ethiraj College for Women, BCom (Bank Management)

A chapter in Proceedings of the International Conference on Emerging Trends in Business & Management (ICETBM 2023), 2023, pp 309-321 from Springer

Abstract: 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.

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 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-162-3_28

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DOI: 10.2991/978-94-6463-162-3_28

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