FINTECH, CROWDFUNDING AND CUSTOMER RETENTION IN CONVENTIONAL BANKS

Abstract

Purpose The present research study has investigated the effect of FinTech application subsets such as payments, advisory services, financing and crowd funding on customer retention in conventional banks. The study particularly focuses on FinTech trends in conventional banking system in Pakistan. Research Methodology and Design The research methodology involves the use of quantitative methods, supported by questionnaires for data collection. This data was briefly utilised by means reliability and regression analysis to ascertain the impact ofsaid factors. Findings Results conclude that it is payments rather crowd funding or other FinTech subsets that have a significant impact on customer retention in said banking systems. It was found that cost beneficial incentives offered as promotions, offers and long-term subscriptions were the attributable causes ofthis finding. Limitations It is ofnote, however, that the present datasets do not account for data in Islamic banks and is constrained to specific study oftwo select countries. Recommendations The present work will assist in updating existing literature and provide new insight in assessing FinTech’s well-hyped success.