Survey the effect of fintech companies’ profitability enhancement on winning customers’ loyalty using an artificial intelligence-based optimization algorithm

Babakhanian, Mohammad Reza; Amin Mousavi, Seyed Abdollah; Soltani, Roya; Vakilifar, Hamid Reza

doi:10.22075/ijnaa.2022.27639.3665

اداره چاپ و انتشارات دانشگاه سمنان

تعداد نشریات	21
تعداد شماره‌ها	653
تعداد مقالات	9,525
تعداد مشاهده مقاله	68,452,253
تعداد دریافت فایل اصل مقاله	47,913,427

	Survey the effect of fintech companies’ profitability enhancement on winning customers’ loyalty using an artificial intelligence-based optimization algorithm
International Journal of Nonlinear Analysis and Applications
مقاله 189، دوره 14، شماره 1، فروردین 2023، صفحه 2409-2423 اصل مقاله (868.12 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22075/ijnaa.2022.27639.3665
نویسندگان
Mohammad Reza Babakhanian¹؛ Seyed Abdollah Amin Mousavi^* ²؛ Roya Soltani³؛ Hamid Reza Vakilifar⁴
¹Department of Information Technology Management, Qeshm Branch, Islamic Azad University, Qeshm, Iran
²Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
³Department of Industrial Engineering, Faculty of Engineering, Khatam University, Tehran, Iran
⁴Department of Accounting, Tehran Science and Research Branch, Islamic Azad University, Tehran, Iran
تاریخ دریافت: 09 اسفند 1400، تاریخ بازنگری: 23 فروردین 1401، تاریخ پذیرش: 29 خرداد 1401
چکیده
The financial technologies currently known as Fintech refer as a significant innovation to the firms that combine financial services with innovative technologies. More precisely, Fintech means innovative financial solutions enabling novel and creative technologies and methods. Based on the reports by credible international institutions, global investments in Fintech in 2019 have undergone an increase of 120% in contrast to 2018. Therefore, the technological innovation development strategy and the related mechanism and process should gradually create new competitive advantages. Fintech innovations are strategic decisions a given company makes to enhance profitability and win customers’ loyalty. The present study investigates the effect of Fintech companies’ profitability enhancement on winning the customers’ loyalty through a random forest algorithm. The study uses a descriptive-applied research method. The study population included the customers of Asan Pardakht Company, reaching ten thousand individuals with 700000 transactions in number. These individuals (customers) were separated based on clustering operation and classified for being subjected to various tests. Moreover, the cross-industry standard process (CRISP) Method was used, and its various stages were implemented, such as business perception, data perception, data preparation, modeling, evaluation, and expansion. After the explication of the data and, also, purging them in various stages, and following the data preparation, the data clustering operation resulted in six data clusters that were subsequently subjected to various examinations; the largest cluster (cluster no.4) was finally identified. Afterward, the various artificial intelligence-based optimization algorithms were implemented in the modeling stage. This is usually done with the determination of the accuracy and error rates. The results indicated that implementing the artificial intelligence-based optimization algorithm could enhance the companies’ profitability, which affects the companies’ winning of the customers’ loyalty and satisfaction with the managers of these companies being eventually envisioned as more efficient.
کلیدواژه‌ها
Fintech؛ customers’ loyalty؛ artificial intelligence algorithms

مراجع
[1] O. Acar and Y.E. C¸ ıtak, Fintech integration process suggestion for banks, Procedia Comput. Sci. 158 (2019), 971–978. [2] H. Baber, Impact of FinTech on customer retention in Islamic banks of Malaysia, Int. J. Bus. Syst. Res. 14 (2020), no. 2, 217–227. [3] C.M. Barbu, D.L. Florea, D.C. Dabija and M.C.R. Barbu, Customer experience in fintech, J. Theor. Appl. Electron. Commerce Res. 16 (2021), no. 5, 1415–1433. [4] B. Brandl and L. Hornuf, Where did fintechs come from, and where do they go? The transformation of the financial industry in Germany after digitalization, Front. Artif. Intell. 3 (2020), no. 8. [5] R.P. Buckley and S. Webster, FinTech in developing countries: charting new customer journeys, J. Financ. Transform. 44 (2016). [6] S. Carb´o-Valverde, P.J. Cuadros-Solas and F. Rodr´ıguez-Fern´andez, Entrepreneurial, institutional and financial strategies for FinTech profitability, Financ. Innov. 8 (2022), no. 1, 1–36. [7] A. Chhaidar, M. Abdelhedi and I. Abdelkafi, The effect of financial technology investment level on European banks’ profitability, J. Knowledge Econ. (2022) 1–23. [8] T. Cojoianu, G.L. Clark, A.G., Hoepner, V. Pazitka and D. Wojcik, Fin vs. Tech: How does new knowledge creation and lack of trust in financial services incumbents influence the emergence and financing of fintech startups?, Forthcom. Small Bus. Economics, 2019. [9] D.J. Cumming and A. Schwienbacher, Fintech venture capital, Routledge Handbook of FinTech. Routledge, 2021. [10] S. Darolles, The rise of fintechs and their regulation, Financ. Stabil. Review. 20 (2016), 85–92. [11] M. Fraering and M.S. Minor, Beyond loyalty: customer satisfaction, loyalty, and fortitude, J. Serv. Market. 27 (2013), no. 4, 334–344. [12] J. Frost, The economic forces driving fintech adoption across countries, Technol. Revol. Financ. Serv.: How Banks, Fintechs, and customers win together, 2020. [13] H. Gimpel, D. Rau and M. R¨oglinger, Understanding FinTech start-ups–a taxonomy of consumer-oriented service offerings, Electron. Markets 28 (2018), no. 3, 245–264. [14] Y. Gov, Affluent consumer attitude towards brand loyalty worldwide as of March 2017, Statistica, 2018. [15] D. Grewal, A.L. Roggeveen and J. Nordf¨alt, The Future of Retailing, J. Retail. 93 (2017), no. 1, 1–6. [16] C.C. Lee, X. Li, C.H. Yu and J. Zhao, Does fintech innovation improve bank efficiency? Evidence from China’s banking industry, Int. Rev. Econ. Finance 74 (2021), 468–483. [17] C.I. Mbama and P.O. Ezepue, Digital banking, customer experience and bank financial performance: UK customers’ perceptions, Int. J. Bank Market. 36 (2018), no. 2, 230–255. [18] A. Mirchandani, N. Gupta and E. Ndiweni, Understanding the fintech wave: a search for a theoretical explanation, Int. J. Econ. Financ. Issues 10 (2020), no. 5. [19] K. Mustafina and A. Limanskis, Factors of profitability growth as a sustainability driver in the banking sector, J. Bus. Manag. 14 (2017). [20] A. Naimi-Sadigh, T. Asgari and M. Rabiei, Digital transformation in the value chain disruption of banking services, J. Knowledge Econ. 13 (2021), no. 2, 1–31. [21] E. N¨arv¨anen, H. Kuusela, H. Paavola and N. Sirola, A meaning-based framework for customer loyalty, Int. J. Retail Distrib. Manag. 48 (2020), no. 8, 825–843. [22] R. Palomo Zurdo, Y. Fern´andez Torres and M. Guti´errez Fern´andez, Banca cooperativa y transformaci´on digital: hacia un nuevo modelo de relaci´on con sus socios y clientes, REVESCO. Rev. Estudios Cooperat. 129 (2018), 161–182. [23] T. Philippon, On fintech and financial inclusion, National Bureau of Economic Research, 2019. [24] F. Pramaswari, A.P. Nasution and S.L.A. Nasution, The effect of branding quality and service quality on customer satisfaction through Financial Technology (FinTech) at PT WOM finance branch rantauprapat, Budapest Int. Res. Critics Instit. (BIRCI-Journal) Human. Soc. Sci. 4 (2021), no. 2, 2995–3004. [25] K. Pousttchi and M. Dehnert, Exploring the digitalization impact on consumer decision-making in retail banking, Electronic Markets 28 (2018), no. 3, 265–286. [26] T. Puschmann and R. Alt, Sharing economy, Bus. Inf. Syst. Eng. 58 (2016), 93–99. [27] I. Ramlall, FinTech and the financial stability board, Understand. Financ. Stabil. Emerald Publishing Limited, 2018. [28] U. Rehman and K.S. Ha, Factors influencing fintech’s customer loyalty for cross Border payments: mediating customer satisfaction, Asia-Pacific J. Business Ventur. Entrepreneur. 16 (2021), no. 6, 287–297. [29] M. Siek and A. Sutanto, Impact analysis of fintech on banking industry, Int. Conf. Inf. Manag. Technol. (ICIMTech), 2019, pp. 356–361. [30] M. Soriano, Factors driving financial inclusion and financial performance in Fintech new ventures : an empirical study, Working Paper, 2017. [31] C.T. Tien, H.K. Cheng and S. Pei-Ling, The mediated effect of relationship marketing on the influences of irritation advertising in fintech times, In Proc. 2nd Int. Conf. E-Education, E-Business and E-Technology, 2018, pp. 99–101. [32] A.K. Tripathy and A. Jain, FinTech adoption: strategy for customer retention, Strategic Direction 36 (2020), no. 12, 47–49. [33] N. Vilkaite-Vaitone and I. Skackauskiene, Service customer loyalty: An evaluation based on loyalty factors, Sustain. 12 (2020), no. 6. [34] Z. Yin, Y. Zhao, X. Lu and H. Duan, Screening of Alzheimer’s disease based on multiple neuropsychological rating scales, Comput. Math. Methods Med. 2015 (2015).
آمار تعداد مشاهده مقاله: 18,241 تعداد دریافت فایل اصل مقاله: 9,779

سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب

پیوندهای مفید

پیوندهای مفید

آمار

Survey the effect of fintech companies’ profitability enhancement on winning customers’ loyalty using an artificial intelligence-based optimization algorithm