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FinTech in Developing Countries: Charting New Customer Journeys

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Abstract

A customer’s journey is the path the customer travels to satisfy their needs and wants and will typically consist of several separate processes. FinTech product and service developers in advanced economies often understand how difficult many customers find their journey with banks and have been able the make the journey more pleasant and seamless. They are aided in this by their personal similarities to their customers in terms of background, education, and technological literacy. However, these similarities do not exist when products and services are being designed for customers in developing countries. In these markets, product designers need to rely on an evidence-based assessment of customer needs and wants, which will usually have to be specially commissioned, coupled, ideally, with visiting local villages and speaking to the local people who will be the potential customers for the products and services. The failure to appreciate the nuances of local customer journeys underlies many of the FinTech failures in the developing world.

Suggested Citation

  • Buckley, Ross P & Webster, Sarah, 2016. "FinTech in Developing Countries: Charting New Customer Journeys," Journal of Financial Transformation, Capco Institute, vol. 44, pages 151-159.
    • Handle: RePEc:ris:jofitr:1577
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    Citations

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    Cited by:

    1. Mahsa Samsami & Ralf Wagner, 2021. "Investment Decisions with Endogeneity: A Dirichlet Tree Analysis," JRFM, MDPI, vol. 14(7), pages 1-19, July.
    2. Massimo Preziuso & Franziska Koefer & Michel Ehrenhard, 2023. "Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    3. Angela Tritto & Yujia He & Victoria Amanda Junaedi, 2020. "Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-24, December.
    4. Ruzita Abdul-Rahim & Siti Aisah Bohari & Aini Aman & Zainudin Awang, 2022. "Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19," Sustainability, MDPI, vol. 14(14), pages 1-24, July.
    5. Oliver Werth & Davinia Rodríguez Cardona & Albert Torno & Michael H. Breitner & Jan Muntermann, 2023. "What determines FinTech success?—A taxonomy-based analysis of FinTech success factors," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-22, December.
    6. Damianos P. Sakas & Ioannis Dimitrios G. Kamperos & Dimitrios P. Reklitis & Nikolaos T. Giannakopoulos & Dimitrios K. Nasiopoulos & Marina C. Terzi & Nikos Kanellos, 2022. "The Effectiveness of Centralized Payment Network Advertisements on Digital Branding during the COVID-19 Crisis," Sustainability, MDPI, vol. 14(6), pages 1-23, March.
    7. Luiz Antonio Joia & Rodrigo Proença, 2022. "The social representation of fintech from the perspective of traditional financial sector professionals: evidence from Brazil," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-27, December.

    More about this item

    Keywords

    fintech; financial regulation; financial technology; banking; digital financial services; banking in developing countries;
    All these keywords.

    JEL classification:

    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O00 - Economic Development, Innovation, Technological Change, and Growth - - General - - - General
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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