Fintech: Review of theoretical perspectives and exploring challenges to trust building and retention in improving online Digital Bank Marketing
Fintech: Review of theoretical perspectives and exploring challenges to trust building and retention in improving online Digital Bank Marketing

Summary/Abstract: Trust in banking services and channels of delivery is vital for the service proposition to sustain. The advent of new age banks, new platforms, online banks and associated marketing challenges are creating new challenges for trust management in banking industry. The trust essentially entails the components of beliefs, mutual dependence and features of transparency and mutual confidence development. The confidentiality and security of the account holder’s information is a major issue of public debate. The trust in brick-and-mortar model of banking (the traditional branch-based banking) seems to hinge on the physical existence as well as nationalised character of banking organization. Technology mediated trust in branchless banking models seems to be novel topic of research attention. The trust in electronic, online, digital and Internet of Things enabled channels of banking is always subject to litmus test as the outsourced players, extra organizational service providers, android apps and contextual players are involved. The transition from traditional banking to open banking and platform-initiated banking has created issues with regard to management of customer data., trust retention and privacy concerns. The bioecological framework offers the essential explanation for the rampant adoption of Fintech. As against the global average of 64 percent, India reported 87 per cent positive adoption rate for Fintech banking in 2020-21. The research deduced that trust is the pivotal agenda and will remain so in times to come. The innovations, disruptions and technology advancements should aim at enhancing the trust across banks and customers rather vice versa. The theoretical models could reflect on prospects of trust building yet actual implementation and cross-checking matters as social experimentation is crucial to acknowledge that what will succeed and what will fail

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