Customer experiences in the era of artificial intelligence (AI) in context to FinTech: a fuzzy AHP approach

Abstract

PurposeThe financial technology (FinTech) era has brought a revolutionary change in the financial sector’s customer experiences at the national and global levels. The importance of artificial intelligence (AI) in the context of FinTech services for enriching customer experiences has become a new norm in this modern era of technological advancement. So, it becomes crucial to understand the customer’s perspective. The current research ranks the factors and sub-factors influencing customers’ perceptions of AI-based FinTech services.Design/methodology/approachThe sample size for this study was decided to be 970 respondents from four Indian cities: Mumbai, Delhi, Kolkata and Chennai. The Fuzzy-AHP technique was used to identify the primary factors and sub-factors influencing customers’ experiences with AI-enabled finance services. The factors considered in the study were service quality, trust commitment, personalization, perceived convenience, relationship commitment, perceived sacrifice, subjective norms, perceived usefulness, attitude and vulnerability. The current research is both empirical and descriptive.FindingsThe study’s three top factors are service quality, perceived usefulness and perceived convenience, all of which have a significant impact on customers’ experience with AI-enabled FinTech services discussing sub-criteria three primary criteria for customers’ experience for FinTech services include: “Using FinTech would increase my effectiveness in managing a portfolio (A2)”, “My peer groups and friends have an impact on using FinTech services (SN3)” and “Using FinTech would increase my efficacy in administering portfolio (PU2)”.Research limitations/implicationsThe current study is limited to four Indian cities, with 10 factors to understand customers’ preferences in FinTech. Further research can focus on other dimensions like perceived ease of use, familiarity, etc. Future studies can have a broader view of different geographical locations and consider new tech to understand customer perceptions better.Practical implicationsThe study’s findings will significantly assist businesses in determining the primary aspects influencing customers’ experiences with AI-enabled financial services. As a result, they will develop strategies and policies to entice clients to use AI-powered FinTech services.Originality/valueExisting AI research investigated several vital topics in the context of FinTech services. On the other hand, the current study ranked the criteria in understanding customer experiences. The research will substantially assist marketers, business houses, academicians and practitioners in understanding essential facets influencing customer experience and contribute significantly to the literature.

Behavioural intention of consumers to use app-based shopping on green tech products in an emerging economy

“…Likewise, the impact of perceived usefulness on the behavioural intention to use is consistent with the research by Arora et al. (2022a, b, 2023).…”

Prioritizing customer requirements for men’s denim jeans through factor analysis and fuzzy analytic hierarchy process

“…Hence, factor analysis using PCA was performed for dimension reduction by grouping the evaluation criteria and labelling the primary evaluation criteria. According to Ulrich and Eppinger (2012) and Arora et al. (2023), the primary evaluation criteria are also customer needs which comprise similar sub-criteria within them.…”

“…Recently, the fuzzy AHP approach has gotten wider application in different areas such as ranking sustainability drivers (Arora et al, 2020), crowdfunding benefits (Gupta et al, 2023), barriers of integrated lean six sigma implementation (Yadav and Desai, 2017) and risks in decentralized finance (Kaur et al, 2023). It was also widely applied to prioritize CRs in various sectors such as the factors that influence purchase intention for organic foods (Arora et al, 2022a), the factors that influence user intention for e-hailing apps (Arora et al, 2022b), the dimensions of patient experience of health service quality (Senapati and Panda, 2023), and the Prioritizing CRs for men's denim jeans factors influencing customers' experiences with AI-enabled finance service (Arora et al, 2023). Attributed to its good ranking performance, the fuzzy AHP, integrated with Kano's model (Singh et al, 2020) and Markov modelling (Gotzamani et al, 2018), has been used in the QFD process to design products that meet CRs.…”

“…, 2022a), the factors that influence user intention for e-hailing apps (Arora et al. , 2022b), the dimensions of patient experience of health service quality (Senapati and Panda, 2023), and the factors influencing customers’ experiences with AI-enabled finance service (Arora et al. , 2023).…”

The Role of Knowledge and Penetration of Fintech Services in Improving MSMEs of Fishermen and Marine Farmers in Remote Small Islands Region

“…Moreover, UX may enable the spread of fintech services into new areas by making their services more accessible and alluring to potential users. Fintech services have experienced rapid penetration in recent years due to their ability to provide convenience, accessibility, and cost-effectiveness (Arora et al, 2023). User experience is one of the key drivers of fintech adoption.…”