In the evolving technology landscape, chatbots have become integral, especially in fintech. This study delves into chatbot interactions within fintech, investigating their impact on user engagement, satisfaction, and loyalty. The study's framework examines challenges during interactions, user trust, problem-solving efficacy, reliability perception, and interaction preference. Four hypotheses are formulated: challenges negatively affect satisfaction, trust encourages sharing sensitive information, effective problem-solving enhances satisfaction, and reliability perception influences interaction preference. These hypotheses align with research objectives to address fintech's gaps. Anticipated results can contribute to academia and industry, yielding insights into chatbot dynamics and their effects on customer experiences. Ultimately, this research aims to enrich fintech's landscape, guiding optimal chatbot integration.
TopIntroduction
The rapid evolution of Artificial Intelligence (A.I.) has catalyzed the proliferation of chatbots as versatile tools for simulating interactions between humans and machines, particularly within the realm of mobile platforms (Waliszewski, K., & Warchlewska, A. 2020). In this dynamic landscape, chatbots exhibit a spectrum of functionalities, ranging from practical utility to entertainment, yet their intrinsic value often remains elusive and inadequately defined (Xu et al 2017). This paper underscores the pressing need to establish a well-defined purpose and role for chatbots, a prerequisite to elevate their interactions beyond transient curiosity to enduring and value-driven engagements. In this context, the comprehension of the fundamental nature of chatbots and their effective utilization presents a nuanced challenge, encompassing not only textual but also vocal exchanges, which are inherently contingent on contextual nuances.
Departing from a conventional creator-centric approach, this study advocates for a paradigm shift towards a user-centered perspective, delving into the perceptual and experiential facets of chatbot interactions within the tapestry of everyday life. Positioned as software agents adept in natural language conversations, chatbots emerge as a promising avenue for redefining the contours of customer service – an arena where the caliber of service profoundly shapes customer satisfaction and loyalty (Nguyen et al 2020). However, the intricacies of this realm demand personalized and skill-intensive customer interactions, a demand that stands to be met by the advent of intelligent automation such as chatbots, promising efficient and accessible customer support while rationalizing operational costs.
While the concept of chatbots isn't novel, recent strides in A.I. and machine learning, coupled with the rapid proliferation of messaging platforms, have rejuvenated interest in employing chatbots as a vital complement to customer service. However, this transition from innovation to integration is a multi-faceted process, contingent upon the pivotal element of user trust (Brandtzaeg et al 2017). Recognizing the centrality of trust in shaping user acceptance, this paper acknowledges the dearth of comprehensive insights concerning the constituents and ramifications of trust in the context of chatbot interactions, particularly within the sphere of augmenting customer service.
Furthermore, the financial technology (fintech) sector has undergone a paradigmatic transformation through the assimilation of information and communication technology (ICT) and advanced innovations. This integration, colloquially known as fintech, has redefined the landscape of financial services, compelling a fundamental shift in the interactions within the banking sector and raising customer expectations. Nevertheless, a critical analysis of the existing literature underscores conspicuous gaps in the understanding of how chatbots interface with customer engagement, satisfaction, and loyalty in the dynamic realm of fintech (Vasenska et al 2021).
Filling these gaps, the current research endeavors to dissect the intricate interplay between information value, technological innovation, user satisfaction, and their cumulative impact on customer engagement, satisfaction, and loyalty within the fintech domain. Guided by this overarching aim, the central research inquiry guiding this study is articulated as follows:
“How does the synergy of customer engagement, satisfaction, and loyalty unfold in response to chatbot interactions within the dynamic landscape of the fintech industry?”
By embarking on this, the study seeks to contribute substantively to the academia-industry discourse, fostering a more profound comprehension of the dynamics steering the trajectory of chatbots in the evolving tapestry of fintech and customer service.