Fintech in Developing Countries: Charting New Customer Journeys

Journal of Financial Transformation, Vol. 44, Forthcoming

UNSW Law Research Paper No. 2016-73

20 Pages Posted: 11 Oct 2016

See all articles by Ross P. Buckley

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Sarah Webster

Centre for International Finance and Regulation (CIFR)

Date Written: June 1, 2016

Abstract

A customers’ 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 don’t 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.

Keywords: FinTech, Banks, Customers, Customer Relationship Management, Finance, Technology

Suggested Citation

Buckley, Ross P. and Webster, Sarah, Fintech in Developing Countries: Charting New Customer Journeys (June 1, 2016). Journal of Financial Transformation, Vol. 44, Forthcoming; UNSW Law Research Paper No. 2016-73. Available at SSRN: https://ssrn.com/abstract=2850091

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

Sarah Webster

Centre for International Finance and Regulation (CIFR) ( email )

Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia

Register to save articles to
your library

Register

Paper statistics

Downloads
2,276
rank
5,645
Abstract Views
4,869
PlumX Metrics