The Role Of Fintech In The Retail Market: A Customer Satisfaction Perspective

Abstract

The retail industry's consumer experiences have been revolutionised by the swift development of financial technology, or fintech, which provides practical, creative, and effective solutions. This study looks at how fintech might improve consumer happiness in the retail sector, with an emphasis on elements like usability, security, personalisation, and service effectiveness that affect satisfaction. This study examines the primary factors that influence consumer satisfaction in fintech-enabled retail transactions and contrasts them with traditional retail experiences using a combination of empirical analysis and literature review. The results show that although fintech solutions greatly increase convenience and personalisation, consumer worries about trust and data protection still exist. The survey also emphasises how new fintech trends, including AI and tailored financial advice, have the potential to improve client happiness even more. Fintech companies and merchants who want to maximise consumer happiness and loyalty through technological advancements are given recommendations. By providing insightful information for industry stakeholders and future research objectives, this study advances our understanding of the relationship between fintech and consumer experience. This study examines how financial technology, or fintech, might improve consumer happiness in the retail sector by examining 200 participants' comments that were gathered using the snowball sampling technique. ANOVA, t-tests, and Chi-Square tests were among the statistical methods used to evaluate the impact of accessibility, efficiency, convenience, and financial inclusion on customer satisfaction. The results show that, in comparison to traditional banking techniques, fintech offers faster, more individualised, and more accessible services, which greatly increases customer satisfaction and benefits underserved people in particular. Important factors that were shown to be important drivers of satisfaction included perceived accessibility, simplicity of use, and transaction speed. Notwithstanding these encouraging results, issues with data security and trust still exist, underscoring the need for development.