Factors Affecting Consumer Satisfaction to Use Fintech Services: Lessons for Vietnam's Banking Industry

Abstract

In recent years, fintech has marked many outstanding developments with diverse ecosystems such as e-wallets, personal finance, peer-to-peer lending, insurance technology, digital banking, credit scores, crowdfunding etc., This diversity has created many services that bring many options to customers. The objective of the study is to analyze the factors affecting consumer satisfaction to use fintech services, thereby giving some lessons for Vietnam’s banking industry using multivariate regression method with the software SPSS 20. Sample was collected from 250 students studying at postgraduate programs and high-quality at Banking University Ho Chi Minh. The research results show that there are 3 factors affecting customer satisfaction when using fintech's services, ranked in descending order as follows: promotion (KM), wide range of merchant (CC), ease of use (SD). The findings show that fintechs are providing products with better customer experience than banks. Therefore, banks should cooperate with fintechs for mutual which is the best benefits in the current situation.