Trust in the FinTech sector
: an analysis of existing challenges on building customer trust in financial sector

  • Mateusz Jan Łąpieś (Student)

Student thesis: Master's Thesis

Abstract

Nowadays the economy, including the financial sector are growing very fast. This is possible primarily due to the increasingly developed technology, which provides tools and innovations that are able to affect various industries. In the case of the financial sector, this is most visible in the area known as Fin-Tech. Entities offering various financial services, including banking, are increasingly basing most of their operations on modern technology. In some areas, they are competing with traditional financial institutions. Customer trust is one of the main challenges for these new companies. Main objective of the study will be to examine how the factor that is defined as "customer trust" affects the way FinTech companies function within the financial sector. For this purpose, the theoretical review was made in the paper, which addressed the key issues in this topic. It also conducted 2 studies - a quantitative survey with customers and qualitative interviews with experts to answer key research questions.At the very end, it was found, that the aversion of some users to technology and innovation will block their attitude to FinTech. According to experts, it will be a long time before young financial entities relying fully on technology will be able to gain the trust of customers at a level similar to traditional financial institutions. The paper offers recommendations on how traditional financial institutions should prepare for the technological transformation, as well as methods that FinTechs can use to accelerate building customer trust.
Date of Award18 Oct 2024
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorDominika Latusek-Jurczak (Supervisor)

Keywords

  • Customer trust
  • FinTech sector
  • Building customer trust
  • Competitive advantage
  • Customer behavior
  • Banking industry

Designation

  • Mestrado em Gestão e Administração de Empresas (mestrado internacional)

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