Leveraging fintech to transform the Maltese customer relationship management experience : a study on perceptions and trends

Abstract

This research seeks to investigate the transformative impact of financial technology (fintech) on Customer Relationship Management (CRM) within the Maltese financial sector. As a result, the research seeks to bridge the gap in the local context concerning the rapid transformation within the sector, examining how the implementation of Fintech enhances customer engagement and satisfaction. Furthermore, this research aims to discover what design features are most effective to encourage adoption and usage, the perceived future of fintech in CRM, and the strategies used to anticipate the change. The future skills and competencies necessary for CRM professionals to effectively manage customer relationships are also investigated. A qualitative approach was deemed most suitable to gather primary data, conducting in-depth interviews with key industry professionals to gather insights on current practices, obstacles, and views surrounding fintech in Malta. A sample of 7 participants, all from the local financial industry, all with different backgrounds participated in this study. The findings which are presented in this research were then analysed and discussed. The findings highlighted that fintech offers significant benefits such as increased efficiency and enhanced customer services, with the most important design features being security and personalisation. However, it also presents its challenges including data security concerns and the need constant need for regulatory adaptation. From the findings, it is evident, that many organisations are moving towards fintech adoption. In conclusion, the results of this study shed light on the fintech environment in Malta and entail some significant implications for the policymakers, practitioners, and researchers involved in the relationship between technology and customer management in the financial sector.