PARTNERSHIP MARKETING VS. DIRECT MARKETING FOR ACQUIRING CUSTOMERS IN FINTECH ORGANIZATION
Keywords:
Fintech, Customer Acquisition, Direct Marketing, Partnership Marketing, Big Data, Machine Learning, Predictive Analytics, Data Visualization, Marketing Strategies, Customer RetentionAbstract
The current development of the fintech industry has caused drastic changes to customer acquisition; therefore, marketing methods are a vital consideration for companies. This paper compares two significant approaches, this dissertation will focus on the two forms of relationship marketing with particular reference to fintech organizations: direct marketing and partnership marketing. Direct marketing that includes paid media channels, including AdWords, social media, and electronic mail marketing, is generally expensive and may not be easy to disseminate. However, partnership marketing, which entails cooperation with brokers, aggregators, and financial houses, constitutes a cheaper means of obtaining customers by leveraging existing links. The paper also looks into how big data, machine learning, and data visualization tools can be used in these marketing strategies as this can show how these technologies can be used in increasing customer targeting and conversion rates as well as overall reduction of customer acquisition cost. Furthermore, this paper outlines the ethical issues, challenges, and prospects in Fintech marketing, focusing on the integration of data and the possible pitfalls of dependence on partners. The study results imply that the optimal strategy with direct and partnership marketing in combination with analytical tools can provide the most attractive perspective for further development of fintech businesses and provide them with claims to sustainable competitive advantage given the existing tendencies in the market.
References
Ali, Y. A. (2024). Digital Ventures: Unveiling Opportunities and Confronting Challenges. Redefining Commerce and Management: New Paradigms for the Digital Age (Volume 1), 64.
Arnone, G. (2024). Predictive Analytics and Machine Learning in FinTech. In AI and Chatbots in Fintech: Revolutionizing Digital Experiences and Predictive Analytics (pp. 41-54). Cham: Springer Nature Switzerland.
Asif, M., Lodhi, R. N., Sarwar, F., & Ashfaq, M. (2024). Dark side whitewashes the benefits of FinTech innovations: a bibliometric overview. International Journal of Bank Marketing, 42(1), 113-132.
Boot, A., Hoffmann, P., Laeven, L., & Ratnovski, L. (2021). Fintech: what’s old, what’s new?. Journal of financial stability, 53, 100836.
Boot, A., Hoffmann, P., Laeven, L., & Ratnovski, L. (2021). Fintech: what’s old, what’s new?. Journal of financial stability, 53, 100836.
Cacciarelli, D., & Boresta, M. (2022). What drives a donor? A machine learning‐based approach for predicting responses of nonprofit direct marketing campaigns. Journal of Philanthropy and Marketing, 27(2), e1724.
Cheng, J., Daum, E., & Alioto, M. (2024). Bank-FinTech partnerships: a practitioner’s guide to the evolving policy landscape and key regulatory considerations. In FinTech (pp. 75-93). Edward Elgar Publishing.
Cohen, M. C. (2018). Big data and service operations. Production and Operations Management, 27(9), 1709-1723.
Cosma, S., & Pennetta, D. (2024). Enhancing online visibility through strategic alliances: the case of bank-FinTech relationships. International Journal of Bank Marketing.
Cosma, S., & Pennetta, D. (2024). Enhancing online visibility through strategic alliances: the case of bank-FinTech relationships. International Journal of Bank Marketing.
Cygler, J., Sroka, W., Solesvik, M., & Dębkowska, K. (2018). Benefits and drawbacks of coopetition: The roles of scope and durability in coopetitive relationships. Sustainability, 10(8), 2688.
Felstead, A. (2024). The corporate paradox: Power and control in the business franchise. Taylor & Francis.
Ferraro, G., Ramponi, A., & Scarlatti, S. (2024). Fintech meets Industry 4.0: a systematic literature review of recent developments and future trends. Technology Analysis & Strategic Management, 36(8), 1911-1927.
Gill, A. (2018). Developing a real-time electronic funds transfer system for credit unions. International Journal of Advanced Research in Engineering and Technology (IJARET), 9(1), 162-184
Hoang, Y. H., Nguyen, N. T., Vu, N. B., Nguyen, D. T., & Tran, L. H. (2021). Toward successful bank-fintech partnerships: Perspectives from service providers in an emerging economy. Asian Social Science, 17(6), 19.
Kopalle, P. K., Gangwar, M., Kaplan, A., Ramachandran, D., Reinartz, W., & Rindfleisch, A. (2022). Examining artificial intelligence (AI) technologies in marketing via a global lens: Current trends and future research opportunities. International Journal of Research in Marketing, 39(2), 522-540.
Ładyżyński, P., Żbikowski, K., & Gawrysiak, P. (2019). Direct marketing campaigns in retail banking with the use of deep learning and random forests. Expert Systems with Applications, 134, 28-35.
Lantz, B. (2019). Machine learning with R: expert techniques for predictive modeling. Packt publishing ltd.
Lazos‐Chavero, E., Zinda, J., Bennett‐Curry, A., Balvanera, P., Bloomfield, G., Lindell, C., & Negra, C. (2016). Stakeholders and tropical reforestation: challenges, trade‐offs, and strategies in dynamic environments. Biotropica, 48(6), 900-914.
Miklosik, A., Kuchta, M., Evans, N., & Zak, S. (2019). Towards the adoption of machine learning-based analytical tools in digital marketing. Ieee Access, 7, 85705-85718.
Muijs, D., & Reynolds, D. (2017). Effective teaching: Evidence and practice. Sage.
Ng, E., & Pan, S. L. (2024). Competitive strategies for ensuring Fintech platform performance: Evidence from multiple case studies. Information Systems Journal, 34(3), 616-641.
Nicoletti, B., Nicoletti, W., & Weis, A. (2017). Future of FinTech.
Nyati, S. (2018). Revolutionizing LTL Carrier Operations: A Comprehensive Analysis of an Algorithm-Driven Pickup and Delivery Dispatching Solution. International Journal of Science and Research (IJSR), 7(2), 1659-1666.
https://www.ijsr.net/getabstract.php?paperid=SR24203183637
Nyati, S. (2018). Transforming Telematics in Fleet Management: Innovations in Asset Tracking, Efficiency, and Communication. International Journal of Science and Research (IJSR), 7(10), 1804-1810.
https://www.ijsr.net/getabstract.php?paperid=SR24203184230
Olson, E. M., Olson, K. M., Czaplewski, A. J., & Key, T. M. (2021). Business strategy and the management of digital marketing. Business horizons, 64(2), 285-293.
Omarova, S. T. (2020). Dealing with disruption: emerging approaches to fintech regulation. Wash. UJL & Pol'y, 61, 25.
Potjanajaruwit, P., Klaysung, S., & Sukavejworakit, K. (2024). business partnerships, personnel competency, and marketing strategies influencing the success of tourism business operations in Thailand. GeoJournal of Tourism and Geosites, 52(1), 203-211.
Rachmad, Y. E. (2024). Digital Marketing Theories: From Gimmicks to Loyalty. PT. Sonpedia Publishing Indonesia.
Roudposhti, A. A. (2021). The Impact of Digital Marketing Communication Knowledge Management on Bank Performance through FINTECH Innovations.
Salminen, J., Yoganathan, V., Corporan, J., Jansen, B. J., & Jung, S. G. (2019). Machine learning approach to auto-tagging online content for content marketing efficiency: A comparative analysis between methods and content type. Journal of Business Research, 101, 203-217.
Stulz, R. M. (2019). Fintech, bigtech, and the future of banks. Journal of Applied Corporate Finance, 31(4), 86-97.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Saugat Nayak (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
