Explaining customer experience of digital financial advice

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Abstract

The goal of this paper is to analyze the customer experience of digital-driven financial advice systems. It is the objective of this study to develop a cross-cultural model for validating customer experiences of digital financial advice. In doing so, both objective and subjective system aspects have been considered. It is found that experiential subjective system aspects are the most important. Surveys have been conducted in The United Kingdom and The Netherlands. In exploratory factor analysis, five dominant factors were obtained in the UK and six factors in The Netherlands to explain customer experience. Based on the factor scores, multiple regression analysis has been performed to develop the digital customer experience model (DCX model). This is the first cross-cultural model to evaluate customer experience of financial advice. In an era in which financial institutions and FinTech companies battle for the engagement of customers, the DCX model is the first to fundamentally drive value creation, differentiation, regulation, and future research.
Original languageEnglish
Pages (from-to)69-84
JournalEconomics World
Volume5
Issue number1
DOIs
Publication statusPublished - 2017

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Customer experience
Factors
The Netherlands
Cultural models
Multiple regression analysis
Exploratory factor analysis
Value creation
Financial institutions
Factor scores

Cite this

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title = "Explaining customer experience of digital financial advice",
abstract = "The goal of this paper is to analyze the customer experience of digital-driven financial advice systems. It is the objective of this study to develop a cross-cultural model for validating customer experiences of digital financial advice. In doing so, both objective and subjective system aspects have been considered. It is found that experiential subjective system aspects are the most important. Surveys have been conducted in The United Kingdom and The Netherlands. In exploratory factor analysis, five dominant factors were obtained in the UK and six factors in The Netherlands to explain customer experience. Based on the factor scores, multiple regression analysis has been performed to develop the digital customer experience model (DCX model). This is the first cross-cultural model to evaluate customer experience of financial advice. In an era in which financial institutions and FinTech companies battle for the engagement of customers, the DCX model is the first to fundamentally drive value creation, differentiation, regulation, and future research.",
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Explaining customer experience of digital financial advice. / van Raaij, W.F.

In: Economics World, Vol. 5, No. 1, 2017, p. 69-84.

Research output: Contribution to journalArticleScientificpeer-review

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