Attraction of customers by integration of Fintech tools in commercial banks

Abstract

In today’s market conditions, there are many solutions to attract customers, but innovation is an important competitive factor in the banking sector. The credit institution solves complex multifaceted tasks using an information system based on the latest technologies. Today, the trends in the banking sector are to improve the offered products and services, increase their reliability and quality, organize electronic access to bank products, and optimize the speed of payments. High competition in the banking sector and the need to increase operational efficiency force banks to constantly supply the market with new products and expand the methods of service provision, improving their quality. A necessary condition for the successful development of banks is the introduction of innovative banking products, changing the concept of their promotion to the consumer. The purpose of the research is to examine the impact of Fintech tools on customer attraction in commercial banks. Using the COPRAS method, the main banks operating in Lithuania were ranked according to the Fintech solutions applied in their activities. After analyzing the scientific literature, Fintech tools applied in the field of commercial banking were identified. The research result revealed that in 2020 were particularly favorable to banks that applied innovative technologies in their activities. Despite a slight decrease in the number of active customers in all banks during the COVID-19 pandemic, financial institutions have been forced to adapt to the changing needs of customers and optimize their services by integrating Fintech tools. This strategic adaptation has enabled them to effectively deal with challenging circumstances and take advantage of the opportunities offered by the integration of cutting-edge financial technologies.