CHAT MARKETING'S IMPACT ON CUSTOMER SUPPORT SATISFACTION IN FINANCIAL STARTUPS

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Published: Jun 10, 2024

  Kisieliauskas Justinas

  Shamsi Basha Anas

  Račkauskas Mantautas

Abstract

The subject of this paper is the influence of chat marketing on customer support satisfaction. The purpose of the study is to determine the relationship between the use of chat marketing and customer support satisfaction, as well as to identify the essential factors that contribute to this relationship. Furthermore, this paper aims to provide theoretical insights into the influence of chat marketing on customer support satisfaction in financial startups. Many companies struggle to achieve the most efficient chat session and are uncertain about the best strategies, factors and types of chat to implement. Therefore, these findings will help financial startups to theoretically understand the aspects of chat marketing and customer support satisfaction. The object of this article is the impact of chat marketing on customer satisfaction, and the purpose is to reveal theoretical knowledge that will help identify the factors that contribute to chat marketing and customer satisfaction in financial startups. This paper discusses the importance of customer support for financial startups and the different approaches to providing customer support through emotional means. In addition, this paper highlights the importance of customer satisfaction through trust and commitment to build a positive relationship with the customer. Furthermore, this paper demonstrated the framework behind chat marketing, which includes the use of different tools such as live chat platforms, chatbots and live agents or human representatives that help to achieve customer satisfaction through customer support. Moreover, using methods such as: observation, survey and regression analysis, this paper has demonstrated the importance of customer centricity in the financial sector to provide key essentials for employees as incentives that maintain customer satisfaction, while ensuring the flexibility of real-time communication with chatbots or live agents, with the need to have the ease of use and flexibility and various other factors to contribute to customer support satisfaction. As a result, the paper emphasises that in order to increase customer satisfaction with financial start-ups, it is crucial to maintain a low response rate by providing fast and reliable customer assistance. Developing and regularly updating chatbots to facilitate smooth transitions to live agents in complex situations is essential. Implementing an effective ticketing system to automate and monitor issue resolution is essential, with a focus on resolving issues during chat interactions whenever possible. Adopting a hybrid strategy that combines live agents and chatbots helps to meet diverse customer needs in a timely manner. Investing in comprehensive training for live agents is necessary to ensure professional and timely service. In addition, continuous monitoring and analysis of customer feedback plays a key role in improving overall business performance.

How to Cite

Justinas, K., Basha Anas, S., & Mantautas, R. (2024). CHAT MARKETING’S IMPACT ON CUSTOMER SUPPORT SATISFACTION IN FINANCIAL STARTUPS. Baltic Journal of Economic Studies, 10(2), 1-13. https://doi.org/10.30525/2256-0742/2024-10-2-1-13
Article views: 132 | PDF Downloads: 68

##plugins.themes.bootstrap3.article.details##

Keywords

chat marketing, chatbots, customer satisfaction, customer support, customer support satisfaction, live agents

References

Accenture (2016). Chatbots in Customer Service. Available at: https://www.accenture.com

Asiyanbi, H. B., & Ishola, A. A. (2018). E-banking services impact and customer satisfaction in selected bank branches in Ibadan metropolis, Oyo state, Nigeria. Accounting, p. 153–160.

Bricci, L., Fragata, A., & Antunes, J. (2016). The Effects of Trust, Commitment and Satisfaction on Customer Loyalty in the Distribution Sector. Journal of Economics, Business and Management, Vol. 4(2).

Brown, J. (2018). The use of live chat in the financial services industry. Journal of Financial Services Research, Vol. 42(4), p. 238–245.

Chattaraman, V., Kwon, W. S., & Gilbert, J. E. (2012). Virtual agents in retail web sites: Benefits of simulated social interaction for older users. Computers in Human Behavior, Vol. 28(6), p. 2055–2066.

Chu, P.-Y., Lee, G.-Y., & Chao, Y. (2012). Service Quality, Customer Satisfaction, Customer Trust, and Loyalty in an E-Banking Context. Social Behavior and Personality: An International Journal, Vol. 40(8), p. 1271–1283.

Eren, B. A. (2021). Determinants of customer satisfaction in chatbot use: evidence from a banking application in Turkey. International Journal of Bank Marketing, Vol. 39(2), p. 294–311.

Gupta, S., Borkar, D., De Mello, C., & Patil, S. (2015). An e-commerce website based chatbot. International Journal of Computer Science and Information Technologies, Vol. 6(2), p. 1483–1485.

Holloway, B. B., & Beatty, S. E. (2003). Service Failure in Online Retailing. Journal of Service Research, Vol. 6(1), p. 92–105.

Israfilzade, K. (2021). Conversational marketing as a framework for interaction with the customer: Development & validation of the conversational agent’s usage scale. Journal of Life Economics, Vol. 8(4), p. 533–546.

Lee, D., Oh, K. J., & Choi, H. J. (2017). The chatbot feels you - A counseling service using emotional response generation. 2017 IEEE International Conference on Big Data and Smart Computing, BigComp 2017, p. 437–440.

Lovelock, C. H., & Wright, L. (2016). Principles of service marketing and management. Prentice Hall.

Mero, J. (2018). The effects of two-way communication and chat service usage on consumer attitudes in the e-commerce retailing sector. Electronic Markets, Vol. 28(2), p. 205–217.

Mittal, A., Agrawal, A., Chouksey, A., Shriwas, R., & Agrawal, S. (2016). A comparative study of chatbots and humans. Situations, Vol. 2(2). DOI: https://doi.org/http://dx.doi.org/10.17148/IJARCCE.2016.53253

Rajaobelina, L., Brun, I., & Ricard, L. (2019). A classification of live chat service users in the banking industry. International Journal of Bank Marketing, Vol. 37(3), p. 838–857.

Sakhaei, S. F., Afshari, A. J., & Esmaili, E. (2014). The Impact Of Service Quality On Customer Satisfaction In Internet Banking. Journal of Mathematics and Computer Science, Vol. 09(01), p. 33–40.

Shereen, A. (2020). What is Chat Marketing and the Tools to Help You Get Started With. Available at: https://www.freshworks.com/live-chat-software/lead-generation/chat-marketing-and-tools-blog/

Singh, J., & Kaur, P. (2013). Customers’ attitude towards technology based services provided by select Indian banks. International Journal of Commerce and Management, Vol. 23(1), p. 56–68.

Trivedi, J. (2019). Examining the Customer Experience of Using Banking Chatbots and Its Impact on Brand Love: The Moderating Role of Perceived Risk. Journal of Internet Commerce, Vol. 18(1), p. 91–111.

Turel, O., & Connelly, C. E. (2013). Too busy to help: Antecedents and outcomes of interactional justice in web-based service encounters. International Journal of Information Management, Vol. 33(4), p. 674–683.

Weisz, E., & Cikara, M. (2021). Strategic Regulation of Empathy. Trends in Cognitive Sciences, Vol. 25(3), p. 213–227.

Xu, A., Liu, Z., Guo, Y., Sinha, V., & Akkiraju, R. (2017). A New Chatbot for Customer Service on Social Media. CHI Conference, p. 3–4.

Ciesielska, M., Boström, K. W., & Öhlander, M. (2018). Observation methods. Qualitative methodologies in organization studies: Volume II: Methods and possibilities, p. 33–52.

Fricker, R. D. (2012). Sampling Methods for Web and E-mail Surveys. In The SAGE Handbook of Online Research Methods. DOI: https://doi.org/10.4135/9780857020055.n11

Ramesh, K., Ravishankaran, S., Joshi, A., & Chandrasekaran, K. (2017). A Survey of Design Techniques for Conversational Agents (pp. 336–350). DOI: https://doi.org/10.1007/978-981-10-6544-6_31