Customer Behaviour and B2C Client Segmentation in Data-Driven Society
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Customer Behaviour and B2C Client Segmentation in Data-Driven Society Petra Jílková 1
Published online: 13 August 2020 # International Atlantic Economic Society 2020
JEL G21 . G31 The digital revolution has changed the traditional customer behaviour model and created a new perspective with which to perceive business-to-customer (B2C) client segmentation in a data-driven society. The traditional approach (Sunder et al., Journal of Marketing Research, 2016) has primarily been concerned with the delivery of standardized services. Traditional variables enable financial institutions to offer their services to homogeneous classes of clients. Financial institutions need to reorganize their efforts in order to achieve a more efficient model of client segmentation which takes into account available data, online or mobile banking, and financial technologies (Son et al., Journal of Operations Management, 2019). The purpose of sustainable business is to create value (profit) for the firm predicated on the dual concept of customer value. The basis of this idea is to acquire and later retain profitable customers, combined with a customer’s lifetime value (Kim et al., Expert Systems with Application, 2006; Kumar et al., Journal of Marketing, 2016). Maroševic and Scitovski (Croatian Operational Research Review, 2014) and Nguyen (Journal of Credit Risk, 2015) focused on the expected future cash flow derived from customers’ past profit contributions in connection with his or her credit scoring using different clustering, fuzzy and regression methods. Digitization, recent advances in big data processing (Miguéis, Expert Systems with Applications, 2012), and machine-learning techniques (Smeureanu et al., Journal of Business Economics and Management, 2013) have supported the more automated client credit score process. The global shift towards combining big data with these trends will accelerate financial market transformation once it is fully integrated into multi-channel marketing. Currently, new payment
* Petra Jílková [email protected]
1
Department of Banking and Insurance, Faculty of Finance and Accounting, University of Economics in Prague, Winston Churchill Sq. 4, 130 67 Prague, Czech Republic
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Jílková P.
methods, in connection with the role of social networks, have influenced customer behaviour and client segmentation within the banking industry. Creating a strong customer experience through effective application of big data based on smart financial market construction is now a leading management objective. This raises the interesting question of new client segmentation principles. This research aims to compare knowledge from the literature concerning client segmentation practices in connection with new trends in the retail banking segment operating within the Czech Republic. From this perspective, a survey was prepared, which took place during 2019Q4. Factors affecting customer behaviour and B2C client segmentation were examined through a web-based 15-item survey distributed via email to segment managers of all 49
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