Abstract
Abstract
This study addresses the systemic credit exclusion of thin-file consumers in emerging financial markets by examining how alternative data infrastructures drive sustainable digital financial service delivery within India’s Non-banking Financial Company (NBFC) ecosystem. Rather than viewing digital underwriting solely as a credit risk tool, we conceptualize alternative data analytics as a core financial services marketing innovation that reduces customer onboarding friction, expands market access and builds a long-term customer relationship. Using Fuzzy-set Qualitative Comparative Analysis (fsQCA) combined with a multi-case replication design of CRED and Paytm (FY2021-FY2025), this study identifies the configurational mechanisms underpinning sustainable service delivery. The analysis yields two principal findings: first, scalable customer acquisition and service sustainability are preserved through multiple equifinal configurations combining transactional velocity, zero-latency API syndication, and alternative data assets. Second, internal institutional risk governance acts as a mandatory necessary condition to prevent customer portfolio degradation, ensuring long-term institutional trust regardless of technological sophistication. By integrating Service-dominant (S-D) logic into the Technology-Organization-Environment (TOE) framework, the paper provides theoretical advances in financial services marketing while offering actionable strategies for Fintech platforms, NBFCs, and retail banking executives.
JEL Codes- M31 (Marketing); M30 (Marketing & Advertising General); G21 (Banks, Other Depository Institutions); O33 (Technological Change: Choices & Consequences)