Configurational drivers of investor satisfaction with crowdlending platforms

Objective: In virtual financial services, trust, transparency, and communication are crucial. This study investigates investor satisfaction and loyalty towards crowdlending platforms, using the Net Promoter Score (NPS). It identifies the conditions necessary for achieving high NPS values and sheds light on how platform managers can strengthen their relationships with investors. Methodology: The study uses fuzzy-set qualitative comparative analysis (fsQCA) with survey data from 96 investors from one of the largest crowdlending platforms in Spain. FsQCA is a useful tool for identifying the complex sets of conditions that explain why some investors become promoters in the NPS system. A high NPS is conceived as a set-membership outcome resulting from seven conditions that capture investors’ market experience and engagement: multi-platform use, diversification into other assets, financial knowledge, risk propensity, tenure on the platform, access frequency, and social media followership. Results: The results reveal multiple equifinal pathways to a high NPS rather than a single optimal formula. Across the most consistent solutions, a high level of financial knowledge and digital engagement (notably social media followership) frequently appear as core conditions. Tenure and frequency of platform access play contingent roles, depending on investors’ risk and diversification profiles. Limitations: This study is based on data from a single platform with a small sample size, potentially limiting the extent to which the results can be generalised across different markets or countries. Practical implications: The study extends crowdlending satisfaction research by offering a configurational explanation of the NPS and providing platform managers with actionable guidance on investor segmentation, transparency, and engagement design.