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1. Introduction
Due to the 2008 global financial crisis, people lost confidence in the financial services provided by traditional financial institutions such as commercial banks, investment banks, stock firms and insurance companies. Subsequently, the demand for transparency and security led to the development of new financial services that differed from existing financial services. In addition to this social situation, the Fourth Industrial Revolution era, driven by the development of information and communication technology (ICT), arrived. This led to the growth of fintech, which is a combination of the terms “finance” and “technology,” and the development of various fintech services based on mobile and Internet environments such as digital payments, electronic funds transfer in real time, the purchase of financial products and asset management services. These developments have significantly changed existing financial services (Alt et al., 2018). Consequently, companies that provide fintech services, such as PayPal, Venmo, Fiserv, TransferWise and Grab, have begun expanding their shares in financial markets. Unlike traditional financial companies, fintech companies are transforming traditional financial markets by providing simpler and safer financial services on platforms that are based on Internet and mobile environments.
Furthermore, the use of mobile devices has become ubiquitous owing to the continuous technological developments in the field of ICT, and people's activities and living spaces have moved from offline to online environments (Flavian et al., 2020). Based on this social background, it is evident that social media platforms are positioning themselves as a new marketing channel to replace traditional channels. Therefore, examining people's experiences, reactions, expectations and evaluations regarding fintech services by analyzing social media data is essential for establishing marketing strategies for fintech companies (Dootson et al., 2016). It raised some important issues. How can fintech companies use social media data? How can it be used practically for business? Related to these questions, we wanted to suggest the methodology to utilize the text data on social media for business in this research by analyzing the text data about fintech services on social media, representing customers' feedback and assessments and then transforming the text data to numerical data that can be measured to use in business. For this purpose, we collected and analyzed text data derived from Facebook and Twitter posts to present the method...