MASTER THESIS PROPOSAL

Study on how fintech solutions are enhancing customer experience compared to traditional
banking channels

Submitted By
Name: Vishwajeet Baban Kamble
URN No: 2022-M-21042001

Under the Guidance of

Prof. Vijay Kulkarni , SOM

Ajeenkya DY Patil University
Lohegaon, Pune
Abstract :-

This study looks at the variations and convergences of fintech and conventional banking
systems. Financial innovations intended to improve and automate financial services are
referred to as fintech, whilst traditional financial systems are the

traditional banking and financial services offered by reputable financial companies.

The report gives a general review of fintech and conventional financial systems, including
their benefits and drawbacks as well as how they affect the financial sector. The regulatory
frameworks that oversee these systems and their effects on their expansion and
development are also examined in this study.

The study's conclusions imply that fintech is superior to conventional financial systems in a
number of ways, including increased accessibility, reduced prices, and quicker processing
times. Traditional financial systems still have benefits, nevertheless, such increased stability
and security.

INTRODUCTION :-

The advent of fintech, or financial innovations, has caused tremendous transformations in

the financial sector in recent years. Technology used to provide financial services is referred
to as fintech. Digital currencies, crowdfunding, payment systems, loans, and other financial
activities are all included in this wide category. The old banking system, which has
dominated the market for decades, is being challenged by fintech, which is fast gaining
popularity. Finding out how fintech and conventional financial systems vary and are similar is
the goal of this study. A summary of fintech and conventional financial systems, their
benefits and drawbacks, and their effects on the financial sector will be given by the study.
The regulatory structures governing these systems will also be examined in the study.

what impact they have on their growth and development. Academics, decision-makers in
government, and financial industry professionals will find the study useful. In addition to
offering insights into their possible effects on the financial industry, the study will add to the
body of knowledge already available on fintech and traditional banking systems. The study's
conclusions will be helpful to financial institutions, regulators, and investors who want to
comprehend how the financial sector is evolving and adjust to the new fintech-driven reality.

JUSTICATION OF THE STUDY :-

There are several reasons to investigate how Fintech solutions are improving customer
experience in comparison to traditional banking channels, and these reasons are important
to different financial services sector stakeholders. The following are some salient arguments:

Fast technical Disruption: Fintech developments are causing a fast technical disruption in the
financial services sector. To adapt and stay competitive in the changing market, conventional
banks must comprehend how these innovations affect the client experience.

Customer expectations are changing as a result of a growing need for streamlined, practical,
and customized banking services. Because fintech solutions frequently exceed these
expectations, traditional banks are forced to review and improve their service offerings in
order to keep up with client needs.

Market dynamics and competition: Fintech companies are posing a threat to established
banks by providing.

DATA BASE

The purpose of this database research is to investigate and evaluate how, in contrast to
conventional banking channels, Financial Technology (Fintech) solutions are improving the
consumer experience. Fintech technologies have brought unparalleled ease, accessibility,
and customisation to users, revolutionizing the financial services sector. In order to shed
light on the relative benefits and drawbacks of Fintech solutions in comparison to
conventional banking channels, this study will gather and evaluate data from a variety of
sources, including scholarly research, industry publications, case studies, and consumer
feedback. The influence of Fintech on the consumer experience will be assessed by analysing
critical criteria including overall happiness, security, speed, accessibility, ease, and
customisation. The study's conclusions will be helpful to financial institutions, lawmakers,
regulators, and scholars who want to comprehend how the financial services industry is
changing.

NEED OF STUDY :-

Quick Technological improvements: Fintech solutions are upending traditional banking

models due to the quick technological improvements. It is critical for financial institutions as
well as clients to comprehend how these advances affect the customer experience.

Consumer Expectations: In every industry, including banking, customers today demand

smooth, customized experiences. Fintech solutions raise the standard for conventional
banking channels by frequently providing more convenience, accessibility, and
personalization. For banks to be competitive, they must comprehend these expectations.

Market Competition: By providing cutting-edge solutions that address particular client

demands, fintech companies are posing a threat to established banks. Traditional banks may
find areas for improvement and develop their services to stay competitive by researching
the effects of Fintech on customer experience.

Regulatory Aspects to Take into Account: The Fintech industry's regulatory environment.

SCOPE OF STUDY :-
The study's focus on how Fintech solutions are improving customer experience in
comparison to traditional banking channels ta kes into account a number of different facets
of the financial services sector. Here is a thorough summary of the scope:

Fintech Solutions and Conventional Banking Channels Compare:

Examine the characteristics, capabilities, and services provided by Fintech (such as robo-
advisors, digital payment platforms, and mobile banking applications) and traditional
banking channels (such as physical branches, contact centres, and ATM networks).

Metrics for the customer experience:

Evaluate the client experience by considering important parameters such ease of use, speed,
security, customisation, and general satisfaction.

Examine the performance of Fintech solutions and conventional banking channels using
these indicators to determine their respective advantages and disadvantages.

Innovation in Technology:

Analyze the advancements in technology that underpin Fintech solutions and how they can
enhance the customer enhance.

OBJECTIVES:-

1.Examine the technological innovations driving Fintech solutions and their impact on
improving customer interactions and personalized services compared to traditional banking
methods.

2. Identify opportunities for collaboration between Fintech startups and traditional banks to
create synergies and deliver value-added services to customers.

Limitation of study :-
1.Representativeness of Data: It may be difficult to obtain extensive and representative data
sets from the fintech and traditional banking industries. It might be challenging to do a fair
comparison because fintech companies are private and fiercely competitive and may not
reveal specific performance statistics.

2. Technological Bias: If the study disproportionately emphasizes the advantages of

technology while ignoring the importance of human contacts and services provided by
traditional banks, it may be biased in favor of fintech solutions.

3. Geographic and Demographic Bias: Fintech solutions' accessibility and user experiences
may differ greatly depending on the demographic and geographic groupings in question.
Due to technological obstacles or a lack of fintech penetration, older people or those living
in rural areas may continue to favor traditional banking.

4. Legal and Regulatory Framework: Fintech's influence is greatly impacted by Regulatory

and Legal Framework: Local regulatory frameworks, which can differ significantly by area and
over time, have a significant impact on fintech's impact. The client experience can be
impacted by regulatory changes or unclear financial technology, although these issues may
not have been sufficiently covered in the study.

5. Temporal Restrictions: Since the fintech sector is always changing, a study done over a
brief period of time may miss long-term patterns or the sustainability of client experiences.

6. Subjectivity in the Measurement of Customer Experience: Individual expectations, prior

experiences, and personal preferences can all have an impact on the customer experience,
which is by nature subjective. It can be difficult to quantify this in a reliable and widely
accepted manner. Fintech solutions create serious security problems, such as data security,
even though they use cutting-edge technology scams and violations. In order to mitigate
these dangers in contrast to traditional banking, a thorough examination of cybersecurity
protocols that aren't always clear-cut or uniform may be necessary.

Literature review
(1) TITLE:- Competition and cooperation between fintech companies and traditional financial
institutions ARTICLE NO.:- E3S WEB OF CONFERENCES 166, 13028 INVENTOR:- Anatoly
Suprun, Tetiana Petrishina, Iryna Vasylchuk DATE OF INVENTION:- 2020 ABSTRACT:- The
modern world is changing rapidly under the influence of digital technologies. This also
applies to the financial sector of the economy. Since the mid-2000s, new fintech companies
have entered the market. These companies are using new technologies to improve existing
and create new financial services. In the course of their development, the interests of new
market entrants often overlap with those of traditional participants, mainly banks.
Investigation of the relations between fintech companies and traditional financial
institutions gives an opportunity to form an idea of the financial picture of the near future.
The research of the relations between fintech companies and traditional financial
institutions gives an opportunity to form an idea of the financial picture of the near future.
The article considers both aspects of competition and aspects of possible cooperation
between financial market participants in a digital economy. The results of the scientific
research demonstrate that cooperation will prevail over the competition. Probably existing
financial institutions will reformat their architecture and become digital ones at the core.

(2) TITLE:- Fintech activity and business models: Analogies and difference with traditional
financial channels ARTICLE NO.:- FinTech, BigTech and Banks, 7-36,2019 INVENTOR:-
Alessandra Tanda, Cristiana-Maria Schena DATE OF INVENTION:- 2019 ABSTRACT:-
Technological progress and the dissemination of innovation have enabled FinTech companies
to emerge. These are currently able to offer products and services in all areas of traditional
financial intermediation, often outside the regulatory perimeter. Not only do FinTech
companies provide new products and processes, but they also enter the market with new
business models and services which respond better to customers’ demands and preferences.
Via the unbundling and rebundling of financial services, FinTech companies are able to
specialise in various business segments and potentially disrupt traditional incumbent
activities. Nevertheless, in contrast to BigTech, FinTech companies have to collect and gather
information and reach critical masses if they are to become formidable competitors

(3) TITLE:- Fintech and transformation of the financial industry ARTICLE NO.:- Electronic
markets 28(3),235-243,2018 INVENTOR:- Rainer Alt, Roman Beck, Martin T Smits DATE OF
INVENTION:- 2018 ABSTRACT:- This preface introduces the sp ecial issue on FinTech in
Electronic Markets. The issue includes a total of eight papers, which cover diverse aspects in
the broad FinTech universe. Seven papers emerged from the special issue call that was
published in 2016 and one paper from a fast-track that was organized with the Business
Information Systems Conference (BIS) from 2016. Taken alone, the number of submissions
for the FinTech special issue call was larger than for regular special issues in Electronic
Markets, which might suggest that FinTech is an active research field. This is remarkable
since the term itself has only recently gained broad attention. 2023 JETIR February 2023,
Volume 10, Issue 2 www.jetir.org (ISSN-2349-5162) JETIR2302488 Journal of Emerging
Technologies and Innovative Research (JETIR) www.jetir.org e739 For example, a simple
query on Google Trends reveals that it was only in 2014 that the compound term “FinTech”
emerged on a broad scale and made the transformation of the financial industry visible to
everybody (Arner et al. 2016). An industry that had remained rather stable over decades was
apparently confronted all of a sudden with new market participants and the acceleration of
digital innovation. A surge in the foundation of new companies (“start-ups”) occurred, which
promised to change the entire industry with some even claiming that this will be the
beginning of the end of banks. This would confirm statements from the 1990s whereby
“banking is essential, banks are not” or whereby “banks are the steel industry of the
[nineteen]nineties” (Beck 2001, p. 7). Some 25 years later, we may see the beginning of this
(digital) transformation. Although the financial industry as a whole and many of the
traditional players from the world of “big banks” exist, the “FinTech” movement has
substantially influenced this sector.

(4) TITLE:- Risk spillover between Fintech and traditional financial institutes: Evidence from
the US ARTICLE NO.:- International review of financial analysis 71, 101544,2020 INVENTOR:-
Jianping Li, Jingyu Li, Xiaoqian Zhu, Yinhong Yao, Barbara Casu DATE OF INVENTION:-
October, 2020 ABSTRACT:- In this paper, we propose a novel approach to examine the risk
spillovers between FinTech firms and traditional financial institutions, during a time of fast
technological advances. Based on the stock returns of U.S. financial and FinTech institutions,
we estimate pairwise risk spillovers by using the Granger causality test across quantiles. We
consider the whole distribution: the left tail (bearish case), the right tail (bullish case) and
the center of the distribution and construct three types of spillover networks (downside-to-
downside, upside-to-upside, and center-to-center) and obtain network-based spillover
indicators. We find that linkages in the network are stronger in the bearish case when the
risk of spillover is higher. FinTech institutions' risk spillover to financial institutions positively
correlates with financial institutions' increase in systemic risk. These results have important
policy implications, as they underscore the importance of enhancing the supervision and
regulation of FinTech companies, to maintain financial stability.

(5) TITLE: - Givers or Receivers? Return and volatility spillovers between Fintech and the
Traditional Finance Industry ARTICLE NO.:- Finance Research Letters 46, 102458, 2022
INVENTOR: - Yuxuan Chen, Junmao Chiu, Huimin Chung DATE OF INVENTION:- May, 2022
ABSTRACT:- We investigate the return and volatility spillovers between a Fintech ETF and the
ETFs of the traditional financial industry with an empirical network model. We find that the
traditional financial ETFs are still the main givers, and the Fintech ETF is the net receiver. The
Fintech ETF does not lead to greater volatility and financial instability in most of the
traditional financial sectors. The information transmission between these ETFs is high,
especially during the period of US-China trade friction. Our results provide a full
understanding of the effect of changes in information transmission between Fintech and the
traditional financial industry.

(6) TITLE: - Fintech Innovations in the Financial Service Industry ARTICLE NO.:- Journal of Risk
and Financial Management 15 (7), 287, 2022 INVENTOR: - Mansurali Anifa, Swamynathan
Ramakrishnan, Shanmugan Joghee, Sajal pKabiraj, Malini Mittal Bishnoi DATE OF
INVENTION: - july 2022 ABSTRACT:- Fintech in Islamic finance Umar A Oseni, S Nazim Ali
Fintech In Islamic Finance, 3-14, 2019 A quick search of the available books on fintech
reveals that one of the earliest publications on the subject was published in 2016. With the
exception of a few books on fintech published in earlier years, most leading books on fintech
were published in 2016 due to the novelty of the phenomenon. Fintech in Islamic finance
should be generally understood in a broad manner as Islamic financial services transcend
mere banking. For the purpose of identifying the applicable Shariah principles, it may be
helpful to define fintech in its general sense and identify its different components and
applications. One key aspect of fintech which is conspicuously missing in the ongoing
discussions and application of fintech in Islamic financial services and products is online
dispute resolution. From the Shariah perspective, maqasid al-Shariah will continue to be
relevant in fintech, as the maslahah provided by the new technologies trumps any other
argument that seeks to preserve the traditional financing methods.

(7) TITLE: - Fintech, the new era of financial services ARTICLE NO.:- Vezetéstudomány-
Budapest Management Review 48 (11), 22-32, 2017 INVENTOR: - David Varga DATE OF
INVENTION:- November 2017 ABSTRACT:- The research aims to fill the gap in the current
academic literature regarding the appearance of innovation-focused financial technology
(fintech) companies. The analysis provides a conceptual overview of the key value drivers
behind fintechs, including the utilization of resource-based theories, business models,
human-centered design and open innovation. The article introduces how fintechs can serve
as an enabler of innovation in the incumbent financial sector and can have positive effects
on the triple-bottom-line by solving the problems of people who live at the bottom-of-the-
pyramid.

(8) TITLE: - Fintech integration process suggestion for banks ARTICLE NO.:- Procedia
Computer Science 158, 971-978, 2019 INVENTOR: - Okan Acar, Yusuf Ensar Çıtak DATE OF
INVENTION:- September 2019 ABSTRACT:- Although the fintech subject has been highly
discussed by the financial institutions all around the world, there are only a few studies on
how banks should draw a framework for fintech integration. In this research, we are aiming
to draw a framework by using business experience in Kuveyt Türk Participation Bank in
Turkey to give guidance to other financial institutions in Fintech Integration Process. This
study contains the entire fintech Integration Process from revealing the needs of the internal
departments to the completion of fintech integration. We divided the Fintech Integration
Process into seven phases. First phase, collecting the needs of internal departments. Second
phase consists of scouting relevant fintechs around the world by using databases and online
platforms. Third phase, fintech makes a presentation for introduction and explains its
business model. At the end of this meeting, relevant bank employees evaluate the
presentation and decide whether to invite fintech again for the Business Committee or not.
Fourth phase, fintech enters the Business Committee to make presentations for Vice
Presidents of the relevant departments. Fifth phase, fintech meets with IT, compliance and
legal departments to discuss and solve problems. In the sixth phase, senior management
makes the decision to start the POC (Proof of Concept) process. Lastly, in the seventh phase,
fintech integration comes alive for the customer's use. All these phases are constructed to
mitigate risks and increase awareness of fintechs in the departments. In this way, most of
the departments get in touch with fintechs and understand the importance of external
collaboration.

(9) TITLE: - Behavioral finance vs. traditional finance ARTICLE NO.:- Adv. Manage 2 (6), 1-10,
2009 INVENTOR: - Nik Maher an Nik Muhammad, N Maher an DATE OF INVENTION: -
October 2009 ABSTRACT: - Behavioral finance, bounded rationality, neuro-finance, and
traditional finance KC Tseng Investment Management and Financial Innovations, 7-18, 2006
The principal purpose of this study is to piece together the important development and
contributions by efficient market hypothesis, bounded rationality, behavioral finance,
neurofinance, and the recently introduced adaptive market hypothesis. In the process the
author will review the selected literature so that they can be linked together for further
consideration and development. When monthly and daily data for S&P 500, DJIA, and
NASDAQ indexes were analyzed from 1971 to 2005, the author found a long string of
positive and significant autocorrelations and great volatility, which were not consistent with
the efficient market hypothesis. The international market indexes from Japan, Hong Kong,
Singapore, Mexico, Taiwan, and Canada are also very volatile even though they show less
volatility compared to the US indexes. Since AMH was introduced in 2004, it is promising but
is still at its infant stage of development. Finally, neural/medical finance can help us
understand the brain activities when investors are making investing and trading decisions,
and the effect of drugs on brain and investment decision-making. The future of neurofinance
and AMH appears to be promising

(10) TITLE: - Fintech and access to finance ARTICLE NO.:- Journal of corporate finance 68,
101941, 2021 INVENTOR: - Helen Bollaert, Florencio Lopez-de-Silanes, Armin Schwienbacher
DATE OF INVENTION:- October 2021 ABSTRACT:- This article surveys research on the effects
of digitalization on access to finance. We focus the review on access through fintech. We
review the growth of three main fintech technologies, fintech lending (incl. peer-to-peer
lending), crowdfunding and initial coin offerings. We discuss existing evidence on how
fintech affects access to finance for firms and investors and consider the regulatory
challenges it poses. We incorporate the papers in this special issue, underlining their
significant contributions to our understanding of the digitalization of finance and its effects.
Finally, we discuss the challenges of research in the digital finance area and propose some
new avenues for future research.

(11) TITLE:- Fintech and the Future of Finance ARTICLE NO:- Asian Journal of Public Affairs,
2017 INVENTOR:- Lee Kuan Yew School of Public Policy Research Paper No. 17-20 DATE OF
INVENTION:-august 18,2017 ABSTRACT:- The application of technological innovations to the
finance industry (Fintech) has been attracting tens of billions of dollars in venture capital in
recent years. Examples of Fintech innovations include digital cash transfer services in Kenya
and India, and peer-to-peer lending platforms in China. These services, when developed in
tandem with complementary government policies and regulatory frameworks, have the
potential to expand financial services to hundreds of millions of people currently lacking
access and to break new ground on the way finance is conducted. This is important because
sustainable economic growth is strongly linked with financial inclusion. The successful
adoption of Fintech to increase financial inclusion is highly dependent on competent
regulatory oversight. By examining varying degrees of success in the adoption of Fintech
services in Kenya, India and China this paper argues that adopting a responsive regulatory
approach, rather than an overly interventionist one, is the most suitable framework for
boosting financial inclusion through technological innovation.

(12) TITLE: - FINTECH SERVICES” AND THEFUTURE OF FINANCIAL INTERMEDIATION ARTICLE

NO: - Economic Research Volume 8(2) March 2021 SLJER 08.02.02 INVENTOR: - P D C S
Dharmadasa DATE OF INVENTION:- march 2021 ABSTRACT: - The aim of this paper was to
review existing literature on Fintech services and their Potential impact on traditional
financial intermediary practices. The review is significant and timely as banks and customers
are gradually familiarizing with these services showing a significant growth of Fintech
utilization in Sri Lanka in recent times. Utilizing a qualitative approach, the paper has
examined two most significant usual practices of banks including: (a) banking practices on
credit, deposits and capital raising and payment services, and (b) banking practices on
clearing and settlement services, because of the emergence of two major Fintech services;
namely, peer to peer (P2P) lending, and digital wallet and crypto currencies. The review
considered both national and international studies on „Fintech‟ adaptation in financial
institutions. It is observed that there is no compelling threat from P2P lending to banking
activities, in general, though there will be migration of lenders from banks to P2P platforms
that will result in banks to lose some segments of customers in the future. The review also
identified that growing usage of smartphones tends to replace physical wallets with digital
wallets Which will bring potential disruptions to traditional operations of the banking
industry? Adoption of Fintech in the banking industry, however, will not result in a complete
Financial disintermediation given the monopolistic nature of money creation by the Banks,
and the risky and unreliable nature of these innovations.

(13) TITLE:- Role of Financial Technology FinTech: A Survey ARTICLE NO:-Advances in

Intelligent Systems and Computing book series (AISC, volume 1153) INVENTOR:- Anjum
Razzaque & Allam Hamdan DATE OF INVENTION:-24 march 2020 ABSTRACT: - FinTech is not
any new theory or a concept. But rather it is a phase which tends to bubble up every now
and then as new forms of technologies revolutionize the world. FinTech has been applied in
various sectors. Multiple scholars have investigated this phenomenon from the prism of the
users in order to comprehend their perceptions of benefits and risks for using FinTech:
predominantly revealing that perceived benefit and perceived risks affect intention to use of
FinTech; and for raising awareness for FinTech users. This is a review of current literature and
it proposes a conceptual model viable for future empirical assessment. Also,
recommendations are made in this article for future research in relation to the model and
the nine propositions of this study. 2023 JETIR February 2023, Volume 10, Issue 2
www.jetir.org (ISSN-2349-5162) JETIR2302488 Journal of Emerging Technologies and
Innovative Research (JETIR) www.jetir.org e742

(14) TITLE: - FinTech and Its Disruption to Financial Institutions ARTICLE NO: - 10.4018/978-
1-7998-5351-0.ch091 INVENTOR: - Research Anthology on Block chain Technology in
Business DATE OF INVENTION: - march 2021 ABSTRACT: - This chapter studies how FinTech is
transforming traditional financial institutions (FIs). This chapter achieves the four related
goals. First, it discusses the current stage of FinTech development in different areas such as
crowdfunding, payment, blockchain, and crypto currency. Second, it examines how each
FinTech development affects traditional FIs, in both positive and negative ways. Third, it
explores how FIs are currently managing FinTech innovations. It also suggests ways through
which these institutions could best utilize FinTech to better serve their customers and
eventually optimize the overall financial system. Finally, following the book's focus on man's
role at the center of technology advancement, this chapter discusses whether FIs'
customers' needs are still placed at the center of FIs' incentives to adapt new technology,
and if not, how can we focus back to the people that the financial system ultimately serves.

(15) TITLE: - Reputation and its consequences in Fintech services: the case of mobile
banking ARTICLE NO: - ISSN: 0265-2323 INVENTOR: - Yen Thi Hoang Nguyen, Tommi
Tapanainen, Hai Thi Thanh Nguyen DATE OF INVENTION: - 3 June 2022 ABSTRACT: - Purpose
Recently, traditional financial institutions are facing strong competition from disruptive
innovators (Fintech firms) forcing them to increasingly invest in new IT solutions to maintain
their competitive edge. However, there are still advantages that traditional financial
institutions enjoy, of which the primary one may be reputation. Surprisingly, the firm
reputation link to use intention has not received much attention in the literature, prompting
this research. The purpose of this study is to examine the firm reputation link to use
intention in the context of mobile banking.

(16) TITLE:- Future Possibilities in Finance Theory and Finance Practice ARTICLE NO:-
INVENTOR:- Robert C. Merton DATE OF INVENTION:-2000 march ABSTRACT:- The origins of
much of the mathematics in modern finance can be traced to Louis Bachelier’s 1900
dissertation on the theory of speculation, framed as an option-pricing problem. This work
marks the twin births of both the continuous-time mathematics of stochastic processes and
the continuous-time economics of derivative-security pricing. In solving his option-pricing
problem, Bachelier provides two different derivations of the classic partial differential
equation for the probability density of what later was called a Wiener process or Brownian
motion process. In one derivation, he writes down a version of what is now commonly called
the Chapman—Kolmogorov convolution probability integral in one of the earliest examples
of that integral in print. In the other, he uses a limit argument applied to a discrete-time
binomial process to derive the continuous-time transition probabilities. Bachelier also
develops the method of images (or reflection) to solve for a probability function of a
diffusion process with an absorbing barrier. All this in his thesis five years before the
publication of Einstein’s mathematical theory of Brownian motion.

(17) TITLE: - Why We’re so Excited About FinTech ARTICLE NO: - Citations: 7 INVENTOR:-
Susanne Chishti,Janos Barberis DATE OF INVENTION: - 18 March 2016 ABSTRACT: - FinTech
encompasses a new wave of companies changing the way people pay, send money, borrow,
lend, and invest. The birth and rise of FinTech is deeply rooted in the financial crisis, and the
erosion of trust it generated. In this favourable landscape, FinTech providers came in,
offering new and fresh services at lower costs, through well-designed platforms or mobile
apps. FinTech companies offer trust, transparency, and technology. They are also widening
access to investment opportunities, through crowdfunding. FinTech in developing countries
is not only about making existing services more convenient: it is creating new infrastructure,
and providing for greater inclusion of millions of people in the real economy. The verdict is
that FinTech Innovation will come from Asia for the most part, followed by Africa, North
America, Latin America, and eventually Europe. It only requires an open innovation mind-set
for banks to join the game.

(18) TITLE:- How do fintech firms address financial inclusion? ARTICLE NO:- Conference or
Workshop Item (Paper) INVENTOR: - Stan Karanasios DATE OF INVENTION:- 11 November
2020 ABSTRACT:- Financial technology (fintech) firms are transforming the financial sector
with new innovative services. Indeed, fintech firms have established themselves as viable
addition to the traditional financial structure and are potentially playing an important role in
addressing financial inclusion. However, hitherto there is limited understanding of how
fintech firms address financial inclusion. In this paper, we present a preliminary phase of
research and analysis on a case study of fintech start-ups in Ghana. We address the research
question: “how do fintech firms address financial inclusion?” Informed through activity
theory, our preliminary findings show that fintech firms act as innovators and aggregators,
leverage existing infrastructure of incumbents and deploy cooperative strategies comprising
elements of competition and cooperation to address financial inclusion. Based on the
findings, this study develops a fintech driven financial inclusion model that explains how
fintech firms work towards addressing financial inclusion.

(19) TITLE:- The role of location in FinTech formation ARTICLE NO:- 32, 2020 - Issue 7-8
INVENTOR:-mari avarmaa & laivi laidroo DATE OF INVENTION:- 30 Sep 2019, Published
online ABSTRACT:- Given the rapid emergence of FinTechs, the objective of this paper is to
determine location-specific factors associated with FinTech establishment intensity using
Porter’s diamond framework. The analysis is based on a country-level dataset covering the
period of 2007–2017 and 107 countries. The results reveal that greater FinTech
establishment intensity characterizes smaller countries, countries with stronger information
and communications technology (ICT) services clusters, and countries that have experienced
a crisis during the recent decade. Greater FinTech establishment intensity is also observed in
countries with greater tertiary education enrolment rates, stronger university-industry
cooperation, greater fixed line availability, and overall ICT readiness. The macroeconomic
situation and indicators of financial development prove to be important determinants of
FinTech formation. Given the importance of several dimensions of location’s diamond in
FinTech formation, FinTech entrepreneurs could benefit from a careful analysis of the
diamond of locations that they are considering as potential places of doing business.
Countries hoping to become more attractive FinTech establishment sites, in turn, should
focus on the elimination of weaknesses in the location’s diamond in close co-operation with
FinTechs.

(20) TITLE:- Fintech vs. Traditional financial services: how are investors reacting? ARTICLE
NO:- INVENTOR:- PhD Joaquim Paulo Viegas Ferreira de Carvalho, Invited Assistant Professor,
DATE OF INVENTION:- October 2021 ABSTRACT:- Financial technology (fintech) has
experienced dramatic growth in the 21st century while the traditional finance sector is
facing challenges of innovative and convenient services brought by financial technology in
the U.S after the 2008 crisis. This dissertation intends to study whether investors view U.S
fintech differently from traditional finance under the influence of macroeconomic variables
(total non-farm payroll, S&P500 index, the spread of 10-year and 2-year Government Bonds,
and 3-month LIBOR). We establish multiple linear regression models for U.S fintech (the
KFTX index as arepresentative) and traditional finance (represented by the S&P 500
Financials Services Select Sector Index) respectively to investigate the relationship between
the above four macroeconomic variables from 2016 to 2020 and then obtain their
comparative model by the difference between their log returns in empirical analysis. We
observe that total non-farm payroll, and S&P 500 index are both statistically relevant in
explaining the variations of the S&P 500 Financials Services Select Sector Index and the KFTX
index while the S&P 500 Financials Services Select Sector Index is also influenced by the
positive and statistically significant effects of 3-month LIBOR and the spread of 10- year and
2-year Government Bonds. In addition, we figure that when 3-month LIBOR or 10-year and
2-year Government Bonds spread rises, investors are inclined to buy more traditional
financial stock represented by the S&P 500 Financials Services Select Sector Index than the
fintech assets represented by the KFTX index. Keywords: Fintech, Traditional finance,
Macroeconomic variables, Multiple linear regression method.

Result and Analysis :-

Research methodology :-

The research methodology for this study will involve a combination of qualitative and
quantitative research methods. The qualitative research will be conducted through a
comprehensive review of existing literature on fintech and traditional financial systems. This
will involve an extensive search of academic journals, books, and relevant online resources.
The literature review will help in establishing a theoretical framework for the study,
identifying research gaps, and developing research questions. 2023 JETIR February 2023,
Volume 10, Issue Journal of Emerging Technologies and Innovative Research The
quantitative research will involve the collection of primary data through an online survey.
The survey will be designed to gather information on the usage and perception of fintech
and traditional financial systems from a broad range of stakeholders, including financial
institutions, fintech companies, regulators, and consumers. The survey will be distributed
through various online channels and will be open for a period of four weeks. The collected
data will be analyzed using appropriate statistical tools and techniques, such as descriptive
statistics and regression analysis. The analysis will help in identifying the key differences and
similarities between fintech and traditional financial systems, as well as their advantages and
disadvantages. It will also explore the impact of regulatory frameworks on the development
and growth of fintech and traditional financial systems. The research methodology will
ensure that the study's findings are reliable, valid, and representative of the financial
industry's current landscape. The combination of qualitative and quantitative research
methods will allow for a comprehensive understanding of the subject matter and provide a
more nuanced perspective on the complex relationship between fintech and traditional
financial systems

DATA COLLECTION

Gathering pertinent data from several sources is part of the data collecting process for
research on how Fintech solutions are improving customer experience in comparison to
traditional banking. This is an organized method for gathering information for a study of such
kind:

Review of the Literature:

Examine scholarly articles, business reports, and case studies about Fintech developments
and how they affect consumer experiences. Determine the main ideas, patterns, and
conclusions pertaining to the contrast between Fintech and conventional banking channels.

1. Financial Institution Reports:

  Obtain reports and data from financial institutions regarding customer
satisfaction, adoption rates, usage patterns, and feedback on Fintech
solutions and traditional banking channels.

 Analyze data provided by banks on customer interactions, transaction

volumes, and digital banking usage.

2. Regulatory Documents and Industry Publications:

 Review regulatory documents, guidelines, and industry publications related to

Fintech regulation, compliance requirements, and market trends.

 Gather information on regulatory frameworks governing Fintech solutions

and traditional banking channels in different jurisdictions.

3. Online Reviews and Social Media Monitoring:

 Monitor online reviews, comments, and discussions on social media

platforms, forums, and review websites related to Fintech solutions and
traditional banking channels.

 Extract insights from customer feedback and sentiment analysis to

understand perceptions of customer experience

4.Usage Data and Analytics:

 Obtain anonymized usage data and analytics from Fintech companies and
traditional banks, including app usage metrics, transaction volumes, and user
engagement statistics.

 Analyze usage patterns and trends to assess the impact of Fintech solutions
on customer experience compared to traditional banking channels.
 5.Secondary Data Sources:

 Utilize secondary data sources such as government reports, industry studies,

and market research reports to supplement primary data collection efforts
and provide context for the analysis.

6.Ethical Considerations:

 Ensure compliance with ethical guidelines and data protection regulations

when collecting and handling sensitive customer data.

 Obtain informed consent from participants and anonymize data to protect

privacy and confidentiality.

By employing a comprehensive data collection approach that integrates both quantitative

and qualitative methods, researchers can gather valuable insights into how Fintech solutions
are enhancing customer experience compared to traditional banking channels.

Sample Size

Since the master thesis research work is purely based on secondary data, my sample size is
restricted to only 2 Hotels, which I will be taking for my research paper

Conclusion

In conclusion, this study has investigated the differences and similarities between fintech
and traditional financial systems, and their impact on the financial industry. The study has
found that fintech offers several advantages over traditional financial systems, including
greater accessibility, lower costs, and faster processing times. However, traditional financial
systems still have their advantages, such as greater security and stability. The study has also
explored the regulatory frameworks that govern fintech and traditional financial systems and
how they impact their development and growth. The findings suggest that regulatory
frameworks play a crucial role in shaping the development and growth of fintech and
traditional financial systems. The study has emphasized the need for responsible and
sustainable development of fintech and the importance of regulatory frameworks to ensure
that the financial industry remains stable and secure. The study concludes that fintech and
traditional financial systems are not necessarily in competition with each other, but rather
complement each other. Fintech has the potential to enhance the existing financial system
and make financial services more efficient and accessible. However, regulatory frameworks
must be put in place to ensure that fintech is developed and used in a responsible and
sustainable manner. The findings of this study will be valuable to financial institutions,
regulators, and investors who seek to understand the changing landscape of the financial
industry and adapt to the new reality brought about by fintech.