1.

1 INTRODUCTION

The financial technology (fintech) revolution has emerged as a

transformative force in the banking industry, reshaping the way financial
services are delivered, consumed, and perceived. Traditionally, banking
has been characterized by brick-and-mortar institutions, lengthy
procedures, and complex regulatory frameworks. However, the advent of
fintech has introduced a paradigm shift, leveraging technology to provide
faster, more efficient, and user-friendly financial services. This shift is
driven by rapid advancements in technology, including mobile
computing, artificial intelligence (AI), big data analytics, and blockchain.
Fintech companies, often startups, have disrupted traditional banking
models by offering innovative solutions that cater to the evolving
demands of consumers and businesses alike.

One of the most significant impacts of the fintech revolution is the

democratization of financial services. Fintech has lowered the barriers to
entry for both consumers and small businesses, providing access to
banking services that were previously difficult to obtain. Mobile banking
apps, for example, allow users to manage their accounts, make payments,
and transfer money at the touch of a button, without the need to visit a
physical branch. Peer-to-peer (P2P) lending platforms have opened new
avenues for borrowers to access credit, bypassing traditional banks.
Moreover, digital wallets and payment systems have streamlined
transactions, making them faster, more secure, and more convenient.

In conclusion, the fintech revolution is redefining the banking industry,

driving innovation, enhancing customer experience, and expanding
1
access to financial services. As technology continues to advance, the line
between traditional banking and fintech will likely blur further, leading to
a more integrated.

ABOUT THE STUDY

MEANING

The fintech revolution has transformed the banking industry in

numerous ways, introducing new technologies, business models, and
innovations that have reshaped the way banks operate, interact with
customers, and provide financial services. Here's a detailed introduction
to the fintech revolution in banking:

Pre-Fintech Era (Traditional Banking)

- Branch-based banking with limited hours and locations

- Paper-based processes and manual transactions

- Limited access to financial services, especially for underserved

populations

- High fees and charges for services

- Limited product offerings and customization

Fintech Revolution (Digital Banking)

- Emergence of digital channels (online, mobile, APIs) for banking

services

- Automation and digitization of processes, reducing manual intervention

- Increased accessibility and convenience through 24/7 services

2
- New business models (e.g., neobanks, digital-only banks)

- Innovative products and services (e.g., mobile wallets, P2P payments)

- Enhanced customer experience through personalized services and

analytics

Key Fintech Drivers in Banking

1. Mobile Banking: Smartphones enabled mobile banking apps, allowing

customers to manage accounts, make transactions, and access services
remotely.

2. Digital Payments: Fintech innovations like contactless payments,

mobile wallets, and cryptocurrencies transformed the way people make
transactions.

3. Cloud Computing: Cloud-based infrastructure enabled banks to scale,

reduce costs, and increase agility.

4. Artificial Intelligence (AI) and Machine Learning (ML): AI-

powered chatbots, predictive analytics, and risk management tools
enhanced customer service and operational efficiency.

5. Blockchain and Distributed Ledger Technology: Secure,

transparent, and efficient transaction processing through blockchain
technology.

6. Open Banking and APIs: Standardized APIs enabled seamless

integration with third-party services, fostering innovation and
collaboration.

7. Data Analytics: Advanced data analytics and insights enabled

personalized services, risk management, and targeted marketing.

3
Benefits of Fintech in Banking

1. Improved Customer Experience: Convenience, speed, and

personalized services

2. Increased Accessibility: Financial inclusion, especially for

underserved populations

3. Operational Efficiency: Automation, reduced costs, and enhanced

productivity

4. Innovation and Competition: New business models, products, and

services

5. Risk Management: Advanced analytics and AI-powered risk

assessment

Challenges and Limitations

1. Regulatory Compliance: Evolving regulatory landscape and

compliance challenges

2. Cybersecurity Risks: Data protection and security concerns

3. Legacy System Integration: Challenges in integrating fintech

solutions with existing infrastructure

4. Change Management: Cultural and organizational shifts required for

fintech adoption

5. Customer Trust and Loyalty: Balancing innovation with customer

trust and loyalty

4
The fintech revolution has transformed the banking industry, enabling
banks to innovate, improve efficiency, and enhance customer
experiences. However, it also presents challenges that require careful
consideration and strategic planning.

1.2. STATEMENT OF THE PROBLEM

Traditional banking systems face significant challenges in adapting to

the rapid technological advancements and shifting consumer expectations
driven by the fintech revolution. Fintech companies are leveraging
technology to offer faster, more efficient, and customer-centric financial
services, often bypassing conventional banking processes. The challenge
is for these banks to innovate and integrate fintech solutions effectively
to remain competitive while ensuring regulatory compliance, data
security, and customer trust. This problem highlights the need for banks
to embrace digital transformation, collaborate with fintech firms, and
rethink their business models to meet the demands of the modern financial
landscape.

1.3. SCOPE OF THE STUDY

The scope of this study focuses on examining the impact of the fintech
revolution on the banking industry, exploring how technological
advancements are reshaping financial services. It will analyse key areas
such as the democratization of access to financial services, enhancement
of customer experience through innovative solutions, and the shift in
competitive dynamics between traditional banks and fintech companies.
Additionally, the study will address the challenges posed by data security,
regulatory compliance, and the evolving landscape of financial
5
technology. By exploring these facets, the study aims to provide a
comprehensive understanding of the fintech revolution's role in
transforming banking, both in the present and future contexts.

1.4. SIGNIFICANCE OF THE STUDY

The significance of this study lies in its ability to illuminate the
transformative effects of the fintech revolution on the banking sector,
providing valuable insights for stakeholders, including financial
institutions, policymakers, investors, and consumers. By understanding
the dynamics of fintech innovations, traditional banks can strategically
adapt to maintain relevance and competitiveness in an increasingly digital
market. For policymakers, the study offers critical perspectives on
developing regulatory frameworks that balance innovation with security
and consumer protection. Additionally, the findings highlight the
potential for fintech to enhance financial inclusion, demonstrating how
technology can bridge gaps in access to banking services, particularly for
underserved populations. Ultimately, this study underscores the
importance of embracing and navigating the fintech revolution to shape a
more efficient, inclusive, and secure financial ecosystem.

1.5. OBJECTIVES OF THE STUDY

• To understand the level of awareness of the customers on various

fintech services.
• To know the factors which promote the use of fintech services.

• To assess the level of satisfaction of the customers in using

fintech services.

6
 • The identify the challenge faced by the customers while using
fintech services.

• To give valuable suggestion to improve the usage of fintech

services.

1.6. RESEARCH METHODOLOGY

The methodology adopted for the present. Study consists & four parts.
They are,

1.6.1 Research Design

This study in descriptive research design is defined as a research

method that determines the Event of consumers opinions on Fintech
Revolution in Banking. Using statistical data. In this type & design,
relationship between the number of facts are Sought and interpreted. The
data for this survey war further collected from the public .

1.6.2 Period of the Study

The study was conducted for a period of 4 Months.

1.6.3 Source of Data

• Primary Data:

The primary data through which data are collected the first time and those
append original to be character. The primary data was collected through
questionnaire.

• Secondary Data:

7
The secondary data are those which have already been collected by
someone. The secondary data was collected from books, magazines and
internet.

1.6.4 Tool Used in The Study

The statistical techniques are used for percentage analysis.

No. Of Respondents
𝐹𝑜𝑟𝑚𝑢𝑙𝑎 = × 100
Total no. of Respondents

1.7. LIMITATION OF THE STUDY

Lack of security that will be easy for frauds to hack the such
transactions. Fintech companies may be more vulnerable to cyber-attacks
and other security risks than traditional financial institutions. This is
because they often rely on technology to provide their services, and if
their systems are compromised, it could result in a breach of sensitive
information. Fintech companies often rely on technology to provide their
services, which means there is often little or no human interaction. This
can be a disadvantage for some people who prefer to deal with a person
when it comes to financial matters.

Fintech companies may not offer the same range of financial products
and services as traditional financial institutions. For example, they may
not offer loans or mortgages, which means customers may have to use
multiple providers for all their financial needs. Fintech is a relatively new
industry, and regulations are still catching up. This means that there may
be regulatory issues that fintech companies need to navigate, which can
be time-consuming and costly. Fintech companies may be more

8
vulnerable to fraud than traditional financial institution. This is because
they often rely on technology to provide their services, and if their
systems are compromised, it could result in fraudulent activity.

1.8. CHAPTER SCHEME

Chapter 1: Introduction and design of the study.

The first chapter deals with the Introduction of the fintech revolution in
banking, statement of the problem, scope of the study, objectives of the
study, significance of the study, Research Methodology and Limitations
of the study.

Chapter 2: Review of literature

The chapter deals with the review of literature of the study by various
researchers.

Chapter 3: Conceptual framework of the study

The chapter covers the Conceptual framework of the study.

Chapter 4: Data analysis and interpretation

This chapter deals with the concept of the study, the analysis and
interpretation of data.

Chapter 5: Findings, suggestion and conclusion

This final chapter deals with findings, suggestions and conclusions of the
study.

9
1) Wissem Ajili Ben Youssef (2024), In his study on “The Factoring in The
Era of The Fintech Revolution”. Found out that the review is based on the
technology and changing roles in managerial and financial accounting on
the basis of theoretical knowledge and practical covid-19 has made
digitization a significant issue for companies regardless of their form or
geographical location. The research focuses on the financial technology
(fintech) revolution in the context of international development. Its
theoretical framework his in both the fields of fintech and factoring. As
innovative startups that combine finance with new technologies. So,
fintech have been able to disrupt the banking world in few years by
challenging its traditional practices. The entire sample of document
analysed their authors and the keywords used and the most cited works.

2) Dr.Ninu rose (2024), In her study on the “AI role distributing traditional
banking and financial services”. Found out that the rapid advancement of
AI technology has sparked a revolution in the financial services industry.
This helps to explore the transformative impact of AI on traditional
banking and financial services. This involves the various application in AI
in banking and finance services including customer service, personalized
financial advice, risk management, fraud detection and algorithms trading.
The findings revealed that AI technology such as machine learning, natural
languages and predictive analysis are enabling financial institution to
streamline process, automatically respective tasks and deliver more
personalized and efficient services.

3) Lerong Lu (2024), In his study on “Understanding Fintech”. Found out

that the review it provides readers with a better understanding of fintech by
examining with a better understanding of Fintech by examining its
conceptual meanings, main forms, special features, and social values. It
10
 assesses global Fintech hubs in six continents, while discussing the
ecosystem's key players like Fintech regulators (e.g., regulatory strategy,
regulatory sandbox, and regtech) and Fintech corporations (e.g., incumbent
banks, financial holding companies, Fintech unicorns, Big Tech firms, and
Metaverse platforms). This book conducts detailed Fintech case studies in
three areas, including app-based banking, online P2P lending, and digital
money and payment. It argues that Fintech contributes to a more equal,
democratic, inclusive, and sustainable financial system.

4) Padmini Tomer (2024), in her study on “financial technology revolution

in India: an appraisal”. Found out that role of artificial intelligence has
increased tremendously in the field of finance. To promote digital financial
service in India main foundation stones are unified payment interface
(UPI), (JAM) trinity i.e. JAN -Dhan, Adhar and mobile. First objective is
to study the evolution of fintech of worldwide, and its relationship with
data science and artificial intelligence. Secondly, to analyse fintech
revolution, trends, problems and prospects in Indian context. Finally, the
research article also highlighted the regulatory framework for fintech
industry in India.

5) Hassan chikri (2024), In his study on “Financial revolution: Innovation

powered by fintech and artificial intelligence”. Found out that the fintech
aims to enhance customer experience by creating a more customized and
user-friendly financial environment that is always evolving. An in-depth
analysis of these recent advancements brings attention to the untapped
possibilities and difficulties that arise from this merging of technologies.
The development of Fintech, which occurs at the intersection of finance
and technology, centres on two essential elements: providing client service
and ensuring transaction security. Fintech, driven by artificial intelligence,
11
 offers a smooth, easily accessible, and highly secure experience, which is
reshaping the future of finance in the contemporary digital environment.

6) Shangjie Li (2024), In her study on “Traditional banking evolution in the

fintech revolution”. Found out that it provides a brief introduction to banks,
outlining their structures, and functions against the background of the
development in the financial market. The paper also discusses how fintech
could potentially interact with banks and the possible changes in bank
financing systems, clearing systems, and credit rating systems in light of
the fintech revolution. This integration can help improve the efficiency of
financing, clearing, and credit rating systems by utilizing fintech
techniques already in use such as P2P lending, blockchain, and artificial
intelligence (AI).

7) Janes Rocha (2023), In her study on “The mainstream media view of the
fintech revolution”. Found out that the access to the banking system. They
should follow social responsibility parameters. They fill a market gap left
by banks. They view of fintech as something capable of “Revolutionizing
the world” is common nowadays. The financial technology, fintech were
designed to fill a gap that banks. In the inclusion of users on the margins
of the financial system. They reducing interest rates, fees & change costs
for regular customers. Fintech presenting an investment opportunity. It also
almost nothing is explored in terms of social impacts.

8) Ahmad Faour (2023), In his study on “Fintech Revolution: How

established banks are embracing innovation to stay competitive”. Found
out that they bank fintech partnerships are a cornerstone of this
transformation. They allowing traditional banks to enhance services. The
process of dynamic between fintech and banks. It initiatives like open
12
 banking and open finance are fostering collaboration. They regulatory like
frameworks of the European data strategy. They are promoting competition
& the consumer protection. It signifies a new era of innovation &
inclusivity. They navigate the challenges of regulatory & customer trust. It
enhanced value for consumers in the fintech.

9) Mohammad Asif (2023), In his study on “The Impact of fintech and digital
financial services”. Found out that to reach the underbanked with segments
of the population and they provide a stable operating environment for
fintech business. In this the regression and correlation were employed.
They took together with secondary data gathered from the RBI, to analyse
this influence. They aimed about the determine the impact of fintech &
digital financial services on financial inclusion in India. Especially for the
middle class according to results, fintech business have significantly aided
inclusion of the policy-makers to working hard to bring every individual in
this organised financial system.

10) Varsha Rani Patel (2023), In her study on “financial technology

revolution in India”. Unravelling the dynamics of growth and innovation
"found out that this is the witnessed unprecedented growth and innovation,
reshaping the traditional financial landscape beginning with the historical
analysis analyses the paper examines key drivers such as digital adoption
trends, government policies, and the startup ecosystem. It further delves
into the innovative strides made in payment solutions lending platforms
and insurtech. The subsequent sections dissect the technological
advancement propelling fintech growth, the evolving regulatory landscape
and the transformative impact on traditional financial services. The article
critically evaluates the challenges faced by traditional financial institution
and the collaborative initiative undertaken with fintech startups.
13
 Anticipated future trends, including the influence of emerging
technologies, regulatory consideration and shifts in consumer behaviour
are discussed in detail.

11) Manish Dadhich (2023), In his study on “fintech revolution and future of
sustainable banking opportunities and risk analysis”. Found out that it is a
traditional banking industry, creating new opportunities for innovation and
growth. This revolution also significant risk, including cyber security
threats, data privacy concern, limited regulatory oversight limited access to
capital, and the risk of exacerbating inequalities. It will analysis the
opportunities and risk associated with the fintech revolution and future of
sustainable banking. Importance of leveraging innovation to create more
sustainable and equitable financial system while prioritizing cyber security,
data privacy, and regulatory complaints. It also emphasizes the need to
promote financial inclusion and responsible investment and to integrate
ESG considerations into risk management strategies. It may create a more
equitable and sustainable financial system for the future.

12) Maran kaliyamoorthy (2023), In his study on “An empirical study on

impact of fintech on banking industry”. Found out that the point out several
significant impacts that fintech has had on the banking industry. They also
some difficulties and dangerous related to the adoption of fintech in the
banking industry. The concern is around data privacy, cyber security
regulatory issues. The possible in stability of conventional banking
institutions are few of them. This study provides through examination of
how fintech has affected the banking sector as a whole. They describing
the benefits, drawbacks and outcomes of this technological revolution. It
further research into how fintech is influencing the future of banking and
creates the foundation for subsequent investigation.
14
13) Manaf Ai-okaily and Yazan around (2023), In his study on “the role of
digital accounting transformation in the banking industry sector: an
integrated model”. Found out the adoption of digital accounting, adoption
of fintech innovation and technological competition are the major drivers
for improving business performance. Here the abstract under purpose of
digital transformation revolution has brought outstanding changes to
business organisation, especially in the digital accounting transformation
domain. The purpose of the study is to explore the important role of digital
accounting transformation in improving business performance in the
context of the banking industry The document result have said the adoption
of digital accounting, adoption of fintech innovation and technological
competitors are the major drivers while the technological savvy was
formed to indirectly affect the relationship between fintech innovation and
improving business performance.

14) David mhlanga (2023), In his study on “Fintech and climate-Related

challenges in the fourth industrial Revolution”. Found out that the
increasing demand for financial resources from a individuals and business
had led to the development of various financial instruments, such as
microfinance, insurance and cash transfer to address climate related. The
concept of financial inclusions, which aims to provide access to financial
service to underserved and marginalized populations, has also gained
important in the population of most vulnerable to its effects. Fintech will
provide solution to challenges associated with the climate change,
including its ability to increase financial inclusion, facilitate sustainable of
investments and support climate adaptation and mitigation efforts.

15
15) Thiruma valavan A(2023), In his study on “fintech is enabler or
descriptive to the banking industry: An analytical study”. Found out that
fintech uses specialised software and algorithms that are employed on
computers and, increasingly, smartphones to assist businesses, business
owners and individuals in the better managing their financial operations,
processes and lives. The term "financial technology" is combined with the
word fintech. The word "fintech" was first used to describe the technology
used in the back-end systems of established financial institutions when it
first appeared in the 21st century. It changed towards more consumer focus
definition various areas and industries, including education, management,
to name a few. This study is conducted to understand, the impact of fintech
in the banking industry. To find out whether it is descriptive to the business
or it is and enabler to increase business.

16) Rajath karangara (2023), in his study on the "Impact on Fintech on

banking industries in UK and Europe". Found that the crucial examination
of financial performance matrices in European Bank that have been
impacted by fintech integration such as return as assets and return of equity
and net interest margin. In depth study emphasis critical role that
technology will play in defining the future course of banking sector by
frosting innovations, client loyalty and financial success. Peer-to-peer
payment application, virtual currencies and mobile wallets are just after
examples of the cutting-edge payment method made possible by fintech.

17) Neetika dharma (2023), In her study analysed on "Recent trends in

banking Gen-z's perspective" found that states that banking is an important
internal part of economic system. India have a well-developed banking
such as nationalized banks, private sector bank, cooperative bank a and
Foreign banks. Gen z include people born between 1995 and 2010 the
16
 members of the generation enter the world with smartphones and easy
access to the internet they have high expectations from BFSI school sectors
and the quality of banking sectors.

18) Gardon kuo siong tan (2022), In his study on “The impact of fintech on
retail financial practices". Found out that claims of a fintech revolution
assume that fintech is descriptive because of its innovative capabilities, but
the extent to which these descriptive forces have reconfigured to consumer
financial knowledge and practices is not well understood. Using a
questionary to survey retail consumers in Singapore on their use of fintech
in performing different financial tasks, this article critically examines these
claims of disruption and democratization by grounding them in the
financial behaviours of consumers as informed by a financial behaviour
ecologies approach. Respondents use fintech mainly for basic transactional
purpose like making mobile payments and account management, but not so
much for more complex matters like saving, investing and credit.

19) Sathvik S (2022), in his study on “Fintech and digitalisation of financial

services: An overview”. Found out that financial stability (FSB) define
fintech as “technologically enabled financial innovation that results in
business models, applications, processes or products with an associated
material effect on financial markets and institutions and the provision of
financial services”. Fintech is considered as technological innovation in the
area of financial services which use digital platforms to bring out changes
in the existing system. The digital infrastructure, demographic factors, flexi
policies of government were the major triggers of fintech revolution.

20) Batiz-lazo.B and Gonzalez-correa.I (2022), In a study on "startups

gender disparities , and the fintech revolution in Latin America". Found
17
 out that the process of entrepreneurial activity to deploy financial
technology through mandate specific new companies in Latin America.
The abstract of this study is deal with important historical issues such as
defining the term establishing temporal and industrial activity boundaries,
positioning this particular process within other organisational forms typical
of the region, the role of women and other relevant issues such as the
modernisation of retail payments and personal lending. A central question
is whether fintech startups have had a "scissors" effect in the entrepreneur
process of Latin America. In this document the result provides an initial
assessment of gender disparities and barriers enabling women entrepreneur
in the fintech ecosystem.

21) Iaonnis Anagnostopoulos (2022), In her study on “Fintech and regtech:

Impact on regulator and banks”. This study examined the implications for
financial institutions, and regulations especially when technology poses a
challenge to the global banking and regulatory system. It is wide ranging
overview of the development, the current state, and possible future of
fintech. This attempts to connect practitioner and academic research. It
draws on professional practitioners round table discussions, and think-
tanks in which the author has been an active participants. We attempt to
interpret banking, and regulatory issues from a behavioural perspective.
The crisis exposed significant failures in regulations and supervisions.
Such results range from achieving an orderly market growth, further aiding
systematic stability and restoring trust and confidence in the financial
system.

22) Charalampos basdekis (2022), In his study on the “Fintech rapid growth
and its effect on banking sector”. Found out that it widely accepted that the
fourth industrial revolution has affected the living and working conditions
18
 of the societies. The advance technologies entrepreneurs became more
complex and remarkably computerized within such a significantly changes
it is rather expected that banking has been one of the most challenged
sectors.

23) Arushi agarwal (2022), In her study on "A perception study of neo-
banking as a fintech revolution", found out that states that the paper also
throws light upon the huge growth potential of neo banking in India apart
from traditional banking services. The later part of the paper covers the
perception study of general public towards new banking the methodology
used in exploratory research design and convenience sampling method is
used to select the respondents. The primary data is sourced by circulation
online questionnaire through Google forms.

24) Mansurali Anifa (2022), In his study on “Fintech innovations in the

financial service industry”. Found out that this study contributes to the
theoretical constructs of fintech innovations in the financial services
Industry and show that such innovations play a crucial role in shaping the
nature of future of business. This study aims to enrich the understanding of
fintech innovations in payments and finance in investigate the correlation
and significance of regulatory framework in maintaining a fair ecosystem.
The results of this study have implications for researches who deploy this
research has a reference point to get a holistic insight and a detailed
mapping of innovations in fintech.

25) Daniel Broby (2021), In her study on “Fintech and the future of banking”.
found out that the bank of the future will have several different
manifestations. They explain how digital banking will be structurally as
well as physically different from the bank. They extending the contributing
19
 of the banking form like Challenger banks and banking service. The
payment will reshape the social media of banking industry. The framework
that describe the business model of banks. it draws on the classical theory
of banking digital transformation. The existing trends and by extending the
theory of the banking firm.

26) Albert W.K. Tan (2020), In his study on “The Rise of Financial
Technology”. Found out that they analysis the emergence of fintech. It
shows the still trying to come up with a universal of fintech. The attributes
and characteristics, especially it’s interaction with the ecosystems. They
are interesting and worth of further scrutiny. They adaption pattern like
especially in developing countries. While they are increasing debate in the
fintech. They observe and explore the literature from multiple perspectives.
They synthesising the fintech of potential areas for further exploration. The
fintech can be interpreted differently in different contexts without any
consensus. The way of innovation in relation to fintech.

27) Sharif Abu karsh (2020), In his study on, “The New Era of financial
technology in banking industry”. Found out that fintech is a digitalised
financial solution that is offered to small businesses and individuals to fulfil
their banking needs. It is expected that fintech companies will be able to
offer the same banking products as existing banks, but the fintech
companies are predicted to grow at a faster pace in countries where digital
technology is available. A study model has been designed that identifies
the depended and independent variables for each hypothesis. Results show
that profitability does change for the traditional banks when there are
fintech companies present in a country and when the banks adopt their own
financial technology into their business model.

20
28) Yaroslava (2020), In his study on "Modern fintech direction in the banking
sector”. Found out that the current technology revolution has also had a
significant impact, including on the banking sector in infrastructure which
is associated with increased automation in banking operations and great
customer focus. The scientific method used in theoretical generalization
comparison and systemization the concept of " Financial technology,
fintech, AI and open banking and blockchain all the types of financial
technologies. Financing all kind of consulting services and payments can
all be considered as one of the most promising areas of future research and
financial technology.

29) Anil Kavuri (2019), In her study on “Fintech and the future of financial
services: What the research gaps”. Found out that consequently, there has
been a considerable increase in academic literature on fintech over the last
five years. They research tends to be scantily connected with no coherent
research agenda. So, the significantly research gaps and important
questions remain. There is a much work to be done before this area
becomes an established academic discipline. They offer coherent research
themes through the group of meetings with policymakers and academics.
Then they also based on a critical assessment of the literature. They created
seven outline keys for research gaps.

30) C.vijai (2019), In their study on “Fintech in India opportunities and

challenges”. Found out that provides alternative solutions for banking
service and non-banking finance services. fintech is an emerging concept
in the financial industry. The main purpose of opportunity and challenges
in the fintech industry. It explains the evolution of the fintech Industry and
present fintech in the finance sector. The fintech provides digitalisation
transaction and more secure for the user. The benefits of fintech service
21
reducing operations cost and then friendly users. The fintech services India
fastest growing in the world. The fintech service or going to change the
habits and behaviour of the Indian finance sector.

22
INTRODUCTION:

Fintech stands for financial technology delivery of financial services

based on software and technology. At its core, fintech is utilized to help
companies, business owners, and consumers better manage their financial
operations, processes, and lives it is composed of specialized software and
algorithms that are used on computers and smartphones.

When fintech emerged in the 21st century, the term was initially applied
to the technology employed at the backend systems of established
financial institutions, such as banks. From 2018 or so to 2022, there was
a shift to consumer – oriented services. Fintech now includes different
sectors and industries such as education, retail banking, fundraising and
nonprofit, and investment management, to name a few.

Fintech also includes the development and use of cryptocurrencies, such

as bitcoin. While that segment of fintech may see the most headlines, the
big money still lies in the traditional global banking industry and its
multitrillion – dollar market capitalization.

FINTECH USERS:

There are four board categories of users for fintech:

• Business – to – business (B2B) for banks.

• Clients of B2B banks.

• Business – to – consumer (B2C) for small businesses.

• Consumers.

23
 Trends towards mobile banking, increased information, data, more
accurate analytics, and decentralization of access will create opportunities
for all four groups to interact in unprecedented ways. As for consumers,
the younger you are, the more likely it will be that you are aware of and
can accurately describe what fintech is consumer – oriented fintech is
mostly targeted toward gen z and millennials, given the huge size and
rising earning potential of these generations.

When it comes to businesses, before the adoption of fintech, a business

owner or startup would have gone to a bank to secure financing or startup
capital. If they intended to accept credit card payments, they would have
to establish a relationship with a credit provider and even install
infrastructure, such as a landline – connected card reader. Now, with
mobile technology, those hurdles are a thing of the past.

UNDERSTANDING FINTECH:

Broadly, the term “Financial Technology” can apply to any innovation

in how people transact business, bookkeeping. Since, the internet
revolution, financial technology has grown explosively.

You likely use some element of fintech on a daily basis. Some examples
include transferring money from your debit account to your checking
account via your IPHONE, sending money to a friend through venmo, or
managing investments through an online broker.

According to EY’S 2019 global fintech adoption index, two – thirds of

consumers utilise At least two or more fintech services, and those
consumers are increasingly aware of fintech as a part of their daily lives.

24
FINTECH IN PRACTICE:

The most talked – about (and most funded) fintech startups share the
same characteristic: The are designed to challenge, and eventually take
over, traditional financial services providers by being more serving and
undeserved segment of the population, or providing faster or better
services.

For example, financial company affirm seeks to cut credit card companies
out of the online shopping process by offering a way term loans for
purchases. While rates can be high, affirm claims to offer a way for
consumers with poor or no credit a way to secure credit and build their
credit history.

Similarly, better mortgage seeks to streamline the home mortgage process

with a digital – only offering that can reward users with a verify pre –
approval letter within 24hours of applying. Greensky seeks to link home
improvement borrowers with banks by helping consumers avoid lenders
and save on interest by offering zero – interest promotional periods.

For consumers with poor or no credit, Tala offers consumers in the

developing world micro loans by doing a deep data dig on their
smartphones for their Transactions history and seemingly unrelated
things, such as what mobile games they play. Tala seeks to give such
consumers better options than local banks, unregulated renders, and other
micro finance institution.

PROS AND CONS OF FINTECH:

PROS OF FINTECH CONS OF FINTECH

• Real time data collection • Lack of security

25
 • Better customer service • No uniform standards
• Helps in decision making • Complex networks
• Easier payment
• Effective interactions

FINTECH LANDSCAPE:

 Cryptocurrency: These often rely on blockchain technology, which is a

distributed ledger technology (DLT) that maintains records on a network
of computers but has no central ledger. Blockchain also allows for so-
called smart contracts, which utilize code to automatically execute
contracts between parties such as buyers and sellers.

 Insurtech: which seeks to use technology to simplify and streamline the

insurance industry.
 Regtech: which seeks to help financial service firms meet industry
compliance rules, especially those covering Anti-Money Laundering and
Know Your Customer protocols that fight fraud.
 Robo advisor: such as betterment, utilize algorithms to automate
investment advice to lower its cost and increase accessibility. This is one
of the most common areas where fintech is known and used.
 Cybersecurity: Given the proliferation of cybercrime and the
decentralized storage of data, cybersecurity and fintech are intertwined.
 AI Chatbots: which rose to popularity in 2022, are another example of
fintech’s rising presence in day-to-day usage.

FINTECH AND NEW TECHNOLOGIES:

26
 New technologies, such as machine learning artificial intelligence (AI),
predictive behavioural analytics, and data – driven marketing, will take
the guesswork and habit out of financial decisions.

“Learnings” apps will not only learn the habits of users but also engage
users in learning games to make their automatic, unconscious spending
and saving decisions better.

Fintech is also a keen adapter of automated customer services technology,

utilizing, chat bods and AI interface to assist customers with basic task
and keep down staffing costs.

Fintech is also being leveraged to fight fraud by leveraging information

about payment history to flag transactions that are outside the morn.

IMPORTANCES OF FINTECH

With technological advancement, business do not confine themselves

to the traditional ways; credits go to the fintech revolution and fintech
solutions.

With the maturity of technology at an all-time high, business, with the

help of a fintech consultant, are coming up with innovative ways to
achieve their goods. And one of them includes fintech solution. It refers
to a process through which innovations in the banking, insurance, or other
financial services industry have led to new technologies that have made
possible cheaper, faster and more effective customer transaction.

It is a revolution changing how things word by providing new services

and products. For more help with this, you can rely on financial
technology consulting. In layman’s language, fintech is one of the most
important pillars of the financial system. And for the same reason, the
27
 most of the ventures now present the potential to transform financial
services with the help of financial software development or with the
guidance of fintech software developers.

So, what’s the trade secret behind this influential sector? let examine the
primary justification for the significance of fintech.

1.) Fintech revolution helps in building a better economy.

2.) Fintech is a Cost-effective alternative.
3.) Fintech ensures transparency and compliance
4.) Fintech enhances business.
5.) Fintech is shaping today’s financial industry.

SCOPE:

1.) Technical innovations applied in a Traditional financial service.

2.) Disruptive innovation empowered by digital technology.
3.) Otherwise, IT and digital technologies are already used by financial
institution fintech is about disruption.

ADVANTAGES OF FINTECH:

1. Ease of Access and Affordability:

One of the main advantages of fintech is the easy access to financial

services. Using digital platforms, individuals or businesses can access
various financial services such as payments, loans, investments, and fund
transfers anytime, anywhere. Fintech has also reduced transaction costs,
making financial services more affordable for many.

2. Efficiency and Speed:

28
 Fintech eliminates the need for time-consuming manual processes in
traditional financial services. With technologies like automation, real-
time data processing, and advanced algorithms, fintech provides more
efficient and faster financial services. For example, online loan
applications can be completed in hours or even minutes compared to the
days-long process in conventional financial institutions.

3. Innovation in Products and Services:

Fintech drives innovation in financial products and services, creating new

solutions that adapt to customer needs and preferences. Examples include
digital payment apps replacing cash usage, investment platforms with
diversified portfolios, and financial planning apps helping individuals
manage their finances more effectively. This innovation provides a better
and more tailored user experience.

4. Transparency and Security:

Fintech often offers higher transparency levels in financial transactions.

Through digital platforms, users can track and monitor their financial
activities in real-time. Moreover, sophisticated security technologies
protect user data and financial transactions. Data encryption, two-factor
authentication, and other security measures help reduce the risks of fraud
and security breaches.

5. Financial Inclusion:

A crucial aspect of fintech is financial inclusion. Fintech has helped

address financial gaps by providing access to financial services for those
previously underserved by traditional financial institutions. Using easily
accessible technology like smartphones, fintech enables individuals
without bank accounts to access the financial services they need,
contributing to financial stability and improved well-being.
29
 DISADVANTAGES OF FINTECH:

1. Data Security:

One major drawback of fintech is the challenges related to data security.

In a connected digital world, the risk of personal or financial data leaks
increases. Security breaches or cyber-attacks can lead to identity theft,
fraud, or misuse of financial information. Therefore, strong data
protection and compliance with security standards are crucial in the
development and use of fintech.

2. Technological Dependence:

While fintech’s advantage lies in sophisticated technology, it can also be

a disadvantage. Fintech heavily relies on stable technological
infrastructure and good internet connectivity. Technical disruptions or
system vulnerabilities can result in downtime or errors in financial
transactions, leading to losses for users. Therefore, technical risks and the
need to maintain robust infrastructure must be considered.

3. Unequal Access:

Despite reducing the gap in access to financial services, some groups still
face barriers with fintech. Individuals with limited access to technology,
such as those without smartphones or internet access, may struggle to
benefit from fintech services. Additionally, there is a digital divide
between generations or societal groups more familiar with technology and
those less skilled in it.

4. Lack of Consistent Regulation:

The fintech industry is relatively new, and regulations are still evolving.
The lack of a consistent regulatory framework and regular updates can
pose challenges in terms of consumer protection, compliance, and market

30
 stability. It is crucial for governments and relevant institutions to develop
a balanced regulatory framework that encourages innovation while
safeguarding consumer interests and mitigating systemic risks.

5. Dependency on Financial Technology:

Fintech has become an integral part of people’s financial lives. However,

excessive use or unbalanced reliance on fintech can be a disadvantage.
Overreliance on financial technology may lead to a loss of human
involvement in financial decision-making. Moreover, in case of
technological disruptions or data loss, individuals or businesses heavily
relying on fintech may face significant consequences.

Overall, fintech has brought about many changes and advancements in

the financial world. Fintech’s advantages include easy access, transaction
efficiency, and lower costs. Nevertheless, fintech also has disadvantages,
such as data security issues, technological dependence, and a lack of
consistent regulation. Therefore, fintech users should understand the
associated risks and take steps to protect themselves. Additionally, the
government’s role in developing adequate regulations to safeguard
consumer interests is crucial for the continued success of fintech in the
future.

REGULATION AND FINTECH:

Financial services are among the most heavily regulated sectors in the
world. As such, regulation has emerged as the number one concern among
governments as fintech companies take off.

According to the U.S. department of the treasury, while fintech firms

create new opportunities and capabilities for companies and consumers,

31
 they are also creating new risks to be aware of. “Data privacy and
regulatory arbitrage” are the main concerns noted by the Treasury. In its
most recent report in November 2022, the Treasury called for enhanced
oversight of consumer financial activities, specifically when it comes to
nonbank firms.6

Regulation is also a problem in the emerging world of

cryptocurrencies. Initial coin offerings (ICOs) are a form of fundraising
that allows startups to raise capital directly from lay investors. In most
countries, they are unregulated and have become fertile ground for scams
and frauds. Regulatory uncertainty for ICOs has also allowed
entrepreneurs to slip security tokens disguised as utility tokens past the
U.S. securities and exchange commission (SEC) to avoid fees and
compliance costs.

Because of the diversity of offerings in fintech and the disparate industries

it touches, it is difficult to formulate a single and comprehensive approach
to these problems. For the most part, governments have used existing
regulations and, in some cases, customized them to regulate fintech.

What are examples of fintech?

Fintech has been applied to many areas of finance. Here are just a few
examples.

 Robo-advisors: Are apps or online platforms that optimally invest your

money automatically, often for little cost, and are accessible to ordinary
individuals.

 Investment apps: Like Robinhood make it easy to buy and sell stocks,
exchange traded fund (EFTs) and cryptocurrency from your mobile
device, often with little or no commission.

32
 Payment apps: Like PayPal, Venmo, Block (Square), Zelle, and Cash
App make it easy to pay individuals or businesses online and in an
instant.
 Personal finance apps: Such as Mint, YNAB, and Quicken Simplified let
you see all of your finances in one place, set budgets, pay bills, and so
on.
 Peer-to-peer (P2P) lending: Platforms like Prosper Marketplace,
Lending Club, and Upstart allow individuals and small business owners
to receive loans from an array of individuals who contribute microloans
directly to them.
 Crypto apps: Including wallets, exchanges, and payment applications,
allow you to hold and transact in cryptocurrencies and digital tokens like
Bitcoin and non-fungible tokens (NFTs).
 Insurtech: Is the application of technology specifically to the insurance
space. One example would be the use of devices that monitor your
driving in order to adjust auto insurance rates.

CONCLUSION:

Fintech it is a movement where many small businesses want to change

the way we understand financial services using technology. Therefore we
can say that it is new technology financial.

The fintech they are changing the traditional finance sector, both at the
individual and business level, these companies are growing exponentially
and have decided to compete with traditional banks to avoid financial
monopoly. In alter finance we after a wide variety of financial advisory
services in case you need great professionals to help you manage and
make decisions about your company.

33
4.1 Gender of The Respondents

Gender No. of respondents Percentage

Male 26 31.7
Female 55 67.1
Non-Binary 0 0
Prefer Not to Say 1 1.2
Total 82 100

GENDER

1%
0%
32% MALE
FEMALE
NON-BINARY
67% PREFER NOT TO SAY

INTERPRETATION:

Table 4.1 shows the Gender of the Respondents from the table. It is clear that
67.1% of the respondents are female. 31.7% of them are in the respondents are
Prefer Not to Say.

The majority of the respondents i.e. 51.2% them fall in the age group of below
20.

34
4.2 Age Group of The Respondents

Age group No. of respondents Percentage

Below 20 42 51.2
21 -40 35 42.7
41 – 60 5 6.1
Above 60 0 0
Total 82 100

AGE

6%0%
BELOW 20
21 -40
43% 51%
41 – 60
ABOVE 60

INTERPRETATION:

Table 4.2 shows the Age of Respondents from the table, it is clear that 51.2% of
the respondents fall under the age group of Below 20yrs. 42.7% of them are in
the age group of 21 – 40 years of 6.1% of the respondents fall under the age group
of 41 – 60 years of age.

The majority of the respondents 67.1% of them are female.

35
4.3 Occupation of The Respondents

Occupation No. of respondents Percentage

Self-Employed 5 6.1
Unemployed 3 3.7
Employed 26 31.7
Student 44 53.7
Home Maker 4 4.9
Total 82 100

OCCUPATION
6%
4%
5%
SELF-EMPLOYED
UNEMPLOYED

32% EMPLOYED
53% STUDENT
HOME MAKER

INTERPRETATION:

Table 4.3 shows the Occupation of the Respondents. From the table, it is clear
that 53.7% of the respondents are students. 31.7% of them are employed. 6.1%
of the respondents are self – employed. 4.9% of the respondents are home makers.
31.7% of them are unemployed.

53.7% of the respondents are students. 31.7% of them are employed.

36
4.4 Qualification of The Respondents

Qualification No. of respondents Percentage

High School 10 12.2
Bachelor’s Degree 55 67.1
Master’s Degree 16 19.5
Uneducated 1 1.2
Total 82 100

QUALIFICATION

1% 12%
20%
HIGH SCHOOL
BACHELOR’S DEGREE
MASTER’S DEGREE
UNEDUCATED
67%

INTERPRETATION:

Table 4.4 shows the Qualification of the Respondents. From the table, it is clear
that 67.1% of the respondent’s qualification bachelor’s degree. 19.5% of the
respondents have completed master’s degree. 12.2% of the respondents have
completed high school. 1.2% of the respondents are uneducated.

67.1% of the respondents have completed bachelor’s degree.

37
4.5 Annual Income of The Respondents

Annual income Respondents Percentage

Below 2,00,000 59 72
2,00,000-5,00,000 17 20.7
6,00,000-15,00,000 4 4.9
Above 15,00,000 2 2.4
Total 82 100

Respondents
2%

5%
Below 2,00,000
21%
2,00,000-5,00,000
6,00,000-15,00,000

72% Above 15,00,000

INTERPRETATION:

Table 4.5 shows the Annual Income of the Respondents. From the table, it is
clear that 72% of the respondents earn below 2,00,000. 20.7% of them earn
2,00,000 to 5,00,000. 4.9% of the respondent’s income is 6,00,000 to 15,00,000.

72% of the respondents has income below 2,00,000.

38
4.6 No. of years as customer in bank

No. of years as
Respondents Percentage
customer in bank
Less than 5 yrs 54 65.9
6-13yrs 20 24.4
14-19yrs 3 3.7
More than 20yrs 5 6.1
Total 82 100

Respondents
6%

4%
Less than 5 yrs

24% 6-13yrs
14-19yrs
66% More than 20yrs

INTERPRETATION:

Table 4.6 shows the No. Of Years as Customer in The Bank. From the table, it is
clear that 65.9% of the respondents are customer for less than 5yrs. 24.4% of them
are customer for 6 – 13yrs. 6.1% of the respondents are customer for 14 – 19yrs.
3.7% of the respondents are customer for more than 2yrs.

The majority of the respondents i.e. 65.9% are customers in bank less than 5yrs.

39
4.7 Opinion on the importance of 24/7 support for their banking needs

Opinion on the importance of 24/7

Respondents Percentage
support for their banking needs

Very Important 51 62.2

Important 25 30.5
Neutral 6 7.3
Not Important 0 0
Total 82 100

Respondents
7%

0%
Very important

31% Important
Neutral
62%
Not important

INTERPRETATION:

Table 4.7 shows the respondents of opinion on the importance of 24/7 support
for their banking needs. 62.2% respondents feel very important 30.5%
respondents feel that banking support is important. 7.3% respondents feel it is
slightly important.

62.2% of the respondents are very important 24/7 support for their banking needs.

40
4.8 Frequency of checking bank A/C balance using the app

Frequency of checking
bank A/C balance Respondents Percentage
using the app
Multiple times a day 16 19.5
Once a day 34 41.5
Few times a week 23 28
Rarely 9 11
TOTAL 82 100

Respondents

11% 20% Multiple times a day

Once a day
28%
Few times a week
41% Rarely

INTERPRETATION:

Table 4.8 shows the no. of respondents frequency of checking bank account
balance using app 41.5% of them check bank balance once a day. 28% of
respondents check few times a week. 19.5% of respondents check multiple times
a day. 11% of respondents check rarely the bank account.

41.5% of respondents check their bank account once a day.

41
4.9 Respondents level of comfort in using biometric authentication for
banking transactions

Respondents level of comfort in

using biometric authentication for Respondents Percentage
banking transactions
Very comfortable 41 50
Comfortable 41 50
Uncomfortable 0 0
TOTAL 82 100

Respondents

0%
Very comfortable
50% 50% Comfortable
Uncomfortable

INTERPRETATION:

Table 4.9 shows the No. of respondent’s level of comfort in using biometric
authentication for banking transactions. 50% of the respondents are very
comfortable and a another 50% comfortable in using the biometric authentication.

50% of the respondents are very comfortable and comfortable in biometric

authentication for banking transactions.

42
4.10 Level of satisfaction on the user experience with their current banking
app

Level of satisfaction on the user

experience with their current Respondents Percentage
banking app
Very satisfied 24 29.3
Satisfied 42 51.2
Neutral 13 15.9
Dissatisfied 3 3.7
Total 82 100

Respondents

4% Very satisfied
16% 29%
Satisfied
Neutral

51% Dissatisfied

INTERPRETATION:

Table 4.10 shows the Level of satisfaction on the user experience with their
current banking app, from the table. It is clear that 51.2% of the respondents are
satisfied, 29.3% of them are very satisfied, 15.9% of them are neutral and 3.7%
of the respondents are dissatisfied.

The majority of respondents i.e. 51.2% are satisfied by the user experience with
their current banking app.

43
4.11 Level of measures taken to ensure financial security online

Level of measures taken to

Respondents Percentage
ensure financial security online
Strong password 40 48.8
Two-Factor authentication 23 28
Regular monitoring accounts 11 13.4
Using secure networks 8 9.8
Total 82 100

Respondents

10% Strong password

13%
Two-Factor authentication
49%
Regular monitoring accounts
28% Using secure networks

INTERPRETATION:

Table 4.11 shows the Level of measures taken to ensure financial security online.
From the table, it is clear that 48.8% of the respondents use strong password, 28%
of them use two – factor authentication, 13.4% of them monitor their accounts
regularly, 9.8% of the respondents are using secure networks.

48.8% of the respondents are strong password measures in financial online.

44
4.12 Frequency security issues faced by the respondents

Frequency security
issues faced by the Respondents Percentage
respondents
Always 15 18.3
Sometimes 33 40.2
Frequently 11 13.4
Rarely 14 17.1
Never 9 11
Total 82 100

Always
11% 18% Sometimes
17%
Frequently
14% 40% Rarely
Never

INTERPRETATION:

Table 4.12 shows the securities issues faced by the respondents in fintech
services. From the table, it is clear that 18.3% of the respondents always face,
40.2% of them sometimes face, 13.4% of them frequently face, 17.1% of them
are rarely face and 11% of the respondents have never faced security issues with
financial securities.

40.2% of the respondents are sometimes feel insecurities in fintech services.

45
4.13 Factors that influences the respondents to use new techniques in mobile
banking

Factors that Influence the

respondents to use new Respondents Percentage
techniques in mobile banking
Reduced time of transaction 38 46.3%
Cost effectiveness 22 26.8%
Ease of use 19 23.2%
Technology savvy 3 3.7%
Total 82 100%

Respondents

4% Reduced time of transaction

23%
Cost effectiveness
46%
Ease of use
27% Technology savvy

INTERPRETATION:

Table 4.13 shows that the factors the influence the respondents to adopt new
technique in mobile banking. 46.3% have stated it reduced time of transaction.
26.8% respondents stated that it is cost effective. 23.2% stated that ease of use
and 3.7% say it is technology savvy.

46.3% of the respondents stated that reduces time of transaction the factor that
influence to use techniques in mobile banking is that it.

46
4.14 Opinion on convenience through mobile banking

Opinion on
convenience through Respondents Percentage
mobile banking
Very secure 36 43.9%
Somewhat 38 46.3%
Not at all 6 7.3%
Not secure 2 2.4%
Total 82 99.9%

Respondents

0% Very confident
28% 28%
Confident
Neutral

44% Not confident

INTERPRETATION:

Table 4.14 shows the opinion on convenience in mobile banking 43.9% of the
respondents feel very convenient, 46.3% of respondents feel somewhat
convenient, 7.3% of respondents are not at all convenient and 2.4% of
respondents feel not secure in using mobile banking.

46.3% of the respondents feel somewhat that mobile banking would make
banking is more convenient.

47
4.15 Reason for using of mobile banking services offered by bank

Reason for using of mobile

Respondents Percentage
banking services offered by bank
Services are safe 29 35.4%
Mobile banking provides anywhere bill
33 40.2%
payment options
Mobile banking provides stop payment
7 8.5%
for cheques
Mobile banking money transfer facility 13 15.9%
Total 82 100%

Respondents

18%0% Very important

Important
49%
Neutral
33%
Not important

INTERPRETATION:

Table 4.15 shows that 40.2% of respondents convey that it Provide anywhere bill
payment option. 35.4% of respondent felt that the services are safe. 15.9% of
Respondent feel that it offers money transfer facility. 8.5% of respondent states
that it Provide stop payment for cheque.

40.2% of respondents states they use mobile banking service because it provides
anywhere bill payment.

48
4.16 Mobile banking services used by respondents frequently

Mobile banking
services used by Respondents Percentage
respondents frequently
Checking A/c balance 43 52.4%
Transferring funds B/w
21 25.6%
Accounts
Paying bills 14 17.1%
Depositing cheque via
4 4.9%
mobile
Total 82 100%

Respondents
Checking A/c balance

5%
17% Transferring funds B/w
Accounts
52%
26% Paying bills

Depositing checks via mobile

INTERPRETATION:

Table 4.16 shows that 52.4% of respondents are adopting banking services for
checking the balance. 25.6% respondents use for transferring fund. 17.1% of
respondents use for paying bill. 4.9% of respondents use for depositing cheque.

52.4% of the respondents use mobile banking services to check A/c balances.

49
4.17 Frequency in usage of digital wallets for transaction

Frequency in usage of
digital wallets for Respondents Percentage
transaction
Daily 28 34.1%
Weekly 27 32.9%
Monthly 10 12.2%
Rarely 14 17.1%
Never 3 3.7%
Total 82 100%

Respondents

Daily
4%
17% Weekly
34%
12% Monthly
Rarely
33%
Never

INTERPRETATION:

Table 4.17 shows that 34.1% of respondents use digital wallets daily. 32.9%
respondents use it weekly. 12.2% respondents use it monthly. 17.1% respondents
never use it.

34.1% of the respondents use digital wallets daily.

50
4.18 Response on comfort is using digital wallet

Response on comfort is
Respondents Percentage
using digital wallet
Yes, comfortable 29 35.4%
Yes, somewhat 29 35.4%
Neutral 23 28%
No, uncomfortable - -
No, somewhat 1 1.2%
Total 82 100%

Respondents

1%
0% Yes, comfortable
28%
36% Yes, somewhat
Neutral
No, uncomfortable
No, somewhat
35%

INTERPRETAION:

Table 4.18 shows that 35.4% of respondents feel comfortable using digital wallet.
285 of respondents are neutral in using it. 1.2% of respondents are not
comfortable in using digital wallet.

35.4% of the respondents feel comfortable and somewhat comfortable in using

the digital wallet for transaction.

51
4.19 Specify the obstacles while using E – Wallet

Specify the obstacles while

Respondents Percentage
using E – Wallet
Security of mobile payment 38 46.3%
Too time consumption to set up 21 25.6%
Involves danger of losing money 18 22%
Cannot be used for international
5 6.1%
transaction
Total 82 100%

Respondents
Security of mobile payment
6%
22% Too time consumption to set
46%
up
26% Involves danger of losing
money

INTERPRETATION:

Table 4.19 shows the obstacles which is faced by respondents while using the E
– Wallet. It is clear that 46.3% of the respondents said that they need security of
mobile payments and 25.6% respondents said that, it is too time consuming to set
up transaction and 22% of respondents said that involves danger of losing money
while transaction and 6.1% of respondents said the transactions cannot be used
for international transactions.

46.3% of the respondents faces security issues while using mobile payments.

52
4.20 Preferred digital wallet methods

Preferred digital wallet

Respondents Percentage
methods
Credit/debit cards 17 20.7%
Mobile wallets (ex: apple
41 50%
pay, GPAY)
Online payment platforms 24 29.3%
Total 82 100%

Respondents

Credit/debit cards

29% 21%
Mobile wallets (ex: apple
pay, GPAY)

50% Online payment platforms

INTERPRETATION:

Table 4.20 shows the preferences of the respondents by using digital wallet
methods. It is clear that 20% of respondents states that they prefer credit/debit
cards method and 50% of respondents states that they prefer mobile wallets to do
payments. (E.g: GPay) and 29.3% of respondents said that they prefer the
platforms of any online payment.

50% of the respondents said that they use mobile wallets mostly like Apple Pay,
GPay. When compared to credit/debit card and other online payment platforms.

53
4.21 Banks preferred by the respondents for online banking

Banks preferred by the

Respondents Percentage
respondents for online banking
HDFC Bank 9 11%
ICICI Bank 18 22%
Axis Bank 10 12.2%
SBI Bank 27 32.9%
Others 18 21.7%
Total 82 99.8

Respondents

HDFC Bank
22% 11% ICICI Bank
22% Axis Bank

33% 12% SBI Bank

Others

INTERPRETATION:

Table 4.21 shows that the respondents preference of the bank’s online banking
platform. Here, it is clear that 11% of respondents prefer the HDFC bank for
online banking platform and 22% of respondents states that they use ICICI bank
and 12.2% of respondents expressed that they use AXIS bank and 32.9% of
respondent’s states that they prefer SBI bank and 6.1% respondents use Indian
bank for their transactions and 21.7% of respondent’s use those banks for online
banking platform.

32.9% of the respondents are expressed that they use SBI bank as online banking
platform

54
4.22 Challenges you face while using online banking services

Challenges you face while using

Respondents Percentage
online banking services
Technical issue 43 52.4%
Security concern 25 30.5%
Complex process 7 8.5%
Poor customer service 7 8.5%
Total 82 99.9%

Respondents

9% Technical issue
9%
Security concern
52%
30% Complex process
Poor customer service

INTERPRETATION:

Table 4.22 shows the challenges of respondents, while using online banking
services. It is clear that 52.4% of respondents states that they face technical issues
in online banking services and 30.5% of respondents choose security concern has
been faced to use online banking services and 8.5% of respondents faced complex
process and same percentage of respondents, i.e,8.5% face poor customer
services in online banking services.

52.4% of the respondents face technical issue while using online banking
services.

55
4.23 Importance of digital security while using online banking

Importance of digital security

Respondents Percentage
while using online banking
Very important 40 48.8%
Important 27 32.9%
Neutral 15 18.3%
Not important - -
Total 82 100%

Respondents

Very important
18%0%
Important
49%
Neutral
33%
Not important

INTERPRETATON:

Table 4.23 shows the importance of digital security while using online banking.
It is clear that the respondents 48.8% feels very important of digital security in
online banking and 32.95 of respondents express that digital security is important
in online banking and 18.3% of respondents feels neutral on digital security in
online banking

48.8% maximum no. of respondent’s states that digital security is very important
in online banking.

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4.24 The advantages of fintech companies over traditional banks

The advantages of fintech

Respondents Percentage
companies over traditional banks
Lower fees 19 23.2%
More branches 34 41.5%
Higher interest rates 15 18.3%
Better customer service 14 17.1%
Total 82 100.1

Respondents

17% Lower fees

23%
More branches
18%
Higher interest rates
42% Better customer service

INTERPRETATION:

Table 4.24 illustrates the main advantage of fintech companies over traditional banks, based
on 82 respondents 23.4% of respondents believe that lower fees are the main advantage and
41.5% of respondents think that having more branches is primary benefits and 18.3% of
respondents consider higher interest rates to be the main advantage and 17.1% of respondents
feel that better customer services is the key advantage.

41.5% of the respondents see the main advantages of fintech companies over
traditional banks is that it has more branches.

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4.25 Fintech disrupted traditional banking payment system

Fintech disrupted traditional

Respondents Percentage
banking payment system
Mobile wallets 50 61%
Credit cards 15 18.3%
Cheque 8 9.8%
Cash 9 11%
Total 82 100.1%

Respondents

11% Mobile wallets

10%
Credit cards
18% 61% Cheque
Cash

INTERPRETATION:

Table 4.25 shows the fintech innovation which disrupts traditional banking
payment system. It is clear that 61% of the respondents said that they use mobile
wallets and 18.3% of the respondents said that, they use credit cards and 9.8% of
respondents said that they use cheques and only 11% of respondents use cash for
making payments.

61% of the respondents feel that fintech innovation has disrupted traditional
banking's payment through mobile wallet.

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4.26 Reason for using fintech solution over traditional banking

Reason for using fintech solution

Respondents Percentage
over traditional banking
Effective 27 32.9%
Speed 37 45.1%
Enhanced features 18 22%
Total 82 100%

Respondents

22%
33% Effective
Speed
Enhanced features
45%

INTERPRETATION:

Table 4.26 shows that choice of the respondents using fintech service over
traditional banking.it is clear that 32.9% of the respondents said that online
service is effective and 45.1% of respondents said that it has high speed compared
to traditional banking and only 22% of the respondents said that it has enhanced
features.

45.1% of the respondents choose fintech solution over traditional banking is the
speed of transaction.

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4.27 Fintech solutions on customer service and satisfaction

Fintech solutions on customer

Respondents Percentage
service and satisfaction
Significantly improved 22 26.8%
Moderately improved 50 61%
Slightly improved 10 12.2%
No improvement - -
Total 82 100%

Respondents

0%
Significantly improved
12% 27%
Moderately improved
Slightly improved

61% No improvement

INTERPRETATION:

Table 4.27 shows that satisfaction of the customer while using fintech services.it
is clear that 61% of respondents said that it is moderately improved and 26.8% of
respondents said that it is significantly improved and only 12.2% of respondents
said it is slightly improved.

61% of the respondents says that fintech solutions has moderately improved
customer service and satisfaction.

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4.28 Impact of fintech on shaping the future banking

Impact of fintech on shaping

Respondents Percentage
the future banking
Providing access to financial service 27 32.9%
Mobile money platform 35 42.7%
Peer to peer lending 7 8.5%
All of the above 13 15.9%
Total 82 100%

Respondents
Providing access to financial
service
16%
Mobile money platform
33%
8%
Peer to peer lending

43%
All of the above

INTERPRETATION:

Table 4.28 shows that how fintech is shaping the future banking.it is clear that
42.7% of respondents said it is by mobile money platform and 32.95 of
respondents said that it is by providing access to financial service and 8.5% of
respondents said by peer-to-peer lending and 15% said that all of the above.

42.7% of the respondents feels that mobile money platform is shaping the future
banking.

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4.29 Confident on fintech Companies ability to protect our data

Confident on fintech Companies

Respondents Percentage
ability to protect our data
Very confident 23 28%
Confident 36 43.9%
Neutral 23 28%
Not confident - -
Total 82 100%

Respondents

0% Very confident
28% 28%
Confident
Neutral
Not confident
44%

INTERPRETATION:

Table 4.29 shows how respondents are confident of data protection on fintech. It
is clear that 43.9% of respondents said that they are confident and 28% of
respondents said that they are very confident and 28% of respondents said that
they are neutral.

The majority of the respondents i.e. 43.9% feel confident that fintech companies
is able to protect your personal data.

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 5.1. FINDINGS:
 The majority of the respondents i.e. 51.2% them fall in the age group of
below 20.
 The majority of the respondents 67.1% of them are female.
 53.7% of the respondents are majority of students.
 67.1% of the respondents have done their UG educational qualification.
 72% of the respondents has income below 2,00,000.
 The majority of the respondents i.e. 65.9% are customers in bank less than
5yrs.
 62.2% of the respondents are very important 24/7 support for their
banking needs.
 41.5% of the respondents check bank A/c balance using app
once a day.
 50% of the respondents are very comfortable and comfortable in
biometric authentication for banking transactions.
 The majority of respondents i.e. 51.2% are satisfied by the user experience
with their current banking app.
 48.8% of the respondents are strong password measures in financial
online.
 40.2% of the respondents are sometimes feel insecurities in fintech
services.
 46.3% of the respondents has Reduced time of transaction by new
techniques in mobile banking.
 46.3% of the respondents feel somewhat that mobile banking would make
banking is more convenient.
 The majority of the respondents i.e. 40.2% says that mobile banking
Provide anywhere bill payment.
 52.4% of the respondents use mobile banking services to check A/c
balances.
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  34.1% of the respondents use digital wallets daily.
 35.4% of the respondents feel comfortable and somewhat comfortable in
using the digital wallet for transaction.
 46.3% of the respondents faces security issues while using mobile
payments.
 50% of the respondents prefer using mobile wallets.
 32.9% of the respondents prefer SBI banking platform to use.
 52.4% of the respondents face technical issue while using online banking
services.
 48.8% of the respondents feel that digital security is very important while
using online banking.
 41.5% of the respondents see the main advantages of fintech companies
over traditional banks is that it has more branches.
 61% of the respondents feel that fintech innovation has disrupted
traditional banking's payment through mobile wallet.
 45.1% of the respondents choose fintech solution over traditional banking
is the speed of transaction.
 61% of the respondents says that fintech solutions has moderately
improved customer service and satisfaction.
 42.7% of the respondents feels that mobile money platform is shaping the
future banking.
 The majority of the respondents i.e. 43.9% feel confident that fintech
companies is able to protect your personal data.

5.2. SUGGESTION:
 Assess how intuitive and user-friendly fintech services are for customers,
including mobile banking apps, online transactions, and account
management.

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 Investigate customer confidence in the security of fintech platforms,
including concerns about data privacy, encryption, and fraud protection.
 Evaluate customer satisfaction with the speed of fintech services such as
fund transfers, loan approvals, and payment processing.
 Explore how fintech services offer personalized financial products and
advice, and how customers perceive the value of these customized
solutions.
 Examine customers’ perceptions of fees and charges associated with
fintech services, including any hidden costs that might affect their trust.
 Study customer opinions on the round-the-clock availability of fintech
services and their expectations for continuous access to banking services.
 Understand customer feedback on how fintech services contribute to their
financial literacy and management of personal finances.
 Gauge customers' views on the innovative features offered by fintech, such
as AI-powered chatbots, robo-advisors, or blockchain-based services.
 Analyse how customers perceive the quality of customer support provided
by fintech services, including response times and problem resolution.
 Investigate how customers view the integration between traditional
banking services and fintech solutions, such as the seamlessness of moving
between online and in-person banking.

5.3. CONCLUSION

The fintech revolution has significantly transformed the banking

sector, reshaping how financial services are delivered and consumed. This
transformation has been driven by innovative technologies that enhance
accessibility, efficiency, and customer experience. Fintech has
democratized financial services, allowing individuals and businesses to
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access banking services that were previously unavailable or difficult to
obtain. Traditional banks have been compelled to adapt by adopting new
technologies and collaborating with fintech companies to remain
competitive. This has led to the development of digital banking, mobile
payments, and personalized financial products, making banking more
convenient and tailored to individual needs. However, this revolution also
presents challenges, including regulatory concerns, data security, and the
need for banks to manage the risks associated with rapid technological
changes. The integration of fintech into the banking sector requires a
careful balance between innovation and regulation to ensure the stability
and security of the financial system. In conclusion, the fintech revolution
has catalysed a new era in banking, driving innovation and improving
service delivery. As this revolution continues, the banking sector will
likely evolve further, offering even more advanced and accessible
financial services to a global audience. The future of banking lies in the
ongoing integration of fintech innovations, which will continue to shape
the financial landscape.

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