Role of Fintechs in Transforming Financial Services in India (International Research Journal on Advanced Engineering and Management (IRJAEM))

Summary

• The research methodology incorporated primary data collection through a structured questionnaire administered to a sample size of 100 respondents in India.p.4
• Data analysis indicates that 88% of respondents find FinTech services convenient compared to traditional banking.p.6
• Usage frequency analysis shows that 45% of respondents use FinTech services daily, 30% on a weekly basis, and 15% on a monthly basis.p.6
• Regarding financial activities, 40% of respondents utilize FinTech services for savings and investment, 35% for payments, 15% for insurance, and 10% for loans.p.6
• Technical issues and security risks are cited as the primary constraints in FinTech usage by 40% of survey participants.p.7
• Overall satisfaction remains high, with 70% of respondents reporting they are satisfied or highly satisfied, while 5% expressed dissatisfaction.p.7

Key insights

1. A survey of 117 Indian MSMEs indicated that fintech adoption functions as a single window for financial needs through simplified processes and lower costs.p.3
2. Demographic factors including age, education, and income significantly impact consumer usage of digital payment systems in India.p.3
3. Survey results show that 88% of respondents perceive FinTech services as more convenient than traditional physical banking.p.6
4. FinTech has achieved frequent integration into consumer habits, with 45% of survey respondents utilizing digital financial services daily.p.6
5. Savings and investments constitute the primary application of FinTech platforms among users, accounting for 40% of respondent activity.p.6
6. Technical glitches and cybersecurity vulnerabilities represent the single largest operational constraint, selected by 40% of respondents.p.7
7. User sentiment is largely positive, with 70% of respondents stating they are satisfied or highly satisfied with FinTech platforms.p.7