A

Comprehensive Project Report

On

"A study on Financial Technology in Banking sector and their effect on

Online services"

In partial fulfilment of the requirements of Comprehensive project in the

Master of Business Administration programme at GLS University

Submitted to

Faculty of Management

Under the Guidance of

Dr. Gurmeet Singh Sikh

By

Shruti Jadav (202300620010175)

Drashti Bamroliya (202300620010114)

Batch: 2023-25

I
II
III
 PREFACE

In an era defined by rapid technological advancements, the financial landscape

has undergone a profound transformation, with the integration of Fintech
innovations reshaping traditional practices within the banking sector. This
research delves into the dynamic interplay between Fintech innovation and
online services in the realm of banking, aiming to unravel the intricate tapestry
of change and evolution.

The financial services industry stands at the precipice of unprecedented

disruption, as cutting-edge technologies such as blockchain, artificial
intelligence, and mobile applications redefine the way financial transactions
are conducted. Against this backdrop, the banking sector has become a focal
point of innovation, with institutions striving to leverage these technological
advancements to enhance customer experiences and streamline operations.

This study embarks on a comprehensive exploration of the multifaceted

relationship between Fintech innovation and online services within the
banking domain. It endeavors to examine not only the breadth of technological
solutions introduced but also the far-reaching implications of these innovations
on the delivery and consumption of online financial services.

As we embark on this research journey, we acknowledge the collaborative

efforts of industry experts, policymakers, and technological visionaries who
have paved the way for this transformative landscape.

IV
 ACKNOWLEDGEMENT

This study on Fintech innovation in the banking sector and its impact on online
services has been a collaborative effort that would not have been possible
without the support, guidance, and contributions of various individuals and
institutions.

First and foremost, we express our deepest gratitude to [Dr Devarshi

Upadhayay], whose expertise and mentorship provided invaluable direction
throughout the research process. Their insights and encouragement played a
pivotal role in shaping the scope and methodology of this study.

We extend sincere appreciation to the [GLS] for providing the necessary

resources and a conducive environment for academic inquiry. The access to
libraries, databases, and research facilities greatly facilitated the gathering of
relevant information and data.

We are indebted to the participants of this study, whose willingness to share

their experiences and perspectives enriched the research findings. Their candid
insights provided a real-world context to the exploration of Fintech's influence
on consumer behavior in the banking sector.

Lastly, we want to express our gratitude to our family and friends for their
unwavering support and encouragement throughout this academic endeavor.
Their understanding and encouragement provided the motivation needed to
navigate the challenges inherent in a comprehensive research study.

V
 EXECUTIVE SUMMARY

The intersection of Fintech innovation and the banking sector has ushered in a
transformative era, redefining the landscape of financial services. This study
investigates the dynamic relationship between Fintech advancements and
online services within the banking industry, aiming to uncover the implications
and opportunities presented by these technological disruptions.

Key Findings:

Diverse Fintech Innovations: Our research reveals a spectrum of Fintech

innovations permeating the banking sector, ranging from blockchain and
artificial intelligence to mobile banking applications. These innovations aim to
enhance operational efficiency, improve customer experiences, and
revolutionize traditional banking practices.

Customer Adoption and Behavior: A central focus of the study is understanding

how customers navigate the evolving landscape of online banking services
influenced by Fintech. Insights indicate a notable shift in user behavior, with
increased reliance on digital platforms and a growing expectation for seamless,
personalized, and secure financial interactions.

Regulatory Landscape: The study delves into the regulatory frameworks

shaping the integration of Fintech in banking. Findings highlight the need for
adaptive regulatory responses to accommodate the pace of technological

VI
change, balancing innovation with the imperative to safeguard consumer
interests and financial stability.

Challenges and Opportunities: Challenges associated with the integration of

Fintech solutions emerge, including cybersecurity concerns, regulatory
uncertainties, and the need for skill development. Simultaneously,
opportunities abound, with the potential for enhanced financial inclusion,
improved accessibility, and the emergence of novel business models.

Predictive Insights: The research offers predictive insights into future trends,
anticipating a continued surge in Fintech adoption within the banking sector.
As technology continues to evolve, opportunities for collaboration,
partnerships, and the emergence of new market entrants are expected to shape
the financial landscape in novel ways.

VII
 TABLE OF CONTENT

SR.NO PARTICULARS PAGE

NO.

1 INTRODUCTION OF FINTECH 1

1.1 Introduction of Financial Technology in the Banking 2

Sector

PESTEL Analysis 9

2 LITURATURE REVIEW 12

3 RESEARCH METHODOLOGY 23

3.1 Brief Literature Review 24

3.2 Objective of the Study 24

3.3 Scope of the Study 25

3.4 Need of the Study 25

3.5 Research Design 26

3.6 Data Collection Sources 26

3.7 Sampling Plan 26

3.8 Limitation of the study 27

4 ANALYSIS & INTERPRETATION 28

4.1 Primary Anaysis 29

4.2 Hypothesis Analysis 55

FINDINGS 59

VIII
 RECOMMENDATION 63

5 CONCLUSION 66

6 BIBILOGRAPHY 68

7 ANNEXURES 72

IX
 CHAPTER - 1
Introduction of Financial Technology in the
Banking Sector

1
1.1 Financial Technology in the Banking Sector: Impact on Online
Services

The banking industry, traditionally known for its stability and structured
approach, has undergone significant changes due to the rise of financial
technology (FinTech). This section explores the journey of FinTech in the
banking sector, highlighting its evolution and its transformative impact on
online services.

1. Introduction of Online Banking :

The journey of FinTech in banking began with the introduction of online

banking systems. These systems allowed customers to manage their accounts,
transfer money, and pay bills from their computers, making banking more
convenient and accessible. This was a major shift from traditional banking, as
it reduced the need to visit physical branches. Online banking also introduced
features like email alerts and e-statements, providing customers with real-time
updates about their finances. This initial step laid the foundation for future
advancements like mobile banking and digital wallets.

2. Digital Revolution in Banking :

As technology advanced, banks started adopting digital tools like core banking
systems, which connected all branches and allowed real-time transaction
processing. Banks also began using customer service software, such as chat
support and automated call systems, to handle customer queries more
effectively.

2
3. Mobile Banking and Apps :

With the widespread use of smartphones, mobile banking has become a

popular way for customers to manage their finances. Banking apps allow users
to check their account balances, transfer money, pay bills, and even apply for
loans directly from their mobile devices. This convenience has changed how
people interact with banks, as they no longer need to visit a branch for many
banking tasks. In addition, mobile apps often offer features like budgeting
tools, instant notifications for transactions, and secure login options, making
banking more accessible and user-friendly.

4. Blockchain and Secure Transactions :

Block chain technology, originally associated with cryptocurrencies like

Bitcoin, has found important uses in banking. It allows for the creation of
secure, transparent systems that make transactions safer and more efficient.
Blockchain helps reduce fraud by providing an unchangeable record of
transactions, improving trust between banks and customers. It also speeds up
cross-border payments, which traditionally took days, by enabling near instant
transfers. Many banks are now exploring blockchain for its potential to
revolutionize not just payments, but also contracts and identity verification.

3
5. AI and Chatbots for Better Service:

Artificial Intelligence (AI) and Machine Learning (ML) are becoming key tools
for banks to improve their services. AI-powered chatbots can provide instant
support, answering customer questions and solving problems without human
intervention. This not only saves time but also enhances customer satisfaction
by providing 24/7 service. ML, on the other hand, helps banks detect fraudulent
activity by analysing patterns in transactions. It also enables personalized
financial advice, allowing banks to offer tailored solutions based on a
customer’s spending habits, savings goals, and credit history.

6.Open Banking and New Collaboration Models:

Open banking is a system that allows third-party companies to access a bank’s

data (with customer consent) through APIs (Application Programming
Interfaces). This has led to new partnerships between banks and tech
companies, creating innovative financial services like budgeting apps,
investment tools, and faster payment systems. Open banking is reshaping the
financial landscape by encouraging collaboration, driving competition, and
giving consumers more control over their financial information. It also allows
for quicker and easier integration of new features, which benefits both
consumers and financial institutions.

4
6. Neo Banks and Online-Only Services :

Neo banks, also known as digital-only banks, are changing the banking world
by offering services that don’t require a physical branch. These banks provide
user-friendly apps with quick account setups, no monthly fees, and modern
features like instant payments and real-time notifications. They focus on
simplifying the banking experience and making it accessible to Tec savvy
customers who prefer managing their finances on their phones. By operating
solely online, neo banks can reduce overhead costs, which they often pass on
as lower fees or higher interest rates for savings.

7. RegTech and Data Security:

Regulatory Technology (RegTech) helps banks stay compliant with regulations

by automating the monitoring and reporting of legal requirements. It also
focuses on improving cybersecurity to protect sensitive customer data from
fraud or hacking. RegTech helps banks reduce the risk of non-compliance by
ensuring that all procedures and activities meet legal standards. By enhancing
data security, RegTech contributes to safer online banking experiences and
builds trust between banks and their customers, who are increasingly
concerned about the safety of their personal and financial information.

5
8. Impact on Online Services :

The integration of FinTech has made online banking services faster, more
reliable, and easier to use. Customers can now perform a wide range of banking
tasks, such as making instant payments, checking account balances, or getting
personalized financial advice, all through their devices. FinTech has also made
online banking more inclusive, providing services to people who might not
have had access to traditional banks. Features like virtual assistants, secure
logins, and easy-to-navigate apps ensure that banking is now simpler and more
accessible for everyone.

9. Future Possibilities :

The future of FinTech in banking is full of exciting possibilities. Innovations

like biometric security (using fingerprints or facial recognition) will make
banking even safer. Decentralized finance (DeFi) is a new model that could
enable more people to access financial services without relying on traditional
banks. Central Bank Digital Currencies (CBDCs) might transform how
currencies are used, making them easier to track and manage. As these
technologies continue to develop, they will likely enhance the efficiency,
security, and inclusivity of online banking services, offering more options and
better experiences for customers.

6
1.2Introduction to Fintech in Banking: Transforming Online Services

In today’s financial world, Fintech, short for financial technology, is driving a

major shift in the way banking services are delivered and experienced. By
combining technology with financial practices, Fintech has revolutionized
traditional banking, making services faster, more efficient, and
customerfocused.

How Fintech Began

Fintech started gaining momentum in the early 2000s when advancements in

technology began reshaping financial services. Online banking and electronic
payments were some of the first Fintech innovations, allowing customers to
access and manage finances from anywhere.

Technologies Powering Fintech

Fintech is built on advanced technologies like blockchain for secure and

transparent transactions, artificial intelligence (AI) for better decision-making
and customer service, and mobile apps that bring banking to people’s
fingertips. These technologies are the foundation of Fintech’s success, helping
banks improve their processes and customer interactions.

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Expanding Fintech Applications

While Fintech is closely linked to banking, it has expanded into other areas like
insurance (Insurtech), wealth management (Wealthtech), and compliance
(Regtech). Each of these sectors uses Fintech to address unique challenges,
making financial services more effective and innovative.

Making Finance Accessible

One of Fintech’s biggest achievements is making banking services accessible

to more people. By removing barriers like the need for physical branches,
Fintech has enabled people in remote areas to use banking services. Startups
and digital-only banks have played a key role in driving this change,
challenging traditional banks to improve.

Impact on Online Services

Fintech has transformed online banking by offering services that are faster,
safer, and more user-friendly. From secure payment systems to AI-driven
chatbots, online services powered by Fintech are reshaping how customers
interact with their banks. Fintech is not just improving banking. it’s changing
the entire financial system by making it more inclusive, efficient, and
innovative. Its ongoing evolution promises even greater advancements in
online services and beyond

8
 PESTEL ANALYSIS

Here's a PESTEL analysis specific to the Fintech industry in India:

1. Political Factors:

Regulatory Environment: The regulatory landscape significantly influences the

Fintech industry Political decisions and government policies, including
regulations related to digital payments, data protection, and licensing
requirements, shape the operating environment for Fintech
companies.Government Initiatives: Supportive government initiatives, such as
the push for a cashless economy, financial inclusion programs, and policies to
promote digital transactions, can positively impact the growth of the Fintech
sector.

2. Economic Factors:

Digital Economy Growth: The overall economic growth and the expansion of
the digital economy play a crucial role in the success of the Fintech industry.
India's economic conditions, GDP growth,and consumer spending patterns
directly influence Fintech adoption.Access to Capital: Economic factors,
including interest rates and availability of funding, can impact the ability of
Fintech startups to secure capital for expansion and innovation.

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3. Social Factors:

Consumer Behavior: Social factors, such as changing consumer preferences

and the willingness to adopt digital financial services, play a vital role.
Understanding the demographics and socia attitudes toward technology
adoption is crucial for Fintech companies.Financial Inclusion: Fintech has the
potential to address financial inclusion challenges. So factors like the need to
bring unbanked populations into the formal financial system influenc direction
of Fintech initiatives.

4. Technological Factors:

Digital Infrastructure: The level of digital infrastructure and technological

readiness in India impacts the development and adoption of Fintech solutions.
Factors such as internet penetration, mobile phone usage, and the availability
of high-speed connectivity are critical.

Emerging Technologies: The rapid evolution of technologies like blockchain,

artificial intelligence, and machine learning presents both opportunities and
challenges for Fintech companies. Staying abreast of technological
advancements is essential for maintaining a competitive edge.

5. Environmental Factors:

Sustainability: While environmental considerations may not be as pronounced

in the Fintech sector, there is a growing awareness of sustainability. Fintech

10
companies may face scrutiny related to their carbon footprint, energy
consumption, and environmentally responsible practices.

6. Legal Factors:

Data Protection: Stringent data protection laws and regulations, such as India's
Personal Data Protection Bill, can significantly impact Fintech operations,
particularly concerning the collection, storage, and processing of customer
data.

Regulatory Compliance: Adherence to financial regulations, licensing

requirements, ar compliance with anti-money laundering (AML) and know
your customer (KYC) norms are criti legal considerations for
Fintech companies

11
CHAPTER-3

12
Elsaid, H. M. (2023) This paper aims to provide a review of literature dire
regarding the potential impact of fintech operators on the financial services
globally. This paper reviews the literature to identify possible benefits or
challenges that fintech firms can have for the traditional banking system.

Elia, G., Stefanelli, V. and Ferilli, G.B. (2023) In recent years, the penetration
of digital technologies in the financial industry determined the arising of
Fintech, which genera a dynamic and rapid change that business operators and
supervisory authorities banking industry are struggling to follow it. This is
especially due to issues affecting financial intermediaries and customers, and
potential risks of stability of the financial system. The aim of this paper is to
provide a review of Fintech in the banking industry thus to update the
knowledge about technology innovation in the banking sector, identify the
major trends in the domain and delineate future research directions.

YUZBASIOGLU, N. (2023) The results show that the increase in Fin-tech

investment is affected by inflation and the number of branches in a negative
and statistically significant manner. However, the results concluded that the
individual Internet usage variable positively affected the FinTech investment
amount. These findings provide strong empirical evidence that FinTech
investments can increase profitability levels in the finance and banking
sectors. This study highlights the impact of FinTech on the transformation
process in the financial sector, and it can offer valuable insights for financial
service providers and policymakers. It may also be essential for understanding
consumers' demands and expectations for financial technologies. Such studies
can offer a valuable road-map for understanding.

13
Bhutto, S. A., Jamal, V., & Ullah, S. (2023) This study investigates the role
of service innovation as a mediator. be Wah, i. oh adoption and firm growth.
Nevermore, the study also explores the role oven in tenace competency in
FinTech adoption. Survey questionnaires were given to participants in this
study, which used a quantitate methodology and were distributed to fifty-five
United States banks. A sample of 311 responses was collected and analysed
using Structural Equation Modeling (SEM). The results show that human
resource competencies such as creating, adapting (10 change), deciding to
initiate action and interpreting analysis positively impact Fin-tech adaption
This study also discovered that service innovation contributes to firm growth.

Alshari, H. A., & Lokhande, M. A. (2022) This research aims to explore the
impact of demographics (age, gender, education, and income) on clients'
attitudes and their intention to use the FinTech services of banks by using the
TAM model, Yemen as a case study. The data for this study were collected
using a questionnaire shared among 435 respondents who are clients of five
Yemeni banks that provide FinTech payment services. Structural equation
modeling via PLS was used to validate the model's constructs. The results
show that education and income levels have a significant negative effect on
risks and a high positive effect on the perceived benefit of using FinTech to
clients.

14
Oladapo, I. A., Hamoudah, M. M., Alam, M. M., Olaopa, O. R., & Muda,
R. (2022) This paper aims to compare perceptions of Islamic bank customers
concerning FinTech services in Malaysia and Saudi Arabia. It also investigates
the level to which customers are willing to adapt FinTech services. The findings
show that knowledge, attitude and subjective norms are the highly significant
determining factors that influence customers® opinions on adapting to new
technology, but awareness demonstrates only a moderately positive effect.
Moreover, the impact of these factors on the intention to adopt FinTech services
significantly differs between Malaysian and Saudi Arabian customers.

Chen, X., You, X., & Chang, V. (2021) stated that the banking industry is
highly influenced during COVID-19 pandemic throughout the world. Along
with the problem and risks, it could lead to product and service innovation
backed by FinTech's. The set intended to analyse how FinTech products
(FTPs) affect commercial bank perform in China.

Shin, J. W. (2021) observed that traditional banks have been challenged and
comfy with by digital banks based on innovative transaction methods. In light
of th investigated how customer satisfaction and reuse intention were affected
by their banking experience, including usefulness, convenience, employee c
engagement, and security, and how customer satisfaction mediated the role
between customer experience and reuse intention.

Lestari, D., & Rahmanto, B. T. (2021) This study aims to investigate the
fintech strategy to enter the financial service sector, and how bank response
the fintech development. This study is qualitative research which implemented

15
depth interviews and content analysis. Moreover, this paper utilized both
primary and secondary data in order to provide valid investigation. This study
found that fintech is basically innovative, and promotes innovative strategy to
enter the financial service industry, while banks have already prepared to
compete in the digital age. Several strategies were formulated by banks to win
the competition, including investing in software, hardware, and even in
financial technology companies.

Barbu, C. M., Florea, D. L., Dabija, D. C., & Barbu, M. C. R. (2021) The
purpose of this paper is to analyses customer experience (X) in the fintech
sector. Fintech is a dynamic and innovative field that fully benefits from
advances in information and communication technology. The concept of
customer experience is multidimensional, analysed from various perspectives,
and with distinct valences in different industries. Based on the stimulus-
organism-response (S-OR) approach, we proposed a model in which customer
experience in fintech is the result of customer's evaluation of the stimuli
proposed by fintech companies. Using partial least squares equation modelling
(PLS-SEM), we tested a series of hypotheses and validated the proposed
model. The results showed that perceived value, customer support, assurance,
speed and perceived firm innovativeness are positively related to customer
experience in fintech.

Lee, C. C., Li, X., Yu, C. H., & Zhao, J. (2021) This paper examines whether
the development of the financial technology (fintech) industry affects cost
efficiency and the technology adopted for China's banking industry over the
period 2003-2017. Fintech industry development indices are constructed using

16
fintech enterprise-level data, and these indices measure the development
extent of entire fintech industry and four sub-industries including (1) credit,
deposit and capitalraising services, (2) payment, clearing and settlement
services, (3) investment management services and (4) market support services.
The relevant efficiency scores for Chinese banks under different ownership
structures are measured by applying the stochastic meta frontier approach. The
results show that state-owned commercial banks have the lowest cost
efficiency and operate under inferior technology. When considering the
influence of fintech development, fintech innovations not only improve the
cost efficiency of banks, but also enhance the technology used by banks. This
double beneficial effect is more significant in the case of market support
service innovations.

Catalin Barbu, Dorian Florea. Et al. (2021) proposed the stimulus

organization (S-O-R) approach' to analyse the customer experience in
FinTech. It was customer support, speed of transaction, perceived value and
firm innovativeness are the most important factors playing a significant role
in customer experience. They are further integrated with customer loyalty.

Daqar, M. A. M. A., Argawi, S., & Karsh, S. A. (2020) This study

investigates the Millennials and Gen Z perception toward Fintech services,
their usage intention, and their financial behaviours. The study took place in
the Palestinian context with a global comparison among these generations. The
authors used the questionnaire-based technique to meet the study objective.
West Bank respondents were selected for this purpose; the study instrument
was distributed through different social media channels. The findings show

17
that reliability/trust and ease of use are the main issues in using a financial
service,

Siek, M., & Sutanto, A. (2019, August) The results show that the banks have
been disrupted by the payment fintech since the emergence of fintech
companies in around 2015, mainly due to superior value propositions, like
promotion with standardized beta value of 0.349 and wide range of merchants
with 0.153, respectively. In addition, the fintech startups have digital strategies
on adopting a customer-centric mindset and developing a product that gives
their customer a high customer satisfaction. However, in the current time, P2P
fintech's do not have that significant disruption to the banks, mainly due to the
fact that the customers consider more on safety reasons.

Dubey, V. (2019) According to statistics, a sum of $ 1.3 billion was globally

invested i FinTech projects based on blockchain innovation. Progressive
financial organization have also increased their spending on internal bank
technologies, especially the or powered by the permanent ledgers. Therefore,
this paper discusses the role of Artificial Intelligence, Augmented Reality, and
Blockchain in Digital Banking.

Fernando, E. (2019, August) The results are getting the main and very
significant factor is the perceived usefulness factor, and the additional factor
is trust and perceived ease of use factor. From these factors significantly affect
users in adopting FinTech services. With these results, it can describe what
factors can be of concern for the development carried out by the company.
With these factors, it recognized that risk is a factor that is not considered to

18
consider if the factors of usability and convenience factors that have been
given. It also automatically increases the trust of users.

Alt, R., Beck, R., & Smits, M. T. (2018) This preface introduces the special
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.

Stewart, H. and Jürjens, J. (2018) The purpose of this study is to empirically

analyses the key factors that influence the adoption of financial technology
innovation in the country Germany. The advancement of mobile devices and
their usage have increased the uptake of financial technology (FinTech)
innovation. Financial sectors and startups see FinTech as a gateway to increase
business opportunities, but mobile applications and other technology
platforms must be launched to explore such opportunities. Mobile application
security threats have increased tremendously and have become a challenge for
both users and FinTech innovators. In this paper, the authors empirically
inspect the components that influence the expectations of both users and
organizations to adopt FinTech, such as customer trust, data security, value
added, user interface design and FinTech promotion.

19
Huei, C. T., Cheng, L. S., Seong, L. C., Khin, A. A., & Bin, R. L. L. (2018)
This study reviewed the factors, namely the usefulness, ease of use,
competitive advantage, perceived risk, and perceived cost that can potentially
influence the attitude of customers towards the product and services of
FinTech. This study also proposes the potential mediating effect of attitude
towards using FinTech products and the intention to adopt FinTech. This study
attempts to create new knowledge geared towards the behaviours to utilize
FinTech products in Malaysia.

Wonglimpiyarat, J. (2017) This paper aims to explore FinTech and its

dynamic transitions in the banking industry. In particular, the study analyses
the systemic innovation nature of FinTechbased innovations. The main
contribution of this research study is the development of systemic innovation
model which can be used as a dynamic tool to track the progress and pattern
of technology development and diffusion.

Wijayanti, D. M., & Pradipta, H. (2017, September) This study aims to

understand the role of Sharia fintech in providing transaction and business
convenience. The development of financial technology (fintech) encourages
sharia businessmen to create sharia fintech products. In addition to using sharia
principles, sharia fintech develops because it provides the benefits of ease to
its users to solve various financial problems and help in running a business.
The role and benefits of sharia fintech are measured using user satisfaction on
sharia fintech products. Based on the Technology Acceptance Model (TAM)

20
construct, perceived ease of use (PEoU), perceived usefulness (PU), and
attitude are the determinants of user satisfaction in sharia fintech products.

Romanova, I., & Kudinska, M. (2016) The authors have studied the
development of the financial innovation and technology market, assessed the
existing practices applied in the field of FinTech, identified the main risks
related to development of FinTech and financial innovations the banks are
exposed to on the micro- and macrolevel. The paper provides
recommendations for regulators and banks to ensure reduction of risks
associated with development of FinTech. Analysis of FinTech market has
shown growing competition, including from nonfinancial institutions. The
paper provides practical recommendations to commercial banks for
strengthening the position in financial innovations and controlling the risks
associated with introduction of financial innovations.

Azzam, Z. A. M. (2014) carried out research in Jordan country. He

experienced increased competition in Jordan's banking market, financial
institutions must work hard to establish and maintain strong relationships with
their clients in order to attain the ultimate aim of customer happiness.

Saleem, Z., & Rashid, K. (2011) mobile banking has is considered to be a

cutting-edge technology for business enterprises in the world. Their study
examined consumer happiness in Pakistan. Primary data was collected through
questionnaires, and responses were evaluated using statistical techniques such
as regression analysis, correlation, and factor analysis. Customers' worries

21
about security, authenticity, and reliability of technology are significant,
according to the data. As a result of the findings, businesses should concentrate
on IT applications, innovative services, security, consumer trust, and risk as
critical indications of technology adoption.

Rexha, et.al. (2003) Customers are no longer willing to wait for information
or services when it comes to banking transactions. They want their banking
information and services sent to them via their preferred delivery method. It
has an impact on their business if they are unable to give a fingertip service or
an IT-based service to their clients.

22
CHAPTER-3

23
3.1 Brief Literature Review:

 The Fintech industry's evolution in the banking sector has been a subject of
considerable academic interest and analysis. Researchers have explored the
technological advancements that have shaped financial services, examining
the impact of Fintech on traditional banking practices.

 Studies often highlight the role of regulatory frameworks, consumer

behavior, and the changing dynamics of financial transactions in the
Fintech landscape. Previous research emphasizes the transformative
potential of Fintech in enhancing financial inclusion, improving efficiency,
and redefining the customer experience in the banking sector.

3.2 Objective of the Study:

The primary objective of this study is to investigate the influence of Fintech

innovation on the banking sector and its subsequent effects on online services.
The research aims to:

 To Examine the usage of Fintech on daily financial activities and spending

habits.

 To Evaluate consumer perceptions of security features in Banking

applications.

 To Analyse overall satisfaction and the likelihood of recommending

Online services.

24
 To Identify factors influencing the choice to adopt Online services in the
banking sector.

 To Understand the perceived value of online services compared to

traditional banking.

3.3 Scope of the Study:

 The study focuses on the Fintech industry within the banking sector in
India, exploring how innovations influence online services. The
geographical scope is limited to India, considering the unique regulatory
environment, consumer demographics, and the rapid evolution of Fintech
in the country.

 The study primarily targets banking consumers to gather insights into their
experiences, preferences, and perceptions related to Fintech innovations.

3.4 Need of the Study:

 The need for this study stems from the increasing prominence of Fintech
in the banking sector and its transformative impact on financial services.
As India witnesses a surge in digital transactions and Fintech adoption,
understanding consumer perspectives becomes crucial.

 This study aims to fill existing research gaps by providing insights into
how Fintech innovations influence consumer behaviour, security
perceptions, and overall satisfaction with online banking services .

25
3.5 Research Design:

The research adopts a quantitative approach, utilizing a structured

questionnaire to collect primary data from banking consumers. The
questionnaire is designed to capture demographic information, assess Fintech
adoption, measure consumer perceptions, and evaluate satisfaction levels.

3.6 Data Collection Sources:

Primary data will be collected through a survey administered to banking

consumers in India. The survey instrument is a structured questionnaire
designed to elicit responses on Fintech adoption, perceptions, and satisfaction
levels. Respondents will include individuals using online banking services,
capturing a diverse sample across age, gender, income levels, and educational
backgrounds.

3.7 Sampling Plan:

In our research, we plan to survey 150 individuals who actively use online
banking services. The study employs a stratified random sampling technique
to ensure representation across different demographic segments. The sample
will be drawn from various regions in India, considering urban and rural
settings. A target sample size will be determined to achieve statistical
significance, any efforts will be made to obtain a diverse and representative .

26
3.8 Limitations:

 The study's scope is limited to the responses gathered from the survey, and
generalizability to the entire population may have constraints.

 Bias may be introduced due to self-reporting in the survey responses, and

social desirability bias could influence participants' answers.

 External factors such as economic fluctuations and regulatory changes

might impact Fintech adoption and could affect the study's findings.

 The study focuses on consumer perspectives and may not capture the entire
ecosystem of Fintech-Banking collaborations.

27
 CHAPTER-4

ANALYSIS & INTERPRETATION

28
4.1 PRIMRY ANALYSIS

Chart 4.1.1

INTREPRETATION:

The above pie chart depicts that gender distribution of a population. It is

almost evenly split between males and females. Males make up 50.5%, while
females make up 49.5%. The small difference of 1% means there are just
slightly more males than females. Different shades of pink are used to clearly
show both groups. This balanced gender distribution can be useful for studies,
planning, and decision-making.

29
 Chart 4.1.2

INTREPRETATION:

The pie chart shows the age distribution of a group of people. Most of them
are between 18-27 years old, making this the largest group. The next biggest
group is 28-37 years old, followed by 38-47, 48-57, and above 57, which have
fewer people. This means the majority of the population is young, while older
age groups are smaller.

30
 Chart 4.1.3

INTREPRETATION:

The above pie chart depicts that distribution of people’s primary occupations.
The largest group is self-employed at 37.4%, meaning many people work for
themselves. The second-largest group is students at 32.1%, showing a
significant number of learners. Professionals make up 26.8%, representing
those working in various careers. The smallest group is retired individuals, at
only 3.7%. Different shades of pink help differentiate the categories. This data
gives a clear picture of how people are engaged in work or education.

31
 Chart 4.1.4

INTREPRETATION:

The bar chart shows how often people use online services. The highest number
of people 76 use them weekly, while 63 people use them daily. Fewer people
use online services monthly 37, and even fewer use them rarely 14. This means
most people use online services regularly, either daily or weekly, while a
smaller group uses them less frequently.

32
 Chart 4.1.5

INTREPRETATION:

The above pie chart shows the types of banks people primarily use. The
majority, 53.7%, prefer private sector banks, making them the most popular
choice. Public sector banks are the second most used, with 24.7% of people
choosing them. Digital banks account for 11.1%, while foreign banks have the
smallest share at 10.5%. This suggests that most people trust private and public
sector banks over digital or foreign banks.

33
 Chart 4.1.6

INTREPRETATION:

The above bar chart depicts which fintech services people use the most.
Digital wallets are the most popular, with 107 users relying on them. Mobile
banking is also widely used, with 47 users, followed by online investment
platforms with 34 users. Interestingly, no one reported using cryptocurrency
services, and only one person does not use any financial services. This
suggests that most people prefer digital payment and banking services, while
cryptocurrency remains unpopular among them.

34
 Chart 4.1.7

INTREPRETATION:

The bar chart shows how fintech has influenced people’s daily financial habits.
Most people 102 feel that fintech has somewhat improved their financial
habits, while 49 believe it has significantly improved them. 33 people feel that
fintech has made no change in their financial habits, and only 6 people think
it has had a negative impact. This suggests that fintech has generally had a
positive effect on managing finances, with very few experiencing
negative outcomes.

35
 Chart 4.1.8

INTREPRETATION:

The pie chart shows how recent fintech innovations have influenced people’s
use of online banking. Nearly half 49.5% of the respondents said yes, meaning
they are using online banking more frequently because of new innovations.
28.4% remained neutral, meaning they neither increased nor decreased their
usage. Meanwhile, 22.1% said no, indicating that fintech innovations have not
encouraged them to use online banking more. Overall, the majority of people
seem to have a positive response to fintech advancements, with only a small
percentage not being influenced by them.

36
 Chart 4.1.9

INTREPRETATION:

The above bar chart shows how often people use online platforms to pay bills
or transfer funds. The majority 90 people use them occasionally, while 53
people use them very often. 37 people said they rarely use online platforms for
these transactions, and only 10 people said they never use them. This suggests
that most people rely on online platforms for financial transactions, though
some still prefer other methods or use them less frequently.

37
 Chart 4.1.10

INTREPRETATION:

The above pie chart depicts that people’s opinions on whether FinTech
applications save time compared to traditional banking methods. Almost half
of the respondents 47.4% believe that FinTech apps do save time. However,
29.5% think they do not, while 23.2% remain neutral. This means that while
many people see FinTech as a time-saving tool, a significant portion still has
doubts or is unsure about its efficiency compared to traditional banking.

38
 Chart 4.1.11

INTREPRETATION:

The above bar chart shows how secure people feel when using online banking
services. The majority 111 people feel moderately secure, while 38 people feel
very secure. However, 35 people believe online banking is not secure, and a
small number 6 people are unsure. This suggests that while most users trust
online banking to some extent, a significant number still have concerns
about its security.

39
 Chart 4.1.12

INTREPRETATION:

The above bar chart shows the most important security features people prefer
in online banking applications. The majority 110 people consider biometric
login (like fingerprint or face recognition) the most important. 52 people
prioritize two-factor authentication, which adds an extra layer of security. Only
25 people see real-time fraud alerts as the most important feature. This
suggests that users value convenient and strong authentication methods over
alerts about potential fraud.

40
 Chart 4.1.13

INTREPRETATION:

The above pie chart shows whether people have faced security issues while
using online banking services. The responses are almost evenly split, with a
slightly larger portion saying “No” compared to “Yes.” This means that while
many users have had a smooth and secure experience, a significant number
have encountered security problems. This highlights the importance of strong
security measures in online banking to ensure user safety.

41
 Chart 4.1.14

INTREPRETATION:

The above bar chart shows how people feel about the impact of technological
advances in online banking. Most people have a positive or very positive
opinion, especially regarding the overall banking experience, transaction
security, and trust in fintech services. Many users also feel confident in the
technological system and are satisfied with the speed and efficiency of
financial transactions. However, there are some who have a neutral or negative
view, but they are fewer in number. This suggests that while most people see
technology as improving their banking experience, some still have
concerns or doubts.

42
 Chart 4.1.15

INTREPRETATION:

The above bar chart shows the biggest security concerns people have while
using online banking. The most common concern is unauthorized transactions,
with 108 people worried about it. Data breaches are the second biggest
concern, affecting 44 people, followed by weak passwords with 37 people
concerned. Very few people, only 1 person, see insecure mobile devices as a
major issue. This suggests that most users are worried about losing money due
to fraud or hacking, while fewer are concerned about their devices’ security.

43
 Chart 4.1.16

INTREPRETATION:

The above pie chart shows how satisfied people are with their overall
experience of online banking. Most people, 54.7%, are satisfied, while 22.1%
are very satisfied, meaning a large majority have a positive experience. 18.9%
feel neutral, indicating they neither like nor dislike the service. A small
percentage, 4.2%, are dissatisfied, meaning very few people have a negative
experience. Overall, the chart suggests that most users are happy
with online banking.

44
 Chart 4.1.17

INTREPRETATION:

The above bar chart shows the most beneficial aspects of online banking
according to users. The highest number of people, 128, find quick transactions
to be the most helpful feature. 84 people appreciate the easy-to-use interface,
meaning they find the platform simple and user-friendly. Lastly, 71 people
value 24/7 access, which allows them to use banking services at any time.
Overall, speed is the most important benefit for users, followed by ease of use
and accessibility.

45
 Chart 4.1.18

INTREPRETATION:

The above pie chart shows whether people would recommend online banking
services to others. 53.2% of people said “Maybe,” meaning they are unsure.
41.1% responded “Definitely,” which means they are confident in
recommending online banking. Only 5.8% said “Unlikely,” meaning they
would not suggest it to others. Overall, most people have a positive or neutral
view of online banking, with only a small percentage being unwilling
to recommend it.

46
 Chart 4.1.19

INTREPRETATION:

The above bar chart shows the main reasons why people chose to use online
banking services. The most important factor was time-saving, with 94 people
selecting it. Security features were also a key reason, chosen by 59 people. A
user-friendly interface was important to 18 people, while convenience
influenced 13 people. The least important factor was promotions or offers,
with only 6 people considering it.

47
 Chart 4.1.20

INTREPRETATION:

The above bar chart shows the main challenges people face when using online
banking. The biggest concern is security, with 94 people mentioning it as an
issue. Lack of knowledge is another challenge, affecting 50 people. Technical
issues are also a problem, faced by 46 people. This suggests that many users
worry about the safety of online banking, while some struggle with
understanding or using the system properly. Improving security and providing
better guidance could help more people use online banking with confidence.

48
 Chart 4.1.21

INTREPRETATION:

The above pie chart shows how recent financial technology Fin Tech
innovations have influenced people to use online banking more often. 49.5%
of people said “Yes”, 28.4% of people were neutral, meaning they were neither
encouraged nor discouraged. Meanwhile, 22.1% of people said “No”, meaning
Fin Tech did not influence their usage. This suggests that nearly half of the
users find new Fin Tech innovations useful, while some remain
indifferent or unaffected.

49
 Chart 4.1.22

INTREPRETATION:

The chart shows that most users are neutral or satisfied with FinTech services,
with 80 people feeling neutral and 44 satisfied. However, some users are
dissatisfied 30 or very dissatisfied 25. When it comes to recommending these
services, 69 people are satisfied, and 25 are very satisfied, but 32 are
dissatisfied, and 12 are very dissatisfied. This suggests that while many users
have a positive experience, a significant number remain unsure or unhappy
with the services.

50
 Chart 4.1.23

INTREPRETATION:

The above pie chart shows that most people prefer traditional banking over
online services because of accessibility in rural areas 55.8%. This suggests that
online banking may not be as widely available or reliable in these locations.
Additionally, Lastly, 17.9% prefer traditional banking for personalized
interactions, meaning they value the human touch and customized service.
Overall, accessibility and trust remain key reasons why some people still favor
traditional banking.

51
 Chart 4.1.24

INTREPRETATION:

The chart shows that the most desired improvement in online banking is faster
transactions, with 114 people wanting this change. This suggests that speed is
a major concern for users. 45 people want more user-friendly apps, indicating
that some find the current interfaces difficult to use. Lastly, 31 people prioritize
enhanced security, showing that safety is also a concern.

52
 Chart 4.1.25

INTREPRETATION:

The above bar chart shows that most people 91 believe that FinTech has
improved financial inclusion in rural or underserved areas. However, 62
people disagree, meaning they do not think FinTech has made a significant
impact. Meanwhile, 37 people are neutral, indicating they are unsure or have
mixed opinions. Overall, while a majority see FinTech as beneficial in
expanding financial access, a significant number remain
skeptical or undecided.

53
 Chart 4.1.26

INTREPRETATION:

The above bar chart shows that most people 101 trust FinTech applications
based on user reviews. This means that people rely on the experiences and
feedback of other users before trusting a financial app. Brand reputation is the
second most important factor, influencing 51 people. This suggests that well-
known and established FinTech brands gain more trust.

4.2 Hypothesis Testing

1.Satisfaction with Online Banking Across Different Age Groups

54
H0: There is no significant relationship between Online Banking Across
Different Age Groups

H1:There is a significant relationship between Online Banking Across

Different Age Groups

One-Way ANOVA

Sum of df Mean F Sig.

Squares Square

Between
3.558 4 .890 .417 .796
Groups

Within
202.552 95 2.132
Groups

Total 206.110 99

Interpretation:
From the above data we find that sig. values is 0.796 is >0.05 so alternate
hypothesis H1 is rejected and null hypotheses H0 is accepted. So we can
conclude that there is no significant relationship between Online Banking
Across Different Age Groups.

2.Perceived security of online banking vs. FinTech service usage

H0: There is no significant relationship between type of fintech service and

perceived security of online service.

55
H1 There is a significant relationship between type of fintech service and
perceived security of online service.

Chi-squre test

Chi-Square Tests
Value df Asymp.
Sig. (2-
sided)
Pearson Chi-
11.361a 8 .182
Square
Likelihood
12.342 8 .137
Ratio
N of Valid
190
Cases

Interpretation:

From the above data we find that sig. values is 0.182 is >0.05 so alternate
hypothesis H1 is rejected and null hypotheses H0 is accepted. So we can
conclude that there is no significant relationship between type of fintech
service and perceived security of online service.

Independent Samples Test

H0: There is no significant relationship between Satisfaction in online banking

and issues faced during online banking.

56
H1 There is a significant relationship between Satisfaction in online banking
and issues faced during online banking.

Independent Samples Test

Levene's t-test for Equality of Means
Test for
Equality
of
Variances
F Si t df Sig. Mean Std. 95%
g. (2- Differe Error Confidence
taile nce Differe Interval of
d) nce the
Difference
Low Upp
er er
On a Equal .04 .04 1.3 98 .169 .218 .157 - .529
scale of varianc 0 3 85 .094
1-5, es
how assume
satisfied d
are you Equal 1.3 61.3 .190 .218 .164 -.111 .546
with varianc 24 72
overall es not
experie assume
nce of d
online
banking
?

Interpretation:

57
From the above data we find that sig. values is 0.043 is < 0.05 so alternate
hypothesis H0 is rejected and H1 is accepted. So we can conclude that there
is a significant relationship between Satisfaction in online banking and issues
faced during online banking.

58
CHAPTER-5

59
 The study indicate a nearly equal gender representation, with 50.5% males
and 49.5% females, suggesting that both genders participate almost
equally in the surveyed activity or topic.

 The study indicate majority of respondents are young adults aged 18-27,
followed by those aged 28-37. Participation decreases with age, with fewer
respondents in the 38-47 and 48-57 age groups. The least number of
respondents are above 57, indicating lower engagement among
older individuals.

 The study indicate majority of respondents, 37.4%, are self-employed,

making it the most common occupation. Students follow closely,
representing 32.1% of the participants. Professionals account for 26.8% of
the respondents, while a small percentage, 3.7%, are retired. This
distribution indicates a diverse mix of working individuals and students,
with retirees forming a minimal portion of the group.

 Most respondents use online services weekly 76, followed by daily users
63. A smaller group uses them monthly 37, while the least number of
respondents 14 use online services rarely. This indicates that online
services are frequently used by the majority.

 The study indicates a strong preference for private sector banks

over other types.The majority of respondents 53.7% primarily use private
sector banks, followed by 24.7% who use public sector banks. Digital
banks are used by 11.1% of respondents, while foreign banks have the
lowest usage at 10.5%

60
 The study indicates Digital wallets are the most popular fintech service,
used by 107 respondents. Mobile banking follows with 47 users, while
online investment platforms have 34 users. No respondents use
cryptocurrency, and only one person does not use any financial services.
This suggests a strong reliance on digital payment methods over other
fintech solutions.

 The survey shows fintech positively influences financial habits, with most
respondents experiencing improvements. Only a few reported no change
or negative effects, highlighting fintech’s benefits.

 The study indicates that 52.1% of respondents believe fintech has made
financial services more accessible, while 20.0% disagree. Meanwhile,
27.9% remain neutral. This suggests that a majority recognize fintech’s
role in improving accessibility, though a significant portion either see no
impact or are undecided.

 The study indicates that most respondents use online platforms for bill
payments or fund transfers, This indicates that digital payment platforms
are widely adopted, though some still use them infrequently or not at all.

 The study indicate that 47.4% of respondents believe fintech applications

save time compared to traditional banking, while 29.5% disagree.
Meanwhile, 23.2% remain neutral. This suggests that most people find
fintech more efficient, though a notable portion still prefers traditional
methods or sees no significant time savings

61
 The study indicates that 111 respondents feel moderately secure using
online banking, while 38 feel very secure. However, 35 individuals
consider it not secure, and 6 are unsure. This suggests that while most users
trust online banking to some extent, a significant portion still has
security concerns.

 The study indicates that Most users feel moderately secure with online
banking, but concerns remain. While 111 feel somewhat secure, only 38
feel very secure, and 35 believe it is not safe. A small number (6) are
unsure, showing a need for stronger security measures.

62
 CHAPTER-6

Enhanced Financial Education Programs: Develop and implement educational

programs to enhance financial literacy, especially targeting those with limited

63
understanding of Fintech. This could include workshops, online resources, and
awareness campaigns to bridge the knowledge gap.

Tailored Communication Strategies: Design targeted communication

strategies based on the preferred channels identified by users. Since mobile
app notifications and social media are popular, financial institutions should
leverage these channels to disseminate updates and information about Fintech
services.

User-Centric Security Features: Invest in user-friendly security features and

ensure that users are well-informed about these measures. This includes clear
communication about authentication processes, encryption methods, and
regular updates on security enhancements to build and maintain user trust.

Inclusive User Interface Design: Improve the user interface of Fintech

applications to be inclusive of individuals with varying levels of technological
proficiency. A user-friendly design can contribute to a positive experience for
all users, regardless of their familiarity with technology.

Targeted Marketing for Diverse Age Groups: Tailor marketing strategies to

different age groups, acknowledging the diverse preferences and needs of
users across generations. This can involve age-specific promotions, incentives,
and features that cater to the financial habits and expectation of each
demographic.

Continuous User Feedback Mechanism: Establish a continuous feedback

mechanism to ga insights directly from users. This can include surveys, focus

64
group discussions, or user feed forms within the applications to understand
evolving user needs and preferences.

Transparent Fee Structures: Ensure transparency in fee structures associated

with Fintech s Clear communication regarding fees and charges will contribute
to user satisfaction anc the financial services offered.

Collaboration with Educational Institutions: Collaborate with educational

institutions Fintech and financial literacy modules into curricula. This
proactive approach can c creating a more informed and tech-savvy generation.

65
 CHAPTER-7

In conclusion, this study delved into the dynamic landscape of Fintech

adoption, aiming 1o explore user perceptions, preferences, and behaviors
within the realm of online financial services.The analysis of a diverse dataset

66
encompassing age groups, genders, income brackets, and educational
backgrounds has provided valuable insights into the multifaceted nature of
Online usage.

While many users expressed satisfaction and a sense of financial

empowerment through Online adoption, the study also illuminated areas for
improvement. The identified recommendations, ranging from enhanced
educational initiatives to user-centric design and transparent communication,
provide actionable insights for services providers, policymakers, and
stakeholders to enhance the overall Fintech ecosystem.

In the rapidly evolving landscape of financial technology, this study

contributes not only to academic discourse but also to the practical
development and enhancement of Online services. As technological
advancements continue to shape the future of financial transactions, the
insights gained from this study offer a foundation for creating inclusive,
secure, and user-friendly Fintech solutions that align with the evolving needs
and expectations of a diverse user base. This study sets the stage for continued
exploration and refinement of online services, ultimately fostering financial
inclusion, empowerment, and innovation.

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67
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71
 ANNEXURES

“A study on Financial Technology in Banking sector and their

effect on Online services"

Dear Sir/Madam,
We are Drashti Bamroliya and Shruti Jadav, MBA students from GLS
University. We would be extremely grateful if you could kindly spare 5
minutes of your valuable time to answer the questionnaire. Your responses will
greatly help us in our research.
We kindly request you to answer all the questions honestly and without any
external influence.

1. Name:

2. Email:

3.Gender:

□ Male

□ Female

72
4. What is your age group?

□ 18-27

□ 28-37

□ 38-47

□ 48-57

□ above 57

5. What is your primary occupation?

□ Student

□ Professional

□ Self-employed

□ Retired

6. How often do you use online banking services?

□ Daily

□ Weekly

□ Monthly

□ Rarely

73
7. Which type of bank do you primarily use?

□ Public sector bank

□ Private sector bank

□ Foreign bank

□ Digital-only bank

8. Which FinTech services do you use the most?

□ Mobile banking

□ Digital wallets (e.g., Paytm, Google Pay)

□ Online investment platforms

□ Others (please specify)

9. How has FinTech influenced your daily financial habits (e.g., savings,
payments)?

□ Significantly improved

□ Somewhat improved

74
□ No change

□ Negative impact

10.Do you feel that FinTech has made financial services more accessible to
you?

□ Yes

□ No

□ Neutral

11.How often do you use online platforms for bill payments or fund
transfers?

□ Very often

□ Occasionally

□ Rarely

□ Never

12. Do you think FinTech applications save time compared to traditional

banking methods?

□ Yes

□ No

75
□ Neutral

13.How secure do you feel using online banking services?

□ Very secure

□ Moderately secure

□ Not secure

□ Unsure

14. Which security feature is most important to you in online banking

applications?

□ Two-factor authentication

□ Biometric login (e.g., fingerprint, face recognition)

□ Real-time fraud alerts

□ Others (please specify)

15. Have you ever faced a security issue while using online banking services?

□ Yes

□ No

76
16.How would you rate the influence of technological advances in Online
innovations on your banking experience?

Very Negativ Neutra Positiv Very

Negativ e l e Positiv
e e

Overall Impact on
Banking experience

Improvement in
transaction securit

Confidence in
technological systems

Trust in Fintech
Services due to
technological advance
s

Satisfaction with
Speed and Efficiency
of Financial
Transaction

77
17.What is your biggest security concern while using online banking?

□ Data breaches

□ Unauthorized transactions

□ Weak passwords

□ Others (please specify)

18. How satisfied are you with the overall experience of online banking?

□ Very satisfied

□ Satisfied

□ Neutral

□ Dissatisfied

19. What aspects of online banking do you find most beneficial? (Select all
that apply)

□ 24/7 access

□ Quick transactions

78
□ Easy-to-use interface

□ Other (please specify)

20. Would you recommend online banking services to others?

□ Definitely

□ Maybe

□ Unlikely

21. What factors influenced your decision to adopt online banking services?

□ Convenience

□ Time-saving

□ Security features

□ User-friendly interface

□ Promotions/Offers

22.What challenges do you face while using online banking?

□ Technical issues

□ Security concerns

□ Lack of knowledge

79
□ Others (please specify)

23. Have recent FinTech innovations encouraged you to use online banking
more frequently?

□ Yes

□ No

□ Neutral

24.How would you rate your overall satisfaction and likelihood of

recommending Online services?

Very Dissatisfie Nuutra Satisfie Very

dissatisfie d l d satisfie
d d

Overall
Satisfaction with
Fintech
Services Used

Likelihood to
Recommend
Fintech Services
to Friends or
Family Member
s

80
25. What aspects of traditional banking do you still prefer over online
services?

□ Personalized interaction

□ Accessibility in rural areas

□ Trust in physical branches

□ Others (please specify)

26. What improvements would you like to see in online banking services?

□ Enhanced security

□ Faster transactions

□ More user-friendly apps

□ Others (please specify)

27. Do you believe FinTech has improved financial inclusion in rural or

underserved areas?

□ Yes

□ No

81
□ Neutral

28.What motivates you to trust FinTech applications for your financial

needs?

□ Brand reputation

□ User reviews

□ Recommendations from others

□ Other (please specify)

82