A Study of Customer’s Attitude and Adoption of Fin-tech in Tiruchirapalli District, Tamil Nadu

Abstract

Purpose: Fintech is a tremendous financial revolution in the West and has spread all over the globe in the past. The development of mobile phone technology and internet services has made the mode of payments very easier .In this digitized era, Fintech plays a very important and crucial role . The major advantage of mobile payment is “cashless” payment from anywhere to anyone at any time. It has emerged to ease customers daily commercial transactions. The purpose of this paper is to analyse the awareness, usage and willingness to use different financial services of FinTech and the factors contributing towards using FinTech, the future of Fintech services in Banks and Concerns for FinTech products and behavioral intention to use FinTech. Methodology: This study used descriptive research methods and primary data has been collected using structured questionnaire. The  study the major drivers of the factors attracting respondents to Fin Tech, different analysis tools of Excel and SPSS has been used. Binary logistics regression has been used to test the hypothesis. The variables such as  Awareness, Usage and Willingness to use of Different Financial Services of Fin-Tech, Ease of use, Faster Service, Wider availability of Service, Cheaper services, Access to Advice, Easy Accessibility, Enhanced Customer Experience, Minimum Regulatory Concerns, Innovation  in Existing Products , Security of Investment , Protection of Personal Data, Confidence in Fintech services  , Trust in transaction process and results , its security and its perceived usefulness and attitude are studied to assess its contribution towards usage of Fin Tech services by customers. Findings: The multiple regression analysis results revealed that independent variables such as Security, Confidence, Convenience, Availability of services provided, Usefulness, Ease of Use, Information of Fin Tech are the significant factors that influence customers in using FinTech services. Implications: This study implies that even though the payment method has been altered around the world, security to personal data plays a major role in choosing Fintech services by customers. The banking industry is recommended to improve the digital financial services and provide a safer and more convenient usage methods to its customers. Originality: The data has been collected directly from the public through questionnaire. This has created an awareness of the various FinTech services available presently in the Financial Sector.