IJSSER

Title: A STUDY ON CONSUMER BEHAVIOR TOWARDS FINTECH IN THE BANKING SECTOR
Authors: Chahat Sethi
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Chahat Sethi Chandigarh University
MLA 8 Sethi, Chahat. "A STUDY ON CONSUMER BEHAVIOR TOWARDS FINTECH IN THE BANKING SECTOR." Int. j. of Social Science and Economic Research, vol. 7, no. 7, July 2022, pp. 1905-1953, doi.org/10.46609/IJSSER.2022.v07i07.013. Accessed July 2022. APA 6 Sethi, C. (2022, July). A STUDY ON CONSUMER BEHAVIOR TOWARDS FINTECH IN THE BANKING SECTOR. Int. j. of Social Science and Economic Research, 7(7), 1905-1953. Retrieved from https://doi.org/10.46609/IJSSER.2022.v07i07.013 Chicago Sethi, Chahat. "A STUDY ON CONSUMER BEHAVIOR TOWARDS FINTECH IN THE BANKING SECTOR." Int. j. of Social Science and Economic Research 7, no. 7 (July 2022), 1905-1953. Accessed July, 2022. https://doi.org/10.46609/IJSSER.2022.v07i07.013.
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ABSTRACT: This study is designed to understand the customer behavior towards technologies that are used in the Banking sector. The banking sector has tremendously changed after the adoption of Information Technology. ICICI Bank was the first bank to bring technology into the banking sector leading to a revolution in this Industry. Internet Banking has been around us for a long time but its implication and existence among the customers came after the global financial crisis in 2008. People started to know about technological use in Banking way after that in India. However, people all around the world started adopting these technologies in 2008. The Demonetization of 2016 forced Indians to use technological upbringing in the Banking Sector and the Government promoted the digitalization initiative and brought awareness among people. Many Technological based financial startup firms came to attention after being ignored for years. These FinTech firms such as Paytm, PhonePe, Google Pay, and other UPI-based startups started competing with banks and attracted the bank’s, customers, to provide better services in comparison to banks. The Banks later integrated with this technology to survive in the markets and changed their core mechanism to digitalize. Digitalization in the banking sector led to efficiency, customer satisfaction, time-saving, convenience. The integration of the banking sector with FinTech will further lead to innovations, low operation cost, efficiency in Banks, more customer satisfaction, reliance, and security. Banks have started using financial technology such as blockchain, cloud computing, big data analytics, Robo-advisors, cryptography for enhanced security, greater customer satisfaction and reliance, further growth and exploration in new fields of interest. Customers’ response towards the banking sector was too good after the traditional banks adopted digitalization. The customers benefitted from online services and had convenience, saved time, customer satisfaction. The study also focused on how technology can be a threat and why the integration of FinTech with the Banking sector is the only way to survive.

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