Fintech and industry 4.0: A study on drivers with reference to digital banking sector

The purpose of this paper is to investigate drivers of FinTech in India with reference to banking sector, customers’ awareness and acceptance of Digital Banking.

The present study is of descriptive and exploratory nature based on primary as well as secondary data. A well-structured questionnaire was circulated to collect the data using simple random sampling. The data was analyzed by using Factor analysis and Chi square test as statistical tools.

Fin Tech is effective in digital banking sector. Majority of respondents know about the BancTec and FinTech and are using it very often proved that there is an awareness related to Digital Banking amongst Indian banking customers The factors extracted were named as - Unique digi-fin experience, Easy and user friendly, 24*7 accessibility, Safe and secure transactions and Enhanced customer experience.

Impact of demographics on the usage of FinTech was not studied. Geographical area of the study was restricted to Indore city only. Future research could use demographic variables and also extend the area of the study to State level to verify the impact of FinTech on banking sector.

The findings have implications for FinTech professionals and banking sectors to take advantages of multiple benefits of digital banking in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their customers.

This study is the first of this kind to focus on extracting the influential drivers of FinTech and found the effectiveness of Fin Tech in banking sector.