PERCEPTION, ADOPTION, AND PATTERN OF USAGE OF FINTECH SERVICES BY BANK CUSTOMERS: A STUDY OF PRAYAGRAJ DISTRICT IN UTTAR PRADESH

With the advent of technology, banking and financial services have widened their scope. India achieved the FinTech adoption rate of 87 percent as against the global average of 64% mainly contributed by FinTech startups aiming for providing access to financial services even in the remotest areas. Realizing the potential of FinTech to contribute toward financial inclusion and stability, the Governments have taken requisite steps toward digital transformation and promote FinTech ventures. In order to meet the customers needs, collaborative moves with FinTech firms have been initiated by financial institutions as well. The present research aims to analyse the relationship between different demographic profiles, the adoption of FinTech services, the perception, user pattern, and constraints faced by the customers in using FinTech services. The results based on survey of 175 respondents. The analysis of data reveal significant association between usage of FinTech services and different demographic profiles. However, the awareness and use of such services exist among the young generation . While the FinTech companies gained the popularity in payment space, it is observed that provides constraints for the growth of technology-based services among the sample respondents.