A Study on Customer‟s Attitude and Fintech Industry Adoption

FinTech is a common abbreviation for Financial Technology, which is a contemporary buzzword and one of the most popular fields in the current digital age. This is largely due to the fact that financial technology has the capacity to transform and bring about significant changes in both people‘s lives and company practices. FinTech is a industry that uses technology to help people manage their money better. The internet is the principal mode of communication, and areas of interest include insurance trading and risk management. Recently, there has been an upsurge in investment in this area for both development and expansion. The term ―FinTech‖ has been described as ―computer programmers and other technologies used to support or facilitate banking and financial services‖ by the Oxford dictionary. Transparent, secure, quick, and profitable processes are now advantageous to businesses, consumers, and governments due to the increase of digital transactions.The number of fintech firms has exploded in recent years, particularly those that provide financial services in sectors that have traditionally been dominated by commercial banks, such as payment, deposit, and lending.Insurance trading and risk management are two areas of interest, with the internet serving as the primary medium of communication.Companies, consumers, and governments benefit from clear, safe, rapid, and profitable digital transaction methods. The huge number of digital touches points that consumer utilize on a daily basis promotes the FinTech business, resulting in a higher rate of FinTech service uptake. India has become one of the world‘s top adopters of financial technology throughout the years.Fintech also reduces cash exchange. As earlier there was risk of carrying cash in big amounts because of theft, robbery etc. but now it has become easier to do transactions online without any risk of robbery.Individual purchasing power and disposable cash expand dramatically as a result of this. The significant surge in venture finance and capital investments at the time was due to the same cause.Despite the fact that mobile banking penetration is nearly 52 percent, people still have a negative opinion regarding FinTech adoption.If customers are not able to access digital banking services through digital platforms, then they are forced to visit physical branches. Adopting more streamlined FinTech enabled processes strategically more important. FinTech enabled processes that can be provided, such as; advisory services, insurance Obviously, fintech payments offer a much better experience because they are instant and much cheaper. Moreover, various initiatives to deal with security risks have won the trust of consumers and many people prefer this new technology.

Many prior articles and reviews were published by different authors and publishers about Fintech growth, customer adoption towards online banking, customers attitude for using fintech services and their reviews, fintech industry investment financial services which has been traditionally used have confronted a radical evolution with combination of technology and innovation in the sector. It is visible to naked eye the growth of finance sector, there are a plenty of FinTech start-up enterprise popped up in the market and the industry is highly likely to pace its growth in the near future.Indian economy which was a cash driven economy has been now edged with the help of FinTech.Research has identified three key factors influencing FinTech usage, namely convenience, adaptability, and security. Consumers have a favorable effect on the system in question, according to earlier studies. This hypothetical situation might show that individuals will have a more positive attitude toward technology when they find Fintech products and services to be helpful and simple to use. According to a study by Chuang in Taiwan, consumer sentiments on the use of fintech goods are closely correlated with ease of use and convenience. (2018) Pejkovska, M. Fintech hascertain advantages, that is, ease of use, convenience, practicality and time saving. In addition,researched the Yemeni banking sector, the convenience and usability of the financial system had a favorable effect on it.User attitudes and intentions regarding online banking use is increased. (Baiju,MS2017) Previous research has demonstrated a favourable relationship between behavioural intention and attitude in persons. This implies that people are more likely to use FinTech products and services if they have a positive experience doing so (Anagnostopoulos, I. 2018). Users' attitudes and their intention to utilise FinTech products are positively correlated. The intention of other users to use mobile service applications is also significantly influenced by user sentiments.For example, if a customer of Fintech Mobile Payments application is satisfied by using a payment app, he/she will recommend it to their other friends, family etc. so this will increase the adoption of fintech and accordingly will change the customers attitude towards using fintech.Moreover, he also clarified that attitude will positively affect consumers‘ intention to use online banking services. Therefore, the study determined that attitude and intention to use are intentions. The potential user's behavioral intent is determined by subjective criteria; and so, the behavioral intent of the current user depends on their behavior and attitude. Consumer ―attitudes‖ and ―willingness to use‖ Fintech Services of consumers are expected to have a significantly positive relationship (Varga, D. 2017). Customers are more likely to use fintech services if they perceive them to be worthwhile and when they receive positive ratings.In addition, when consumers believe that the use of Fintech Services can be a convenient and practical tool, they may recommend their use, the opposite attitude of consumers towards the use of Fintech Services is found. Fintech Service usage will be affected and increased. Therefore, attitude exhibits a positive effect relationship with behavioral intention to use (Vijai, C.2019). They discovered that clients wanted to open an account as soon as possible, at their convenience, without having to get in touch with the bank personally and inquire about the services it provided. (Hu, Z., Ding, S., Li, S., Chen, L. & Yang, S. 2019).Another great benefit of using fintech apps for business is the convenience they provide to users. By using mobile connectivity, fintech has improved efficiency and facilitated transactions. This will result in a better customer experience, better access to information and transparency. The use of fintech applications in businesses has made it possible for the public to access the information at their fingertips. In addition, fintech has helped to provide financial products to the unbanked, thereby serving everyone in need of financial services around the world. (ArticleVenture CapitalFintech and digital convenience: a new age) By Matt HighMay 16, 2020 The availability of FinTech provides an easier way for consumers to access various financial products through utilized e-platforms.Security and flexibility were listed as additional criteria. These two things don't have much of an impact. Since adaptability is not the deciding element, annual income might also be taken into consideration. (Prasad, M.V.N.K. 2019) The most important benefit that businesses and developers get when developing fintech applications is cost reduction. There is a greater chance of errors with each piece of code generated for an application. This can lead to poor performance, program failures and higher maintenance costs due to frequent upgrades. Fintech Applications are designed in a way that allows developers to reuse code for different applications. This reduces the time and cost of writing different codes and allows developers to focus on other important aspects of application development such as layout, security, speed, etc.When used wisely, financial technology (FinTech) can bring enormous benefits. Mobile

goals. Most FinTech companies attach great importance to protecting users‘ privacy and security. However, it is important that you take an active role in protecting your personal information and accounts by taking simple but effective measures when choosing and using FinTech. Publication Series (Privacy and security when using FinTech apps) This publication is part of the FinTech Privacy training module. Fintech applications reduce costs not onlyfor companies and developers, but also for customers. Many operations have been automated, proven to be more efficient in areas such as credit risk with greater accuracy and less human presence, thus reducing service costs. Risk associated with customer service awareness is said to as an uncertainty that a person will experience when making decisions. Hazards associated with awareness are frequently viewed as security or safety risks in the age of digital technology.In this stage, it‘s easy to get personal information without the consent of owner. The awareness risks have a large negative impact on the attitude of individualsto use one Number of certain technology or technology services (Arner, DW, Barberis, J.Andbuckey, R. P. 2016). Studies have shown thathigher awareness risks, consumers with many adverse attitudes in real technology products. It is also found thatsecurity risks have a significant impact on the user‘s attitude and form an important factor in the application of technical products. Regarding Martin‘s online banking activities, awareness risks have a greatimpacton consumer attitudes in the payment system, respectively affecting their intention to beto use electricity. The identification of perceived risk will determine the attitudes ofpeople towards FinTech products and services. (Das, S. 2019). Thecompetitive advantage shows that the competitive advantage shows a positive relationship withintention of using a product. Competitive advantages have a positive impact on user attitudewith Internet Banking in Taiwan. Similarly, the competitive advantage is nearlyrelated to the user‘s attitude towards mobile payment services (NTWiga, D. B. 2018,September). The study unequivocally demonstrates that users' attitudes toward the system are significantly influenced by the competitive advantage of technology. The extent to which competitive advantage influences customers' perceptions of fintech, however, is currently unknown. (Gomber, P., Kauffman, R. J., Parker, C. & Weber, B. W. 2018). Cost has the characteristic of having a negative impact on people's attitudes toward using the system. perceptions. Similar to this, people' opinions of using mobile value-added services are negatively impacted by perceived cost.However, the cost ofcould be a factor that is likely to influence the user‘s attitude towards using the system. It is still unknown, though, how much consumer attitudes will be impacted by the cost of adopting fintech products and services. (Venkatesh, V. and Davis, F. D.2000) In addition, trust can be beliefs, expectations or feelings about certain things, the background will increase or maintain a level of trust that will affect the trust of both parties in a transaction. An individual will not take any unexpected actions that could lead to negative outcomes or risks to business partners (Gulamhuseinwala, I., Bull, T. & Lewis,S. 2015). Fintech services are to blame for their lack of popularity; occasionally, customers of these services must use websites to find services. Brands can assist consumers in fostering diversity when the standards and related roles of products are unclear.Companies can leverage their brand reputation for value, such as their stability, long history and reliability to overcome consumer trust issues. Brand and its reputation havepositive effects on consumer trust (Gomber, P., Kauffman, R. J., Parker, C., andWeber, B. W. 2018). Through the use of new technologies, beliefs and knowledge about the experience will directly influence consumer buying attitudes. When consumers have more trust in brands and services, their buying attitudes will be more positive. Customers will have a favourable opinion of the company if they think the information it offers is accurate. Therefore, the term "brand and service trustworthiness" is defined as "the extent to which corporate reputation, website quality, and system security have an impact on consumer behavioural intents to utilise Fintech Services" throughout the course of this study. (He, M.D., Leckow, M. R.B., Haksar, M.V., Griffoli, M.T.M., Jenkinson, N., Kashima, M. M.,andTourpe, H.2017).

Both primary and secondary data are used in the research report. Quantitative Research: Descriptive research is a quantitative research method aimed at collecting quantitative information for statistical analysis of a sample population. The term descriptive research then refers to research questions, design of the study, and data analysis conducted on that topic.Convenience sampling was utilized as the sample method.In survey research, respondents answer through surveys or questionnaires or polls.Research has been supported by survey from wide variety of retail customers of financial products and services, and also based on a thorough assessment of the literature. This study also tried to check respondents‘

A set of questionnaires was prepared of how much they are satisfied by using Fintech in their lives. The Descriptive Research approach was utilized to determine customer attitudes toward Fintech Services, as well as a structured questionnaire to determine consumer preferences.

According to the table above, 35% of respondents believe that the digital payment service is risky. 65 percent of respondents said they don't utilise digital payment services because of security concerns. 58 percent of them worry about their personal information being misused. According to 80% of respondents, digital payment systems are widely available and the least expensive way to conduct online transactions. Only 55% of respondents believe that a digital payment service provider is unreliable, and 75% of respondents say that reputation and integrity are the most crucial considerations when selecting a digital payment service. Digital payment systems are regarded as convenient, user-friendly, and simple to understand by 85% of individuals. When adopting FinTech services, perceived risk, relative advantage, trust, and convenience are all relevant considerations.

Characteristic N= 166 Gender Male 107 Female 59 Age 11 – 20 17

21 – 30 75 31 – 40 32 41 – 50 26 51 – 60 9 61 – 70 2

70 Over 1

1. If the customer is satisfied with the Fintech service provided by the company, such as the transaction process and results are correct, or the transaction system safety and security, customers will have a high level of service trust in Fintech Services. 2. IfFintech services enable customers to obtain relevant business information or transact efficiently, easily and quickly in real time and without restrictions on time and place, customer‘s positive attitude towards using Fintech services will increase. 3. If Fintech services are easy to use, user-friendly operation process, easy to download application program, this technology will affect customers‘ attitude towards using Fintech service. Fintech services are the most important factor in deciding whether or not customers will use fintech services. 4. The level of positive and negative customer reviews of using Fintech Services is the most important factor affecting a customer‘s use of Fintech Services.

behavioral intention toward using Fintech Service.

The findings of this study will be beneficial to the financial analytics sector because they will enable them to better serve customers, improve their business, and create marketing strategies to draw in new clients once they are aware of the attitudes and factors that influence how customers use Fintech services. FinTech and e-commerce are still developing and creating new standards for the provision of cutting-edge goods and services. FinTech, which combines finance and technology, has undoubtedly altered how we utilise financial services over the past several years.

Fintech is a new financial sector that applies technology and innovation to provide financial services usingnew applications, processes, products or business models provided as the end of the Internet.In India it is particularly favorable because the country boasts a demographic of people who cannot compare rapidly. In addition, the penetration of smartphones was capable of testinga recurring case of 53% in 2001 to 6% in 2018. Financial services market in India was mainly untapped, with 0% of the population does not have an association with a bank and more than 80% of transactions are madethrough money. This shows an opportunity for Fintech startup enterprises tospread their wings in different segmentsto conclude, this study has provided an overview of Indian Industry of Fintech and the Government LevelInitiative on this industry. Their performance in the current scenario provides consumers of financial services faster. Therefore, the development of the Fintech industry is necessary for the global financial sector and India.Legacy processes and higher operating cost models of incumbent banks and financial service providers willgive digital FinTech enterprsises an edge,as banks start to keep up with these more agile and innovative startups.Theopportunity for FinTech lies in expanding themarket, shaping customer behavior,and achieving lasting change in thefinancial industry.The study illustrated Fintech knowledge, and adoption across threefinancial segments namely financial planning, payments, lending and borrowing operations, and more.The purpose of identifying user groups for the most popular users was revealed byproviding us with information that Millennial or young users have the highest adoption rate compared to other user groups' age. The payment segment was identified as the most common reason for theas ease of use and reduced time required. The idea of technological innovation has taken over the

Increase Awareness among people about usage of Fintech. Arrange sessions for learning Digital Walletsand Online fund transfer. Indian markets are still at evolving stage in digital payments systems as against matured systems of developed nations like USA and Europe. Secure and safe transaction is one of the most sought after characteristic of digital payments in India as people do fear about online frauds which are very frequent in our country. As the penetration of digital payments increase further in rural and semi urban areas where those customers are at the bottom of the economic earnings ladder, the potential losses on account of fraud will play major role in forming opinions about such systems among large population of our country. This evolving system in our country also calls for an independent regulatory authority under RBI to keep strict vigilance on these service providers. Money is one of part of transaction whereas the data of customers which is very important can also be potential trade deal for many service provider which is more dangerous for the country.

REFERENCES

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