The Role of Fintech in Reshaping Traditional Banking and Financial Services

Abstract

The link between the quality of fintech services and customer satisfaction makes this area of research incredibly important. We've seen time and again that service quality directly influences customer satisfaction, which then plays a crucial role in customer retention. Therefore, it's essential to delve into how effective fintech services are and their impact on customer loyalty. While many countries have explored this topic, there's been relatively little focus on the Indian context. As India aims to transition into a digital, cashless economy, understanding consumer perceptions and expectations regarding cashless transactions through fintech becomes vital. Bankers need to grasp the key aspects of service quality in electronic channels that customers deem important when deciding whether to embrace or reject technology-based banking, like e-banking. This research aims to shed light on the various dimensions of fintech service quality and how they affect customer satisfaction. With all banks in India now offering e-banking services and their growing popularity among customers, this report not only identifies the key dimensions of e-banking service quality but also adopts an exploratory and descriptive approach based on survey methods. Primary data was collected from fintech users through a standardized and structured questionnaire, while secondary data was sourced from magazines, publications, newspapers, periodicals, research articles, and previous theses on financial technology.