Influence Of Fintech Companies On The Financial Behavior Of Consumers

Abstract

The digital revolution and technological developments have significantly reshaped the financial services industry. India is now home to over 3085 Fintech companies with a market valuation of over USD 226 billion as of 2023. Fintech services have replaced traditional financial services in financial services industry. Thanks to fintech, the financial behaviour of people and financial behaviour patterns have been transformed. The current Fintech movements revolve around e-money institutions, embedded finance, and digital regulatory standards. The study therefore endeavours to know as to why people have been adopting Fintech and how the trend of that adoption has changed their financial behaviour patterns with respect to managing their finances, investing, saving and spending.The survey was having consumers of Fintech applications located in Chennai. Using purposive sampling the data collected from a total of 384 respondents, regression and correlation analyses were performed by using SPSS. These include utility, ease of use, individual performance, social influence, trust and security, hazards in using the technology, and financial as well as technology literacy. Ultimately these influences on the use of Fintech impact financial behaviour, and in turn significantly influence the acceptance and satisfaction with Fintech in general. The study says that each aspect of financial behaviour is impacted by the elements with variation in proportion. As a result, the adoption of Fintech has altered how people behave with regard to their financial goals and planning.