A Research Study on Awareness

of FinTech among Millennials

Presented By:
Vrutika Shah(207050592001)
Bhakti Thakor(207050592014)
Content
● Introduction to the topic
● Literature Review
● Objective of the study
● Research Methodology
● Data Analysis
● Findings
● Conclusion
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What is FinTech?
Fintech is a blend of the terms
“finance” and “technology” and refers
to any business that uses technology
to enhance or automate financial
services and processes.

The term encompasses a rapidly

growing industry that serves the
interests of both consumers and
businesses in multiple ways.
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 Why Fintech Is Important?
Fintechs role in society is becoming more vital than ever, particularly due to Covid-19.

1. Creates Financial Inclusion - accessible to people who may never have taken advantage of
financial services before
2. More Cost-Effective Option - fintech companies usually have relatively low overhead
costs, which allows them to pass the savings on to you.
3. Enhances Financial Capability - An improvement in people’s financial literacy will help
more individuals reduce their debt, understand the value of budgeting and saving and the
importance of investing for the future.
4. Empowers Small Businesses - Innovative fintech products enable small businesses to expand
their services further and operate at higher efficiency and scale.
5. Safe and Secure - From instant spending notifications to location-based security. Fintech
companies do a pretty good job of keeping you and your information secure.
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 Literature Review
No. Title Objective Methodology Tools / Techniques Outcome Conclusion

1 The Adoption To identify the samples of the survey This study examined the Results suggested that
of Mobile factors that Were limited to Seoul, relationship between the usefulness, ease of use
Payment compels users of the capital area, and central and peripheral and credibility had an
Services for “K Pay” to certain age groups paths in the acceptance of effect on intention to
“Fintech”. accept were predominantly new technology and use and self-efficacy
Fintech services. represented, giving service. It found the central was found to have a
way to regional and path had a relatively higher moderating effect on
age biases. impact independent and
compared to the peripheral dependent
path. In order to invigorate variables.Further,
payment-type Fintech concern for
services, convenience and information privacy
usability should be was found to be a
continuously improved. factor obstructing the
path to intention to
use.

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 Cont.
No. Title Objective Methodology Tools / Outcome Conclusion
Techniques

2 Financial comparative The size of sample Samples and Data The primary Concluded that Gen X are
literacy analysis among taken for the study is collection. To find objective of this rigid and are not open to
about the three 322 respondents which and compare. article is to make a adapting to any technological
digital generations i.e. include 103 from Gen comparative innovations in the financial
wallets: a Gen X, Y and Z X, 105 from Gen Y and analysis among the world.
comparati regarding their 114 from Gen Z. three generations Gen Y attracted towards
ve study perceptions The questionnaire i.e. Gen X, Y and Z rewards and other benefits
on gen x,y towards digital consists of 27 questions, regarding their offered by digital wallets with
and z in wallets. out of which 6 questions perceptions the proliferation of
india. are used to measure the towards digital information technology,
independent variables wallets. Gen Z are the most
and 20 questions for comfortable in using
measuring the 6 digital wallets. They belong
dependent variables. to the era of digital revolution
where smartphones and
internet is
pervasive and part of their
daily routine.

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 Cont.
No. Title Objective Methodology Tools / Techniques Outcome Conclusion

3 The The purpose The sample Dataset collected through The results provided The results provide further
Financi of this study population in their smart partnership with support for concerns insight into young people’s
al was to study comprises Malaysian Youth Council raised by other financial health and their
Health assess young adults in and the Malaysian Ministry researchers about usage of fintech. The study
and The young Malaysia between of Youth and Sports. young adults’ found:
Usage adults’ the ages of 18-29 Multi-stage random unpreparedness for 1) The general financial status
of financial years old. sampling was used to financial of young adults and their
Financi health and sample a total of 651 responsibilities which monthly spending
al their usage This study utilized respondents in which the could result in poor 2) Majority of young adults in
Technol of fintech. non-probability data collected was analyzed financial well-being Malaysia are familiar and are
ogy sampling with descriptively and using fintech applications
among convenience inferentially using SPSS. However, their usage 3) Concordant with other
Young sampling Descriptive analysis was of fintech has been studies fintech was least used
Adults techniques and conducted in order to proven to have a for investment by young
deductive research summarize the empirical causal positive adults
design. analysis results with relationship with their 4) the linkage between fintech
numerical representation. financial health. and a young adults financial
health cannot be discounted.

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 Cont.
No. Title Objective Methodology Tools / Outcome Conclusion
Techniques

4 A To identify the descriptive for identification of the (1) It will be difficult for larger
research satisfaction level of research design various factors related to incumbent firms to match small
study on Fintech users by by using the Fin-Tech and use of entrepreneurial start-up firms at
awarenes considering various secondary the Fin-tech among the producing value-creating FinTech
s of factors. research from the new users and how its applications with high innovation.
fintech various sources beneficial to the new uses
among To identify factors (2) The FinTech sector is likely to
millennia related to mobile experience significant adjustment
l payment use. and evolution as time passes and it
matures into a typical industry
To know the sector, as opposed to one of the
importance of the newest among them, and probably
Internet as an enabler sooner than many observers may
for the emergence of expect.
Fin-Tech.

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 Cont.
No. Title Objective Methodology Tools / Outcome Conclusion
Techniques

5 A survey on This work aims to Research design The main findings of This paper completed a survey
FinTech produce a survey is exploratory this work are on five key technical aspects of
of FinTech by fundamentals of FinTech for understanding
collecting and forming active contemporary development of
reviewing FinTech solutions. the discipline and guiding future
contemporary research. Five technical aspects
achievements, by included data oriented
which a theoretical techniques, facility and
data-driven equipment development,
FinTech application designs, service
framework is models placement, and security
proposed and privacy protections.

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 Cont.
No. Title Objective Methodology Tools / Techniques Outcome Conclusion

6 Financial The aim of this analyzed with This research used the The findings indicate that, There are a number of
Technology paper is to Quantitative sampling method with first, FinTech has been business opportunities
as an develop a analysis, non-parametric with adopted in some rapidly which have opened
Innovation framework for Multiple purposive sampling growing emerging markets for new entrants in the
Strategy for assessing the Regression by technique where only and frontier economies but financial sectors by
Digital Financial using the SPSS give opportunity the still in small players. using the IT
Payment Technology 24 software ones of the millennial Second, evolving collaboration systems
Services in landscape, which application generations who ever technologies, particularly
the has been used or familiar with those related to the
Millennial implemented by Fintech were internet, big data, mobile
Generation a number of preferred but only technology, and computing
companies in 238 respondents power, have become the
Indonesia. returned to drivers of innovations in
researchers financial services.

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 Cont.
No. Title Objective Methodology Tools / Outcome Conclusion
Techniques

7 Determi This paper This approach 1,236 correctly The results obtained can thus On the other hand, our research
nants of aims to allowed for an completed be extremely important for shows which Millennials group
the analyze in-depth analysis questionnaires managers of financial does not yet use FinTech,
adoption and of the examined were used for the institutions. They provide allowing identifying the reasons
of evaluate the the issue. The research. To information that can be used for such decisions. On this basis,
innovati selected essential analyze and for activities aimed at managers of individual financial
ve determinant empirical data evaluate the maintaining FinTech’s institutions can take action to
fintech s of using were obtained impact of selected customer base and allow us to expand their customer base. We
services the based on the determinants of adjust the offer to the found serious indications for this
by innovative research using the FinTech adoption, expectations of this group. that in Poland, the market will
millenni FinTech CAWI method in a logistic Millennials most open to develop dynamically in the near
als services by December 2019 regression model innovative FinTech services future. Among the 312
Millennials on a was used. in Poland are young men with Millennials who have not yet
in Poland. representative high and very high net used FinTech: 97 respondents
sample of Poles income and not driven by low intend to use FinTech services
aged 25–40 at costs of financial services. within six months, and 131
that time. respondents declared their
intention to use them in the
future.

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 Cont.
No. Title Objective Methodology Tools / Techniques Outcome Conclusion

8 The Internet To know the Group of 10 People The interviewees agreed

as importance of interviewed that the Internet, and in
an enabler of the Internet as an particular the mobile
FinTech enabler for the Internet, was an important
emergence of enabler for the emergence
FinTech. of FinTech.

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 Objective of the Study
● To identify the awareness of
FinTech among Millennials.
● It reveals which type of
fintech services is widely
accepted and satisfied
among users.
● To identify the satisfaction level ● The present study aims to identify
of FinTech users by considering which target age group acts as a
various factors. popular user of fintech services as
well as which age group is more
prone towards which type of
financial service.
● It aims to measure the degree of
satisfaction of users with specified
financial services like financial
planning, payments, lending and
borrowing.
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1. Type of research: The research is descriptrive in
nature based on primary data.
2. Area of study: The area of the study covers
Vadodara city.
3. Technique of data collection: Mainly primary
sources are used for collecting data, and a structured
questionnaire is used for collecting primary data.
Supporting secondary data are also collected from
various reports and journals.
4. Data analysis technique: Data is analyzed using
percentage method and chi-square test by using the
SPSS software.

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 Data Analysis
The population size was 201 which consisted of 107 (53.2%)
Females and 94 (46.8%) Males respondents.

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 To identify the association between Gender and Awareness of FinTech

H0: There is an insignificant association

between Gender and Awareness of
FinTech
H1: There is a significant association
between Gender and Awareness of
FinTech

There is an insignificant association at

5% significance level between Gender
and Awareness of FinTech of respondents
(x=3.624, df=2, p=.163).

Hence, H1 was not supported.

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To identify the association between Gender and Satisfaction Level for using
FinTech services

H0: There is an insignificant association

between Gender and Satisfaction Level for
using FinTech services
H1: There is a significant association
between Gender and Satisfaction Level for
using FinTech services
There is an insignificant association at 5%
significance level between Gender and
Satisfaction Level for using FinTech
services of respondents (x 2=2.854, df=4,
p=.583).
Hence, H1 was not supported.
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To identify the association between Age and Awareness of FinTech

H0: There is an insignificant association

between Age and Awareness of FinTech
H1: There is a significant association
between Age and Awareness of FinTech

There is a significant association at 5%

significance level between Gender and
Awareness of FinTech of respondents (x
2=47.152, df=6, p=<.001).

Hence, H1 was supported.

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To identify the association between Age and Satisfaction Level for using
FinTech services
H0: There is an insignificant association
between Age and Satisfaction Level for
using FinTech services
H1: There is a significant association
between Age and Satisfaction Level for
using FinTech services

There is a significant association at 5%

significance level between Age and
Satisfaction Level for using FinTech
services of respondents (x 2=55.137,
df=12, p=<.001).
Hence, H1 was supported.
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Express your agreement regarding
various fintech services on the
following statements. (Strongly
Disagree, Somewhat Disagree,
Neutral, Somewhat Agree, Strongly
Agree)

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Mutual Fund - It offers diversification,
are liquid, are professionally managed,
etc.

Fixed Deposits - Guaranteed returns,

good interest rate, easy to monitor, etc.

Stocks - Dividend benefits,

diversification, higher returns over the
short term, etc.

Gold - Silver - They are in high

demand, they are inflation-proof, they
have a universal value, high liquidity
rate, etc.

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From the analysis it is found that there
is a good amount of awareness among
Paytm, Policybazaar, Bharatpay and
Razorpay while the awareness of other
FinTech brands Such as Groww,
Pinelabs, Cred, Digit, Zeta, CoinDCX,
ACKO, Coinswitchkuber are relatively
low.

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Based on the above bivariate frequency distribution table of Age and FinTech
service usage, of the respondents indicates that most of the respondents
belong to the age category of 31 to 40 years i.e 69 of which 24 prefer to use
Fintech service often and 20 of them chose sometimes.

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 Findings
■ The FinTech services are perceived to be convenient, user
friendly, and quick.

■ It is observed from the study that the older generation has a

misconception toward the FinTech services which is the
principal reason for lack of trust and use of FinTech services.
Another important factor which hinders the adoption of such
services is lack of education.

■ While considering the age of the respondents, the adoption of

such services is found more among the respondents belonging
to up to 40 years of age, average among the respondents
belonging to the age group 40–50 years, and low among the
respondents belonging to the age category above 51 years.
 Cont.
■ The payment-based FinTech services have received tremendous
adoption in the area of the study but this is not the case with the
FinTech firms working in the Lending, Insuretech, Investech,
Blockchain, etc space.

■ The highest difficulties faced by the respondents while using

FinTech services are problem in the server, lack of technical
knowhow while using the technology based services, and also low
security such as receiving fraud calls and messages.

■ It is also found from the study that psychological barrier, lack of

confidence in the system, and inhibition in virtual transactions
among the less educated and also the respondents belonging to
older generation have an impact on the adoption of FinTech
services.
Conclusion
⇗ With the smartphone penetration and outpouring of technological
innovations, the customers have adopted various FinTech services.

⇗ It is found that the benefits of FinTech service is enjoyed more by

the younger generation as compared with the baby boomers.

⇗ The usage of the services offered by the FinTech firms will rise only
when the awareness level improves.

⇗ Consequently, the security should be strengthened so that the users

have positive attitudes toward using such services and the users
should also be careful while using the FinTech services in order to
safeguard themselves from cyber threats.
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Cont.
⇗ Proper knowledge, government support, proper grievance
mechanism can create positive attitude toward adoption of
technology-based financial services.

⇗ FinTech will ensure financial inclusion that will result in bringing

the unbanked to the banking sector. This will make the formal
financial system robust and will help to channelize the resources
toward the economic growth of the country.

⇗ Overall, from this study it can be concluded that there is a

tremendous awareness of FinTech among Millennials.

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Thank You

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