Unraveling the FinTech Paradigm: A Comprehensive Analysis of Bankers' Perceptions and Effectiveness in Indian Banking Institutions

Abstract

The rapid evolution of financial technology (FinTech) has significantly transformed the banking landscape in India, presenting both opportunities and challenges for traditional banking institutions. This study aims to comprehensively analyze the perceptions of bankers towards FinTech applications and assess the effectiveness and satisfaction levels of FinTech solutions implemented in Indian banks. A sample of 573 bankers from the main branches of the top 20 banks in India, as identified by Money Control, participated in the study. Data was collected through a structured questionnaire covering various dimensions of FinTech perception. To understand the factors shaping bankers' views on adopting financial technology (FinTech), we conducted an Exploratory Factor Analysis (EFA). Then, to examine how FinTech adoption influences the use of digital finance, we employed multiple regression analysis. The findings provide insights into bankers' attitudes towards FinTech, identify challenges and opportunities in FinTech adoption, and offer actionable recommendations for policymakers, regulators, and banking institutions to optimize their FinTech strategies and drive sustainable growth in the digital era