Investigating the Role of Fintech in Transforming Indian Banking Challenges and Future Prospects

Abstract

Technology has revolutionized the businesses across the globe. FinTech has gained the momentum for developing economies like India. This study examines how FinTech has transformed banking in Uttar Pradesh (UP), India. The study examines regional FinTech adoption and banking consumer impacts using a rigorous quantitative approach. The systematic sampling of 180 banking workers in UP and the Rest of India showed a significant difference in FinTech adoption, with UP banks integrating more. The findings indicate UP's banking industry's growing cooperation, digital client acquisition, and technical innovation. In demographic profile, study participants were balanced in gender, age, education, and experience. The study also found that FinTech exposure raises client awareness but lowers financial education. Hypothesis testing confirmed these findings, refuting the null hypothesis about FinTech adoption differences between UP and the rest of India and showing significant FinTech-related customer awareness and financial education differences. The results show that FinTech adoption and client education methods must be targeted, helping banks and governments navigate UP's changing financial ecosystem. This research provides a detailed knowledge of FinTech's impact on the banking industry, enabling informed decision-making in Uttar Pradesh's evolving financial ecosystem.