A Study of Impact of Financial Technology on Traditional Banking

Authors

  • Jai Kant Gupta Research Scholar, Department of Commerce, Pandit Shambhu Nath Shukla University, Shahdol, (M.P.) https://orcid.org/0009-0000-2419-1700
  • Dr. Rajani Gautam Assistant professor, Department of Commerce, Pandit Shambhu Nath Shukla University, Shahdol, (M.P.)

DOI:

https://doi.org/10.31305/rrijm.2025.v10.n6.016

Keywords:

Financial Techology (FinTech), FinTech Services, Traditional Banking

Abstract

Financial Technology (FinTech) states the utilization of modern technology to improve and systematize financial services. It assists firms, stakeholders of business and management of clients with their financial activities more efficiently through specialized software and algorithms, typically accessed via computers and smart phones. The key aim of the paper is to study the impact of FinTech in the banking sectors. A sample size of 150 respondents was selected using a random sampling method, and a descriptive research design was applied. Data collection was conducted with the structured questionnaire as a primary tool. The responses were analyzed using percentage analysis and correlation techniques. The findings reveal that respondents are highly satisfied with the speed of FinTech facilities and the comfort of utilization of their interfaces. Digital wallets, UPI, and mobile banking apps are the most preferred FinTech services among the participants. However, about 70% of respondents expressed concerns about data privacy and cyber security. In conclusion, the growth of the FinTech sector has significantly contributed to the Indian economy. Nevertheless, challenges remain—particularly associated to electronic security and limited usage among the unbanked population. These issues, though relatively minor, should not be overlooked. Regulators must implement effective policies to address these concerns and support the continued advancement of the FinTech sector in transforming India’s banking system.

Author Biographies

Jai Kant Gupta, Research Scholar, Department of Commerce, Pandit Shambhu Nath Shukla University, Shahdol, (M.P.)

Mr. Jai Kant Gupta is currently working as an Assistant Professor in the Department of Commerce at Government Indira Gandhi Home Science Girls P.G. College, Shahdol, Madhya Pradesh. He completed his Graduation and Post-Graduation in Commerce from Dr. Harisingh Gour Central University, Sagar (M.P.). He also holds a Post Graduate Diploma in International Business and Export Management from IGNOU. Mr. Gupta is actively involved in academic activities and serves as a Member of the Board of Studies at Pandit Shambhu Nath Shukla University, Shahdol (M.P.). He is presently pursuing his Ph.D. as a Research Scholar at the same university. His areas of interest on Taxation, Banking & Finance and International Business.

Dr. Rajani Gautam, Assistant professor, Department of Commerce, Pandit Shambhu Nath Shukla University, Shahdol, (M.P.)

Dr. Rajani Gautam is currently serving as an Assistant Professor in the Department of Commerce at Pandit Shambhu Nath Shukla University, Shahdol, Madhya Pradesh. She holds the following academic qualifications: M.Com., LL.B., M.Phil., and Ph.D. in Commerce. With over 17 years of teaching experience, Dr. Gautam has made significant contributions to the field of commerce through both teaching and research. Her academic work includes the publication of more than 20 research papers in reputed national and international journals. In addition to her scholarly articles, she is also the author of two published books, further highlighting her commitment to academic excellence and knowledge dissemination. Dr. Gautam continues to be actively involved in research, teaching, and academic development in the field of commerce.

References

Agarwal, A., Arya, P. K. (2017). The Impact of Financial technology (Fintech) on Traditional Banking: A Comparative Analysis. International Journal of Research in Humanities & Social Science, 5(2), 243-48.

Goswami, S. (2022). Impact of Financial Technology (Fintech) on Financial Inclusion (FI) in rural India. Universal Journal of Accounting and Finance, 10(2), 483-497.

Karsh, S. A., Abufara, Y. (2020). The New Era of Financial Technology in Banking Industry. Journal of Southwest Jiaotong University 55(4), 1-13, https://doi.org/10.35741/issn.0258-2724.55.4.54.

Kaushik, P. U. (2024). The Impact of Fintech on Traditional Banking Models. Journal of Foundational Research, 32 (1), 93-101.

Kumaraswamy, N. (2023). Impact of Financial Technology on Traditional Banking. International Journal of Commerce and Business Studies, 5 (2), 1-6.

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Published

16-06-2025

How to Cite

Gupta, J. K., & Gautam, R. (2025). A Study of Impact of Financial Technology on Traditional Banking. RESEARCH REVIEW International Journal of Multidisciplinary, 10(6), 160–166. https://doi.org/10.31305/rrijm.2025.v10.n6.016

Issue

Vol. 10 No. 6 (2025): RESEARCH REVIEW International Journal of Multidisciplinary

Section

Articles

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Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

This is an open access article under the CC BY-NC-ND license Creative Commons Attribution-Noncommercial 4.0 International (CC BY-NC 4.0).