The Impact of FinTech on Traditional Banking Models

Abstract

Abstract This study explores how FinTech (Financial Technology) is transforming traditional banking in India. Over the past decade, rapid technological advancements have led to the emergence of FinTech platforms that offer faster, user-friendly, and more affordable financial services compared to conventional banks. Through a structured questionnaire survey, this research examines customer preferences, behaviors, and perceptions toward FinTech versus traditional banking. It investigates how banks are responding to these changes through digital transformation and partnerships. The findings reveal that younger demographics favor FinTech for daily transactions due to convenience and speed, whereas traditional banks retain trust for large-value and long-term services. The study concludes that FinTech is not replacing but reshaping traditional banking, urging collaboration and innovation. Key recommendations are provided for banks, FinTech companies, regulators, and consumers to ensure a secure, inclusive, and efficient financial ecosystem.