Exploring the Preferences and Satisfaction Levels of Millennials and iGen Towards FinTech Services in Banking

Abstract

This study examines the adoption of FinTech services offered by the banking sector among Millennials and Generation Z (iGen) in Chennai, focusing on their awareness, preferences, and satisfaction levels. Data were collected from 262 respondents through a structured questionnaire, and the research employed descriptive and analytical methods using SPSS. Key findings reveal significant demographic influences on FinTech adoption. Most respondents were aged 35-45 (42.3%), with a notable presence of those aged 18-24 (33.5%). Male respondents (66.1%) outnumbered females (33.9%), and private sector employees formed the majority (52.9%), followed by students (33.5%). Educational qualifications significantly influenced adoption, with 46.3% of respondents holding a master’s degree. Income disparities were evident, as 27.3% earned less than ₹25,000 monthly. ANOVA results indicated strong relationships between age, income, and factors influencing FinTech usage, including convenience, security, innovation, and customer support. The study underscores the need for financial institutions to tailor FinTech services to meet diverse demographic and economic needs. Enhancing awareness through educational initiatives, particularly for lower-income and less-educated groups, is essential. These findings provide actionable insights for industry stakeholders and policymakers to promote an inclusive and innovative FinTech ecosystem that caters to the evolving needs of Millennials and iGen.