Factors influencing on Financial Technology: A Study on Customers intention to use Fintech product

Abstract

There is a growing competition between banks and fintech not only in advanced economies, but also in the emerging markets. However, it is yet to be observed in Bangladesh to the same extent. This report aims to evaluate fintech’s level of development in Bangladesh compared to other development country. The report identifies financial services using innovative technologies offered by fintech companies, analyses the advantages and disadvantages of these services in comparison with services offered by the traditional financial sector companies (banks, insurance companies, institutions involved in asset management and investment, etc.), and evaluates how prepared are consumers to use fintech services. This report documents the results of the survey aiming to clarify how well-informed consumers in Bangladesh are about fintech services, their convenience, speed and safety, as well as the consumers' current satisfaction with banking services. The continuous Fintech revolution is truly reshaping the financial landscape at an unprecedented pace, offering not only innovative solutions and fresh opportunities but also presenting a series of multifaceted challenges that warrant careful consideration. Since technology continues its relentless march forward, customer satisfaction evolve in tandem, the fintech sectors profound impact is poised to grow even more, potentially becoming hallmark of the future of finance. It is supreme for individuals, businesses, and policymakers like to grasp the continuous transaction, given its far reaching implication. These implication extend is more transaction and investment. They encompass the very easy of how we engage with financial services, institutions and technology. Therefore, the imperative to stay well informed and adaptable in this rapidly change and innovation is rarely a choice but a essential for all stakeholder in the financial ecosystem. Speed of adoption of new technologies and products depends entirely on raising the interest about it among young people that are now able to connect and communicate to each other without ever physically seeing one another. Interests of young people and their perspective of the world might be the very force that will dictate the rise and fall of many industries and markets. With the force of online communities which removed limitations such as different continents and languages any new idea can get the massive support and grow from idea to basic necessity for large groups of people in just a few hours. At the end, fintechs will change their services faster for sure, but whatever the traditional banks decide to do they should not forget about the power of the new generation to promote and push their needs and visions until they get whatever will make their lives better. And those are the people whose voices should be heard on the path of digital transformation.