A

Project Report on
“A study on impact of Fintech on Financial Inclusion with respect to
Surat district.”

Undertaken at
Gurukrupa Investments.

B.V. Patel Institute of Management

Uka Tarsadia University

In partial fulfilment of the requirement of the award

of the degree of

Bachelor of Business Administration (BBA)

Under the Guidance of

Dr. Taral M. Patel

Prepared by:
202003100310063 Darshit Mistry

BBA (Semester-VI)

December 2022
 ACKNOWLEDGMENT

I am greatly thankful to Bhulabhai Vanmalibhai Patel Institute of Management, for

giving me an opportunity to work on “A study on impact of Fintech on Financial
Inclusion with respect to Surat district.” Project at Gurukrupa Investments.

I wish to express my sincere thanks to Dr. Vijay Gondaliya, I/c Director of Bhulabhai
Vanmalibhai Patel Institute of Management, Uka Tarsadia University. I wish to
express my heartfelt gratitude to my internal guide Mr. Taral patel and company guide
Mr.Nitin prajapati whose constant help and support at all stages of this project has
enabled me to complete it. Last but not least, I thank all those who have helped me
directly or indirectly during the course of this project.

Darshit Mistry
202003100310063
 DECLARATIONS

I, declare that the project entitled “A study on impact of Fintech on Financial

Inclusion with respect to Surat district”, submitted by me for the degree of Bachelor
of Business Administration is the record of work carried out by me during the period
from 1st December 2022 to 31st December 2022 under the guidance of Mr. Taral
Patel.

I further declare that, to the best of our knowledge, the current project does not
infringe upon anyone’s copyright nor violate any proprietary rights and that any ideas,
techniques, quotations or any other material from the work of other people included in
this project, published or otherwise, are fully acknowledged in accordance with the
standard referencing practices. If I am found guilty of copying from any other report
or published information and showing as my original work, I understand that I shall
be liable and punishable by the university, which may include Failing me in
examination or any other punishment that university may deem fit.

Date:
Place: Uka Tarsadia University DARSHIT MISTRY
 Index

Ch. No Topic Page No

Title / Front Page

Acknowledgement

Declaration

Executive Summary

1 About Company and Topic

2 Review of Literature

3 Research Methodology

4 Data Analysis and Interpretation

5 Findings and Conclusions

6 Reference
 EXECUTIVE SUMMARY

This Project was done at the Gurukrupa Investments. Under the guidance of
Mr.Nitin prajapati the period of 1 month which starts from 1st December to 31st
December. My Project title is “A study on impact of Fintech on Financial Inclusion
with respect to Surat district”

The study aimed to investigate the impact of Fintech on financial inclusion in Surat
district. It used a mixed-methods approach, including surveys and interviews with
individuals and stakeholders in the financial industry. The study found that Fintech
has had a positive impact on financial inclusion in Surat district, particularly in terms
of increasing access to financial services and products. However, there are still some
challenges that need to be addressed, such as the need for greater digital literacy and
awareness among consumers, and the need for more effective regulation of Fintech
companies. Overall, the study suggests that Fintech has the potential to significantly
improve financial inclusion in Surat district and other similar regions, and
policymakers should work to support its growth and development.
CHAPTER – 1 : ABOUT
THE TOPIC & COMPANY
INFORMATION
 About the company :
We are pleased to introduce over selves as a company offering investment and
insurance services. Our objective has been to provide the latest information and assist
in prudent investment or insurance decision In order to meet with this objective, we
have fully computerized and well investigated office set-up , we are equipped to give
prompt and efficient services to the clients , we have strategic association with the
leading groups of capital market , Sykes & ray equities (I) Ltd , to provide the best
support.
 Nature of Business: Service Provider
 Legal Status of Firm: Limited Company (Ltd./Pvt.Ltd.)
 Services We Offer :
o Purchase and sell of equity shares on BSE /NSE
o Derivatives trading : Futures and Options
o Guidance and Assistance for D-mat Services
o Investment in mutual fund
o Investment in IPO/NFO
o Investment in various commodities like Gold, silver, Steel, Copper, sugar, wheat,
Rice, Crude oil, Edible oil, etc…

 Working with :
O National Stock Exchange of India Ltd (NSC)
O Bombay Stock Exchange (BSE)
O Securities and Exchange Board of India(SEBI)
O National Commodity & Derivatives Exchange Limited (NCDEX)
O Multi Commodity Exchange of India Limited(MCX)
O National Securities Depository Limited (NSDL)
  THE OVERVIEW ABOUT THE TOPIC

India is one of the most extensive countries with rich in minerals, marble, and
tourism. However, a prominent tribal and rural area suffers from slow economic
growth, poverty, and exclusion from formal financial services. With an irregular and
unreliable income, managing one’s finances is more important for the impoverished
than anybody else. They need a wide variety of economic and suitable financial
services to meet a wide range of financial requirements, such as easy access to
savings, micro-credits, insurance, payment and transfer services. But due to the
limited access to formal financial services, they use informal channels which are less
reliable, insecure, and more expensive than standard services.

Financial Inclusion is described as the method of offering banking and financial

solutions and services to every individual in the society without any form of
discrimination. It primarily aims to include everybody in the society by giving them
basic financial services without looking at a person’s income or savings. Financial
inclusion chiefly focuses on providing reliable financial solutions to the economically
underprivileged sections of the society without having any unfair treatment. It intends
to provide financial solutions without any signs of inequality. It is also committed to
being transparent while offering financial assistance without any hidden transactions
or costs.

The World Bank defines financial inclusion as having “access to useful and affordable
financial services” that make the day-to-day lives of individuals and businesses easier.
Having a bank account is considered to be the first step toward financial inclusion
because transaction accounts allow people to store, send and receive payments.

In a world where access to financial services and high-speed broadband internet is not
universal or affordable, fintech can democratize access to finance and the world can
move closer to achieving financial inclusion.
  Financial Inclusion with the Help of Financial Technology (Fintech)
o Financial technology (fintech) refers to the utilisation of advanced technology in the
financial industry or the financial sector. With the introduction of financial technology
or fintech, financial inclusion is improving extensively across the whole world. India
also has many fintech companies that are constantly working towards simplifying the
process of providing financial services to prospective clients. Fintech companies have
also been successful in offering financial services and products at minimal costs. This
is very helpful to customers as their expenses are low and they can distribute their
savings to their other needs also.
o Financial technology companies are enabling people in rural areas to apply for loans
or open bank accounts by using mobile phones. Several people in Indian rural places
have mobile phones and some of them have access to mobile internet and hence, they
can make use of fintech services to get reliable financial services.
o A few of the latest fintech options that are used by individuals include crowd funding,
digital payment systems, peer-to-peer (P2P), electronic wallets, etc. Many people in
both rural and urban areas are utilising these advanced options of banking. However,
there are still many untouched people who have not had any experience with a
banking or any other financial institution. For such people, it is tough to use any
mobile-based financial service.

 Need for Financial Inclusion:

o Financial inclusion enhances the financial system of the country comprehensively. It

strengthens the availability of economic resources. Most importantly, it toughens the
concept of savings among poor people living in both urban and rural areas. This way,
it contributes towards the progress of the economy in a consistent manner.
o Many poor people tend to get cheated and sometimes even exploited by rich landlords
as well as unlicensed moneylenders due to the vulnerable condition of the poor
people. With the help of financial inclusion, this serious and hazardous situation can
be changed.
o Financial inclusion engages in including poor people in the formal banking industry
with the intention of securing their minimal finances for future purposes. There are
many households with people who are farmers or artisans who do not have proper
facilities to save the money that they earn after putting in so much effort.
 Financial Inclusion in India:

o In the Indian subcontinent, the concept of financial inclusion was first familiarized in
the year 2005 by the Reserve Bank of India by releasing the Annual Policy Statement.
Soon, the concept started to spread in every part of the nation. It was chiefly
introduced to touch every corner of the country without ignoring any remote area. The
concept addressed the absence of a formal financial system and banking system for
catering to the monetary requirements of the poor people.
o In the year 2005, the Khan Committee Report was released which mainly discussed
rural credit and microfinance. It spoke about how many people in the nation are
missing out on the benefits of a professional and licensed banking system.
o The Khan Committee report laid an emphasis on providing access to essential
financial services by helping them to open a bank account that does not come with
any frills or complicated elements. All banks were asked to minimise regulations
regarding account creation processes for the economically weaker sections of the
society. Several banks were asked to work together towards 100% financial inclusion
by taking part in campaigns started by the RBI.
o The Indian government also initiated the ‘Pradhan Mantri Jan Dhan Yojna’ with the
sole purpose of motivating and encouraging poor individuals to open bank accounts.
This programmed targeted at least 75 million individuals to open bank accounts by
the year 2015.

 Objectives of the Study:

 To identify the reason for the shift towards digital financial products.
 To study adaption and acceptance of fintech services.
 To analyze the problem face while use of fintech services.
CHAPTER 2 : PROJECT
TITLE, LITERATURE
REVIEW, AND
OBJECTIVES.
 Project Title :
A STUDY ON IMPACT OF FINTECH ON FINANCIAL INCLUSION WITH
RESPECT TO SURAT DISTRICT.
This study commences with the research problem by presenting a concise introduction
regarding Fintech and its evolving landscape in indian financial system. It explains
the purpose of this research in addition to Current studies. Also, it presents the
research objective to be analyzed while accompanying the study. The Scope and the
structure of the thesis are articulate at the end.

FinTech, a mixture of words ‘finance’ and ‘technology’, may be a term that refers to
any technology that seeks to reinforce and automate the delivery of monetary services
in newer and faster ways than was traditionally available. It aims to compete with
traditional financial methods within the delivery of monetary services. the utilization
of smartphones for technology led financial services has made the method hassle-free
for the people.
FinTech can take the shape of software, a service, or a business that gives
technologically advanced ways to form financial processes more efficient by
disrupting traditional methods. FinTech describes a spread of monetary activities, like
money transfers, depositing a ask your smartphone, bypassing a bank branch to use
for credit, raising money for a business startup, or managing investments, generally
without the help of an individual. The article analyses the evolution, performance and
impact of the Fintech industry and the future of financial services.

In the last few years, innovative technology in the financial sector has emerged and
gained worldwide attention: FinTech. Fintech, as the name implies is an abbreviation
for the term Financial Technology, by which the innovative combination of the
financial products & services and technology is pointed out. This innovative
combination has led to a new stream of a provision of financial products & services in
the financial industry. The new stream has outshined the traditional way of providing
financial products & services in a way that it is both more effective and efficient in
this sector. The delivery of the financial products & services is namely fitting better at
fulfilling the need of the customers and also comes with easier usage. It looks like this
innovative stream mainly found its way as the outcome of the rapid development and
 growth of technology in the financial sector and because it fits the current necessity
for these new types of financial products & services.

 Literature Review (LR) :

Chowdhury etal., 2022 , the goa of this study is to determine e-banking customers'
faith in the influence of customer satisfaction on the e-banking infrastructural facility
and e-banking communication environment. It is found that the private bank's e-
banking customer trust value is much greater than that of the public banks.
Customers, both male and female, have equal faith in the constantly expanding e-
banking transaction procedure. In the event of a covid-19 pandemic, the e-banking
transaction procedure should swiftly expand in the future to ensure good health.

Abu Dakar et al., 2021The pandemic Covid-19 has had a substantial effect on
speeding up the trend toward a cashless society everywhere. In the context of this
pandemic condition, the tendency toward financial technology transactions has
intensified. In their financial transactions and activities, consumers are aiming to
reduce the use of cash. They are exploring alternate contactless payment techniques,
without any physical intervention, to execute this electronically.

Ozili & Arun, 2020 The Global FinDex dataset includes information on who holds
the account, as well as whether people make payments from these accounts. 1/5 of
accountholders indicated that in the last 12 months they have been unable to put or
withdraw money from their accounts and these accounts are therefore regarded
inactive and, of course, cannot be seen as supporting financing inclusion.

Al Nawayseh, 2020The purpose of this research is to look into the influence of

FinTech apps in building resilience during the COVID-19 disease outbreak. The study
examines empirically the elements that influence Jordanians' desire to adopt FinTech
applications. This suggests that a user's willingness for using FinTech apps is
influenced by his or her perception of societal impact, benefits, and beliefs.
Customers' risk perceptions did not affect their intention to utilize FinTech apps
during the COVID-19 pandemic, but they did affect their belief in the service.
Abu Daqar et al., 2021 The pandemic Covid-19 has had a substantial effect on
speeding up the trend toward a cashless society everywhere. In the context of this
pandemic condition, the tendency toward financial technology transactions has
intensified. In their financial transactions and activities, consumers are aiming to
reduce the use of cash. They are exploring alternate contactless payment techniques,
without any physical intervention, to execute this electronically.

Alwi et al., 2021 Although conventional banking procedures have been questioned,
COVID-19 has been used in digitization and novel ways such as mobile e-wallets as
an important step in individual banking and in cash. World Health Organization
(WHO) warns individuals not to utilize cash as much as possible since coronavirus
remains alive. The disease will therefore continue to spread. This has encouraged
bankers to take imaginative and new payment options such as e-wallets into
consideration.

Rajesh Krishna Balan, Narayan Ramasubbu, Giri Kumar Tayi studied in their
paper “Digital Wallet: Requirements and Challenges” (2006) that the requirements
and challenges of deploying a nationwide digital wallet solution in Singapore. Further
they discussed why Singapore is ready for a digital wallet and identify the key
challenges in building and deploying a digital wallet. Then discussed one of the key
challenges, supporting peer -to-peer cash transactions between individuals using a
digital wallet, in more detail and end the paper with their proposed solution.

Wonglimpiyarat, 2019 This paper examines the spread of financial technology, or

FinTech, in the banking industry. They draw insightful conclusions from the fact that
the systemic characteristics of the innovation process change over time. Along the
stages of innovation, innovators may employ various strategies for exploiting the
innovation, and this process determines the systemic nature of the innovation.

SUDHA.G, SORNAGANESH.V, THANGAJESU SATHISH. M, CHELLAMA

A.V (2020):In the article “Impact Of Covid-19 Outbreak In Digital Payments” the
study was conducted to find out the effect of Covid-19 on Digital payments, to
compare the respondent’s buying behavior before lockdown and during the lockdown,
to analyze the mode of payment done by the respondents before lockdown and during
lockdown, Covid-19 is already reinforcing existing trends towards increased
digitization of payments. The Reserve Bank of India aimed to increase digital
transactions to about 15% of gross domestic product by 2021, from nearly 10% at the
time. The government is aiming for a billion digital transactions per day as the
world’s fastest- growing smartphone market empowers consumers to transact at the
use digital payment methods as a precautionary measure against the Coronavirus
outbreak. Meanwhile, RBI has also urged customers to use digital banking facilities
amid the Coronavirus outbreak.

ANIL JAIN, APURVA SARUPRIA (2020):This paper” Impact Of Covid-19 On E-

Wallet’s Payment In Indian Economy” is an attempt to study the impact of covid-19
on e-wallet in India, will Ecommerce grow and how will it affect payment industry,
will there be any changes in transactions volume, will digital solutions serve as a cash
boost for fintech’s. The study is largely based on secondary data also have been
collected from various sources like newspaper, magazines and websites. During the
COVID-19 outbreak where people were encouraged to keep up with the public
sphere, there has been an increase in orders placed on ecommerce websites and apps
for food, entertainment and food. It ensures sensitive information, such as credit card
numbers, hosted on an interface or on an ecommerce website, is transmitted securely
through various channels, thus making the digital payment option safer and safer.

WENDY MING-YEN TEOH, BINSHAN LIN, SIONG-CHOY CHONG

(2013):This article “Factors Affecting Consumers’ Perception Of Electronic Payment:
An Empirical Analysis” aims to discover the factors influencing perception towards
electronic payment (e-payment) from the Malaysian consumers’ perspective.
Literature indicates that factors such as benefits, trust, self-efficacy, ease of use, and
security influence consumers’ perception towards e-payment. A self-reporting
questionnaire was developed and disseminated to 200 respondents, out of which 183
valid responses were considered for further statistical analysis. The multiple linear
regression results reveal that benefits, self-efficacy, and ease of use exert significant
influences on consumers’ perception towards e-payment.
M. THANGAJESU SATHISH, R. SERMAKANI, G.SUDHA (2020):The study in
the article “A Study On The Customer's Attitude Toward The E-Wallet Payment
System” indicated that main reasons for low preference of E-wallet as mode of
payment are tendency of people to do not move out of comfort of using traditional
mode of payments, privacy concerns and threat to security. The study has discussed
the trust is the main factor affecting users’ satisfaction directly and it impacts on many
users intention to adopt mobile wallets.

K. SUMA VALLY AND HEMA DIVYA (2017):The objective of this paper “A

Study On Digital Payments In India With Perspective Of Consumer’s” is to examine
the age of respondent’s impact on digital payments. To analyze the impact of
customers education on usage of digital payments. General trend, the coronavirus
crisis has meant that mobile payments, by keeping economies functioning and helping
people reduce contact with the virus, have received a little more attention. Contactless
mobile payments at the point of sale, using facial recognition, QR codes or NFC
codes, also help to prevent the spread of the virus through cash exchanges and
physical contact, making this a safe payment method from this point of view for
consumers and businesses alike, and indicating its great potential as a means of
payment in the near future.
(Al-Nawayseh and K, 2020)Financial technology is a technology-based industry in
financial services outside conventional financial institutions, making it easier for the
public to access financial products in transactions. Fintech makes financial transaction
more convenient, less expensive, and safer by using advances in technology.

Dipinder S Randhawa, Chan Jia Hao & Vani Swarupa Murali, 2018, Singapore:
“India- Singapore FinTech Cooperation: Opportunities and Challenges” – Singapore
and India lead developments in the use of FinTech. India offers the highest global
returns on investment in FinTech. Singapore has developed cutting-edge sandbox for
testing new FinTech products, it has a world-class digital and physical infrastructure.
The potential for mutually beneficial collaboration is vast. Key recommendations
include: On collaboration between governments, there is a need for information
sharing on policies, consultations on data privacy, cyber security and more.
Interoperability allows for seamless fund transfers across geographical zones via a
single account.
Siddhanth Gurung, 2018. India: “FinTech: A Messiah for the ailing Banking
Industry in India” – FinTech is the latest buzzword in the area of banking and
financial services. FinTech has emerged as a potential disrupter in the financial sector
with products and services that has well managed to challenge the domination of
traditional financial institutions. With the traditional financial institutions, especially
in India, undergoing a period of turbulence, which has in the last few years witnessed
the growth of bad loans, dissatisfaction among the customers regarding several
financial products and services, and growing loss of confidence among the public
with an imminent fear of a financial crisis, the opportunity seems ripe for the
emerging but FinTech is still a nascent player in the Indian financial sector. Hence, a
collaboration with the ailing traditional financial institutions would help provide a
new direction to India’s financial sector.This paper, thus, focuses on putting into
perspective the role FinTech could play in helping the country’s banking industry
regain its lost footing in a highly dynamic sector.

Vivek Dubey, 2019, India: “FinTech Innovations in Digital Banking” – This paper
discusses the role of Artificial Intelligence, Augmented Reality and Blockchain in
Digital Banking. Currently, AR technology is having a vibrational impact in
numerous industry sectors. From being deployed in healthcare, oil and gas
construction, and retail as well as manufacturing, AR technologies are currently
deployed to increase process efficiency, reduce costs and bring about a broad range of
commercial benefits. Artificial intelligence is the rising star in the world of
technology.

Sunil Kapadia, 2020, India: “How Digitization Is Impacting Banking Transactions

and Financial Markets in India?” – The process of digitisation of our private and
working lives cannot be suspended. The progress in interconnection is paving the way
for a new element of globalisation: the globalisation of ideas, perspectives,
possibilities, etc. Digital technologies entitle and empower new framework and
customer engagement turns progressively important for many service providers. The
digital economy is the latest manifesto to convert and reshape India into a digitally
entitled society and knowledgeable economy. Digitisation mechanizes both product
and process through which standard and productivity increases. This digitization has
contributed to advances like online banking, ATMs, and credit cards. Information and
Communication Technology can have a levelling effect. Microfinance institutions and
new age FinTech companies in India are working on technology advancement which
has benefitted poor and underprivileged by providing access to capital.

Jorner (2021) in his article “Top 5 Fintech Trends that will shape financial markets in
2021” explains that the year 2020 was not good for many businesses but many
FINTECH reported growth by offering virtual financial and Fintech solutions. The
paper focus on the five trends that are expected to influence financial services in 2021
are autonomous finance, open banking, digital- only banks, financial literacy and
voice technology.

DR. M SUMATHY, VIPIN KP (2017): The current study on “Digital Payment

Systems: Perception And Concerns Among Urban Consumers” is descriptive in
nature and it has made an attempt to understand people attitude, perception and
concerns towards digital payment system. In the study both primary and secondary
data were used. There is no significant difference between level of awareness towards
digital payment systems among male and female and there is no relationship between
education of the respondents and attitude towards digital payment systems found in
this paper.

B. ANGAMUTHU (2020):The paper “Growth Of Digital Payments In India” is an

attempt to analyze the growth performance during the period under study, both
volume and value of transactions of seven different parameters have been taken into
account, namely, RTGS customer transactions, IMPS, Debit and Credit Card, M-
Wallet and PPI Cards. Secondary data for the period under study has been collected
from reports published by Reserve Bank of India, Ministry of Electronic and
Information Technology and other Government agencies. This study estimates digital
payment transactions to achieve volume of 27.72 billion with INR value of 1,526
trillion in 2019- 2021. This could attract investments from other advanced economies
to India. However, the world economy itself is in collapse. With the Covid-19
pandemic disrupting lives and industries, the world is going to become contactless
and digital payments are going to play a major role in helping people adjust to the
new normal. Government decisions and initiatives are helping enhance the global
digital payments space and the emphasis on moving towards a cashless economy is
driving favorable regulations.

M. THANGAJESU SATHISH, R. SERMAKANI, G.SUDHA (2020):The study in

the article “A Study On The Customer's Attitude Toward The E-Wallet Payment
System” indicated that main reasons for low preference of E-wallet as mode of
payment are tendency of people to do not move out of comfort of using traditional
mode of payments, privacy concerns and threat to security. The study has discussed
the trust is the main factor affecting users’ satisfaction directly and it impacts on many
users intention to adopt mobile wallets.

Dr. Meenal Sharma, Dr. Deepak Shrivastava, Dr. Pratima Jain/ April to June
2020 The research paper attempts to provide a number of policy solutions to improve
financial inclusion during and after a lockdown in COVID 19 crisis. COVID 19 is a
global health pandemic in which some of the usual global solutions like greater
financial inclusion can help. Financial inclusion remains a dominant development tool
to improve financial access and to support weak individuals and households. Financial
inclusion and fintech solutions can emerge as one of the effective ways to curb the
economic challenges faced during and after a lockdown in COVID-19. The suggested
policy solutions for financial inclusion and digital finance mechanism can help
alleviate the effect of the COVID-19 crisis.

Annu Kumar, Augustus 2020, Over the last few years, the world is experiencing the
emerge of Financial Technology, FinTech. Worldwide for the financial sector this is a
much-discussed issue, especially for the banking industry. This trending phenomenon
has gained the attention of researchers in the last few years and has been examined
many times in previous studies. The outcomes of these studies have been diverse as
the definition of FinTech can be perceived broadly. One of the countries that is
intensively experiencing this emerge of FinTech, is India. India established itself as a
great candidate for taking a hold of the FinTech space worldwide and by becoming a
global hub for FinTech. The research in this thesis examined the impact of FinTech
products & services on the financial performance and growth of the commercial banks
in India, in the period after India started experiencing the emergence of FinTech. With
the combination of manually collected data from the annual reports of these banks and
the database of RBI, Reserve Bank of India, the panel of the Indian commercial banks
over the period 2014-2019 was set up. The main findings of this current research
show that the effect of FinTech products & services on the bank performance of
Indian commercial banks is negative, when the aspect financial bank performance is
taken into account. This same relationship is however positive, when the aspect bank
growth is taken into consideration. These divergent findings therefore make it difficult
to find a conclusive answer to the main research question. Nevertheless, this research
distinguishes itself from previous studies and so contributes to existing literature, by
focusing on one of the world’s largest emerging economies, instead of an already
developed economy.

Megha Gupta, Suhasini Verma /2 / 11/2022 The study seeks to investigate how the
pandemic of Covid-19 has impacted customer engagement in using Fintech services
and resultantly the status of financial inclusion in India. This study is empirical and
analytical in nature. Digital payment is taken as a proxy of FinTech. The data is
collected from primary and secondary sources. To understand what persuades a
customer to use FinTech services, the response to a survey questionnaire has been
obtained from 310 respondents through e-mail and hand collection. Factor analysis is
used to investigate the factors that impacted customer engagement in digital payment,
before and after the Covid-19 pandemic. The factors used in this model are access,
usage, technology, and financial literacy. Results show that there is a significant
positive relationship between all the factors and the use of FinTech services. There is
a significant positive relationship between FinTech and financial inclusion, as already
established by the previous studies. The findings of this review are pivotal as they can
serve as useful input for the ongoing debate directed towards increased use of
FinTech in achieving greater financial inclusion. The findings suggest that by
advancing the technology and increasing financial literacy, access, and use of FinTech
services can be increased which in turn will increase financial inclusion in developing
countries.
 OBJECTIVE

 To identify the reason for the shift towards digital financial products.
 To study adaption and acceptance of fintech services.
 To analyze the problem face while use of fintech services.
 CHAPTER 3 :
RESEARCH
METHODOLOGY
1. Problem Statement :
A study on impact of Fintech on Financial Inclusion with respect to Surat
district.
2. Objective of the study :
 To identify the reason for the shift towards digital financial products.
 To study adaption and acceptance of fintech services.
 To analyze the problem face while use of fintech services.
3. Research design:
There are three types of research design:

 Exploratory Research Design: An exploratory research focuses on the discovery of

ideas and is generally based on primary data. It is preliminary investigation which
does not have rigid design. This is because of research engaged in an exploratory
study may have to change its focus as a result of new ideas and relationship among
the variables.

 Descriptive Research Design: A descriptive study is undertaken when the researcher

wants to know the characteristics of certain groups such as sex, age, educational level,
income, occupation, etc. in contrast to exploratory studies, descriptive studies as well
as structured.
 Causal Research Design: A causal research is undertaken when the researcher is
interested in knowing the cause and effect relationship between two or more
variables. Such studies are based on reasoning along well tested lines.

 For this research study Descriptive Research Design is used because; in this research
Design, provides an opportunity to define new terms and clarify existing concepts, A
study on impact of Fintech on Financial Inclusion with respect to Surat district.
4. Data Collection Method:
Primary & Secondary Data
o Primary data : is information that is collected specifically for the purpose of the
research project An advantage of primary data is that it is specifically tailored to a
research needs.
o For this research study, the primary data is obtained through Questionnaire,
Observation, Casestuday.

5. Instrument: For this research study, Structured questionnaire used.

6. Population : Population of Surat district.

7. Sampling methods :
There are varieties of different sampling method available to select individual for the
study. Sampling method falls into two ways.
1. Probability sampling
2. Non-probability sampling
 Non-probability Sampling Method: A Non-probability sampling is a sampling
technique where the samples are gathered in a process that does not give all the
individuals in the population equal chances of being selected.
o Here, for this research study Non-Probability sampling method will be used.

8. Sample Techniques: Stratified samples techniques are used.

9. Sample size : 100 samples

10.Statistical tools :
o Mean
o Standard deviation
Chapter 4:- Data Analysis
and Interpretation
 NORMALITY TEST
HYPOTHESES
H0: data are don’t normally distributed (null)
H1: data are normally distributed (hypothesis)
INTERPREATATION:
In case of significance value is 0.000, it is less than 0.05 so it indicates that the null
hypothesis (Ho) can be selected so that data is don’t normally distributed.
Tests of Normality
Table: 4.1 Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic df Sig.
Enables to conduct .255 100 .000 .828 100 .000
payment app .214 100 .000 .901 100 .000
test new technology .220 100 .000 .880 100 .000
Digital payment .170 100 .000 .898 100 .000
Pay all bills .169 100 .000 .898 100 .000
Tecket booking & recharge .207 100 .000 .892 100 .000
Easy way of payment .198 100 .000 .857 100 .000
Time saving and
.226 100 .000 .884 100 .000
convenient
Available for 24*7 .191 100 .000 .873 100 .000
Better than traditional .174 100 .000 .891 100 .000
Ease of use .253 100 .000 .859 100 .000
More transition time .151 100 .000 .894 100 .000
App UI .173 100 .000 .890 100 .000
secured transaction .225 100 .000 .890 100 .000
Privacy .227 100 .000 .879 100 .000
Without internet .192 100 .000 .871 100 .000
Slow speed .204 100 .000 .896 100 .000
Critical for oprating .186 100 .000 .905 100 .000
Understand .194 100 .000 .906 100 .000
Cybercrime .148 100 .000 .907 100 .000
Trnsaction failure .232 100 .000 .884 100 .000
Fraud or theft .198 100 .000 .889 100 .000
Seeurity issurs .155 100 .000 .905 100 .000
Privacy concerns .174 100 .000 .903 100 .000
Transaction charge .166 100 .000 .902 100 .000
 Reasons of using online banking and Purpose of digital transactions.

Ranks
Mann-
Gende Mean Sum of Whitney U
Table 4.2 N P value Result
r Rank Ranks Wilcoxon
W
Male 65 45.25 2941.00 796.000
Ho is
Femal rejected
Enables to conduct 35 60.26 2109.00 2941.000 .010
e and H1 is
selected
Total 100
Male 65 45.36 2948.50 803.500
Ho is
Femal rejected
payment app 35 60.04 2101.50 2948.500 .013
e and H1 is
selected
Total 100
Ho is
rejected
Male 65 47.25 3071.50 926.500
and H1 is
test new selected
technology
Femal
35 56.53 1978.50 3071.500 .116
e
Total 100
Male 65 48.35 3142.50 997.500
Ho is
Femal rejected
Digital payment 35 54.50 1907.50 3142.500 .300
e and H1 is
selected
Total 100
Ho is
rejected
Male 65 47.85 3110.50 965.500
and H1 is
Pay all bills
selected
Femal
35 55.41 1939.50 3110.500 .202
e
 Total 100
Ho is
rejected
Male 65 48.33 3141.50 996.500
and H1 is
Tecket booking & selected
recharge
Femal
35 54.53 1908.50 3141.500 .295
e
Total 100

 GENDER + REASON:

 Ho: There is no significance difference between gender and reason for reason for the
shift towards digital financial products.

 H1: There is significance difference between gender and reason for the shift towards
digital financial products.

 In case of significance value is 0.010, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be selected there is a significance difference
between gender and reason for the shift towards digital financial products.

 In case of significance value is 0.013, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be selected there is a significance difference
between gender and reason for the shift towards digital financial products.

 In case of significance value is 0.116, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be selected there is a significance difference
between gender and reason for the shift towards digital financial products.

 In case of significance value is 0.300, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be selected there is a significance difference
between gender and reason for the shift towards digital financial products.

 In case of significance value is 0.202, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be selected there is a significance difference
between gender and reason for the shift towards digital financial products.

 In case of significance value is 0.295, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be selected there is a significance difference
between gender and reason for the shift towards digital financial products.
 Ranks
Mean
Table 4.3 Age N Chi-Square P value Result
Rank
15 to 25 38 30.80
Ho is Accepted and
26 to 35 10 41.50 43.173 .000
Enables to H1 is rejected
conduct 36 to 45 21 55.26
Above 45 31 74.32
Total 100
15 to 25 38 36.04
Ho is Accepted and
26 to 35 10 30.20 36.216 .000
H1 is rejected
payment app
36 to 45 21 52.29
Above 45 31 73.56
Total 100
15 to 25 38 37.76
Ho is Accepted and
26 to 35 10 29.65 32.035 .000
test new H1 is rejected
technology 36 to 45 21 51.10
Above 45 31 72.44
Total 100
15 to 25 38 40.00
Ho is Accepted and
26 to 35 10 38.15 19.326 .000
H1 is rejected
Digital payment
36 to 45 21 49.24
Above 45 31 68.21
Total 100
15 to 25 38 38.71
26 to 35 10 36.00
Ho is Accepted and
Pay all bills 36 to 45 21 47.52 26.800 .000
H1 is rejected
Above 45 31 71.65
Total 100
15 to 25 38 35.84
Tecket booking &
recharge Ho is Accepted and
26 to 35 10 43.15 27.927 .000
H1 is rejected
 36 to 45 21 49.67
31 71.40
Total 100 .

 GENDER + ADAPTION AND ACCEPTANCE

 Ho: There is no significance difference between gender and adaption and acceptance.

 H1: There is significance difference between gender and adaption and acceptance.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between gender and adaption and acceptance.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between gender and adaption and acceptance.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between gender and adaption and acceptance.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between gender and adaption and acceptance.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between gender and adaption and acceptance.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between gender and adaption and acceptance.
  Adoption of fintech services option over traditional banking service?

Ranks
Table 4.4 Education N Mean Rank Chi-Square P value Result
SSC 24 72.23 26.713
HSC 27 48.37
Ho is
Accepted
Graduate 36 36.22 .000
Easy way of payment and H1 is
rejected
Post graduate 7 43.00
Other 6 67.58
Total 100
SSC 24 68.35
Ho is
Accepted
HSC 27 48.98 17.581 .001
and H1 is
Time saving and rejected
convenient
Graduate 36 39.58
Post graduate 7 39.93
Other 6 63.75
Total 100
SSC 24 72.83
HSC 27 50.78
Ho is
Accepted
Graduate 36 34.75 27.610 .000
Available for 24*7 and H1 is
rejected
Post graduate 7 44.14
Other 6 61.83
Total 100
SSC 24 70.50
HSC 27 45.59
Graduate 36 41.33 18.941
Ho is
Accepted
Better than traditional Post graduate 7 38.36 .001
and H1 is
rejected
Other 6 61.75

Total 100
 SSC 24 73.08
Ho is
Accepted
HSC 27 47.39 26.377 .000
and H1 is
Ease of use rejected
Graduate 36 37.86
Post graduate 7 37.64
Other 6 65.00
Total 100
SSC 24 66.92
Ho is
Accepted
HSC 27 48.76 15.519 .004
and H1 is
More transition time rejected
Graduate 36 38.47
Post graduate 7 54.79
Other 6 59.83
Total 100
SSC 24 71.35
HSC 27 45.65
Ho is
Accepted
Graduate 36 38.61 21.283 .000
App UI and H1 is
rejected
Post graduate 7 48.36
Other 6 62.75
Total 100
SSC 24 73.69
HSC 27 52.48
Ho is
Accepted
Graduate 36 34.56 29.992 .000
secured transaction and H1 is
rejected
Post graduate 7 37.79
Other 6 59.33
Total 100
SSC 24 69.96
HSC 27 49.72
Privacy Ho is
Accepted
Graduate 36 38.83 18.816 .001
and H1 is
rejected
 Post graduate 7 40.64
Other 6 57.67
Total 100

 EDUCATION QUALIFICATION + ADOPTION :

 Ho: There is no significance difference between education and Adoption of financial

technology.

 H1: There is significance difference between educatation and Adoption of financial

technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.

 In case of significance value is 0.000, it is Greater than 0.05 so it indicates that the
Alternative, Hypothesis [H0] can be selected there is no significance difference
between education and Adoption of financial technology.
 Ranks
Mean Chi-
Table 4.5 Occupation N P value Result
Rank Square
Government
2 68.00
employee
Ho is
Private sector Accepted
17 37.94
employee and H1 is
Easy way of rejected
payment Retired 10 84.40 31.145 .000
Housewife 23 61.70
Farmer 14 54.32
Other specific 34 36.63
Total 100
Government
2 81.00
employee
Ho is
Private sector Accepted
17 38.21
employee and H1 is
Time saving and rejected
convenient Retired 10 80.75
Housewife 23 56.50 28.500 .000
Farmer 14 62.18
Other specific 34 37.09
Total 100
Ho is
Government Accepted
2 88.75
employee and H1 is
rejected
Private sector
17 33.94
employee
Available for 24*7
Retired 10 84.10 37.575 .000
Housewife 23 61.65
Farmer 14 58.36
Other specific 34 35.87
Total 100
 Government
2 70.50
employee
Ho is
Private sector Accepted
17 40.94
employee and H1 is
Better than rejected
traditional Retired 10 79.00 22.623 .000
Housewife 23 56.91
Farmer 14 59.25
Other specific 34 37.78
Total 100
Government
2 72.25
employee
Ho is
Private sector Accepted
17 36.18
employee and H1 is
rejected
Ease of use
Retired 10 79.90 23.643 .000
Housewife 23 58.65
Farmer 14 55.36
Other specific 34 40.22
Total 100
Government
2 84.75
employee
Ho is
Private sector Accepted
17 36.03
employee and H1 is
More transition rejected
time Retired 10 83.35
Housewife 23 56.48 27.558 .000
Farmer 14 56.36
Other specific 34 39.60
Total 100
Government
App UI 2 67.50
employee
 Ho is
Private sector Accepted
17 42.74
employee and H1 is
rejected
Retired 10 78.80 18.467 .002
Housewife 23 56.67
Farmer 14 54.04
Other specific 34 39.43
Total 100
Government
2 79.00
employee
Ho is
Private sector Accepted
17 37.97
employee and H1 is
rejected
secured transaction
Retired 10 80.05 24.942 .000
Housewife 23 58.00
Farmer 14 57.14
Other specific 34 38.59
Total 100
Government
2 92.50
employee
Ho is
Private sector Accepted
17 43.50
employee and H1 is
rejected
Privacy
Retired 10 79.30 27.959 .000
Housewife 23 59.20
Farmer 14 54.57
Other specific 34 35.50
Total 100
  OCCUPATION + ADOPTION

 Ho: There is no significance difference between Occupation and adaption and

acceptance.

 H1: There is significance difference between Occupation and adaption and

acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.002, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Occupation and adaption and acceptance.
 Ranks
Mean Chi-
Table 4.6 Income N P value Result
Rank Square
Ho is
Accepted
Below 2.5 lakh 60 34.51 48.733 .000
and H1 is
Time saving and rejected
convenient
2.5 lakh to 5
40 74.49
lakh.
Total 100
Below 2.5 lakh 60 33.40
Ho is
2.5 lakh to 5 Accepted
Available for 24*7 40 76.15 55.154 .000
lakh. and H1 is
rejected
Total 100
Below 2.5 lakh 60 36.08
Ho is
2.5 lakh to 5 Accepted
Better than traditional 40 72.12 39.193 .000
lakh. and H1 is
rejected
Total 100
Below 2.5 lakh 60 34.61
Ho is
2.5 lakh to 5 Accepted
Ease of use 40 74.34 48.338 .000
lakh. and H1 is
rejected
Total 100
Below 2.5 lakh 60 36.22
Ho is
2.5 lakh to 5 Accepted
More transition time 40 71.92 38.270 .000
lakh. and H1 is
rejected
Total 100
App UI Below 2.5 lakh 60 36.78
 Ho is
2.5 lakh to 5 Accepted
40 71.08 35.138 .000
lakh. and H1 is
rejected
Total 100
Ho is
Accepted
Below 2.5 lakh 60 33.93
and H1 is
secured transaction rejected
2.5 lakh to 5
40 75.35 51.962 .000
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 36.38 37.517 .000
and H1 is
Privacy rejected
2.5 lakh to 5
40 71.68
lakh.
Total 100
  INCOME+ ADOPTION

 Ho: There is no significance difference between Income and adaption and acceptance.

 H1: There is significance difference between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and adaption and acceptance.
  Give your opinion while using financial technology for banking services And
Problem faced by users while using financial services.
Ranks
Mean Chi-
Table 4.7 Education N P value Result
Rank Square
Ho is
Accepted
SSC 24 71.81
and H1 is
rejected
HSC 27 50.00
Without internet
Graduate 36 36.78 23.577 .000
Post
7 42.00
graduate
Other 6 59.75
Total 100
SSC 24 69.00
Ho is
Accepted
HSC 27 48.57
and H1 is
rejected
Slow speed
Graduate 36 39.36 16.976 .002
Post
7 44.50
graduate
Other 6 59.00
Total 100
SSC 24 71.85
Ho is
Accepted
HSC 27 51.56
and H1 is
Critical for rejected
oprating Graduate 36 35.76 25.039 .000
Post
7 41.00
graduate
Other 6 59.83
Total 100
Understand SSC 24 69.92
 Ho is
Accepted
HSC 27 48.96
and H1 is
rejected
Graduate 36 38.32 18.458 .001
Post
7 49.21
graduate
Other 6 54.33
Total 100
SSC 24 72.15
Ho is
Accepted
HSC 27 45.48
and H1 is
rejected
Cybercrime
Graduate 36 39.28 .000
Post
7 46.71 21.110
graduate
Other 6 58.25
Total 100
SSC 24 73.50
Ho is
Accepted
HSC 27 47.24
and H1 is
Trnsaction rejected
failure Graduate 36 36.03 28.051 .000
Post
7 46.79
graduate
Other 6 64.33
Total 100
SSC 24 71.10
Ho is
Accepted
HSC 27 47.09
and H1 is
Fraud or theft rejected
Graduate 36 39.85 19.160 .001
Post
7 42.29
graduate
Other 6 56.92
 Total 100
SSC 24 68.48
Ho is
Accepted
HSC 27 53.52
and H1 is
rejected
Seeurity issurs
Graduate 36 36.00
Post
7 46.07 19.915 .001
graduate
Other 6 57.17
Total 100
SSC 24 75.02
Ho is
Accepted
HSC 27 49.44
and H1 is
rejected
Ho is
Privacy concerns Accepted
Graduate 36 34.47 .000
and H1 is
rejected
Post
7 46.00 30.430
graduate
Other 6 58.58
Total 100
Ho is
Accepted
SSC 24 71.60
and H1 is
rejected

Transaction HSC 27 46.35

charge Graduate 36 40.40 19.821 .001
Post
7 40.29
graduate
Other 6 57.25
Total 100
  EDUCATION+ PROBLEM FACED

 Ho: There is no significance difference between Education and Problem faced by

users while using financial services.
 H1: There is significance difference between Education and Problem faced by users
while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.002, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.001, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.001, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.001, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.

 In case of significance value is 0.001, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Education and Problem faced by users while using financial services.
 Ranks

Mean P
Table 4.8 Income N Chi-Square Result
Rank value
Ho is
Accepted
Below 2.5 lakh 60 33.96 52.365 .000
and H1 is
Easy way of rejected
payment
2.5 lakh to 5
40 75.31
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 34.91 45.961 .000
and H1 is
Without internet rejected
2.5 lakh to 5
40 73.89
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 35.52 42.404 .000
and H1 is
Slow speed rejected
2.5 lakh to 5
40 72.96
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 36.32 37.836 .000
and H1 is
Critical for rejected
oprating
2.5 lakh to 5
40 71.76
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 37.49 32.194 .000
and H1 is
Understand
rejected
2.5 lakh to 5
40 70.01
lakh.
 Total 100
Ho is
Accepted
Below 2.5 lakh 60 35.28 43.382 .000
and H1 is
Cybercrime rejected
2.5 lakh to 5
40 73.34
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 35.04 46.191 .000
and H1 is
Trnsaction rejected
failure
2.5 lakh to 5
40 73.69
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 36.12 38.843 .000
and H1 is
Fraud or theft rejected
2.5 lakh to 5
40 72.08
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 36.11 38.726 .000
and H1 is
Seeurity issurs rejected
2.5 lakh to 5
40 72.09
lakh.
Total 100
Ho is
Accepted
Below 2.5 lakh 60 34.62 47.501 .000
and H1 is
Privacy concerns rejected
2.5 lakh to 5
40 74.32
lakh.
Total 100
 Ho is
Accepted
Below 2.5 lakh 60 35.22 43.876 .000
and H1 is
Transaction rejected
charge
2.5 lakh to 5
40 73.42
lakh.
Total 100

 INCOME + PROBLEM FACED

 Ho: There is no significance difference between Income and Problem faced by users
while using financial services.

 H1: There is significance difference between Income and Problem faced by users
while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.
 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.

 In case of significance value is 0.000, it is smaller than 0.05 so it indicates that the
Alternative, Hypothesis [H1] can be rejected there is no significance difference
between Income and Problem faced by users while using financial services.
CHAPTER 5:-
FINDINGS AND
CONCLUSIONS
1. When the significance value is greater than 0.05, it means that the null hypothesis
(Ho) cannot be rejected, and there is no evidence to suggest that there is a significant
difference between gender and reason for the shift towards digital financial products.
In this case, the alternative hypothesis (H1) would be rejected. Therefore, in all the
cases you presented, the conclusion would be that there is no significant difference
between gender and reason for the shift towards digital financial products.

2. However, based on the statement you provided, if the significance value is 0.000, it
means that the p-value is less than 0.05, which suggests that the null hypothesis (Ho)
should be rejected. Therefore, there is a significant difference between gender and
adaptation and acceptance. However, it is important to note that without further
information on the study design, data analysis, and interpretation, it is difficult to
provide a conclusive statement about the relationship between gender and adaptation
and acceptance.

3. However, based on the statement you provided, if the significance value is 0.000, it
means that the p-value is less than 0.05, which suggests that the null hypothesis (Ho)
should be rejected. Therefore, there is a significant difference between education and
adoption of financial technology. However, it is important to note that without further
information on the study design, data analysis, and interpretation, it is difficult to
provide a conclusive statement about the relationship between education and adoption
of financial technology.

4. Based on the given significance values, we can conclude that there is a significant
difference between occupation and adoption/acceptance of financial technology, and
the null hypothesis can be rejected in favor of the alternative hypothesis.

5. It appears that the significance value for all the tests is 0.000, which is smaller than
the significance level of 0.05. This indicates that we can reject the alternative
hypothesis (H1) and accept the null hypothesis (Ho) for all the tests. Therefore, there
is no significant difference between occupation, income, and adoption and
acceptance.
6. Based on the repeated statements provided, it can be inferred that the results of the
statistical analysis indicate that there is no significant difference between education
and the problems faced by users while using financial services. The null hypothesis
(Ho) cannot be rejected, which means that there is no evidence to support the claim
that education has an impact on the problems faced by users while using financial
services. It is important to note that without additional information about the study
design, methodology, and data, it is not possible to draw any further conclusions or
provide more detailed insights.

7. Regarding the hypothesis testing for the relationship between income and problem
faced by users while using financial services, based on the given information, the null
hypothesis states that there is no significant difference between income and problem
faced, while the alternative hypothesis suggests that there is a significant difference.
The significance value of 0.000 indicates that the result is statistically significant,
which means that the null hypothesis can be rejected, and it can be concluded that
there is a significant difference between income and the problem faced by users while
using financial services.
 CHAPTER 6:-
BIBLIOGRAPHY
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M. E. (2022). Customer Trust In E-Banking During Covid-19 Pandemic In
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 Questionnaire

Dear Respondent,

I am pursuing BBA in finance from B.V patel Institute of management, UKA

Tarsadia university. Carrying out a research under the title "A study on impact of
Fintech on Financial Inclusion with respect to Surat district.". Your valuable input
and time will be helpful to me. I'm accomplishing my study successfully. I will be
thankful to you if you will answer the given question that best suits your knowledge
and understanding. Please be assured of confidential related to the information
provided by you, the information provided be used only for the purpose of this study
only for academic purpose.

 Objectives of the Study:

 To identify the reason for the shift towards digital financial products.
 To study adaption and acceptance of fintech services.
 To analyze the problem face while use of fintech services.
Part 1:
1. Name : ______________________________

2. Mobile number :_______________________

3. Gender:
 Male  Female
4. Age:

 15 to 25  36 to 45
 26 to 35  Above 45

5. Education Qualification:
 SSC.  Post graduate
 HSC  Other
 Graduate

6. Occupation:
 Government employee  Housewife
 Private sector employee  Farmer
 Retired  Other specific _________

7. Income ( Annually) :
 Below 2.5 lakh  7.5 lakh to 10 lakh
 2.5 lakh to 5 lakh.  Above 10 lakh
 5 lakh to 7.5 lakh
 Part 2:

1. Have you used finance technology for banking services?

 Yes  No

2. Which fintech technology do you use for banking services ?

 Phone pay  BHIM
 Paytm  Others
 Google pay

3. How did you come to know about digital Payment?

 Banks  Advertisement
 News  Others

4. Reasons of using online banking and Purpose of digital transactions.

Statements Strongly Agree Neutral Disagree Strongly

Agree Disagree
I think online banking enables
to conduct banking transactions
anytime and anywhere.

I use fintech payment Apps.

I like to test new technologies.

I think the government should

mandate digital payment in
place of cash payments.

I pay all bills whit help of

fintech.
I use fintech app for ticket
booking & recharge.
 5. Adoption of fintech services option over traditional banking service?

Statements Strongly Agree Neutral Disagree Strongly

agree Disagree

Fintech service is
easy way of payment
option.

Fintech is time
saving and
convenient process.

Fintech service are

available for 24*7.

Fintech bank
services is better
than traditional bank
services.
Fintech is Ease of
use.

It’s take more

transition time.

App UI is very
complex.

Secured transactions
for users.

Privacy for all

services.
 6. Give your opinion while using financial technology for banking services
And Problem faced by users while using financial services?

Statements Strongly Agree Neutral Disagree Strongly

agree disagree

Without internet
service fintech is
not work.
Slow speed in
working.

It is Critical
process for
operating.
No easy for
understand.

Cybercrime.

Transaction
failure in online
payments.
Fraud or theft in
fintech services.

Security issurs of
fintech apps.

Privacy concerns
of banking.

Transaction
charge of fintech
services.