ONFinTech -Blurring lines between technology and

financial services

i
 A

PROJECT REPORT ON

“FINTECH – FINACIAL TECHNOLOGY”

SUBMITTED TO:

PROF. AMISH SONI

SUBMITTED BY:

Kirti Ravlani (1718)

Hardik Shukla (1724)
Pooja Sirwani (1725)

GLS CENTRE FOR MANAGEMENT EXCELLENCE

BATCH: 2017-18

DECLARATION
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We student of GLS Institute of Computer Technology hereby declare that we have successfully completed
this project on " FinTech - Blurring lines between technology and financial services" in the academic
year 2017-17.

We declare that this submitted work is done by us and to the best of our knowledge; no such work has been
submitted by any other person for the award of degree.

We also declare that all the information collected from various secondary and primary sources has been
duly acknowledged in this project report.

ACKNOWLEDGEMENT

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We are glad to express our profound sentiments of gratitude to all who rendered their valuablehelp for the
successful completion of this project report titled FinTech
Blurring lines between technology and financial services.

We would also like to thank our DIRECTOR SIR, for giving us a peaceful and calm atmosphere to help in
our Study, and make this report.

PROF. AMISH SONI,who helped us with successful completion of project and give valuable suggestions
and opinions for the project.

We express our Gratitude to the GLS INSTITUTE OF COMPUTER

TECHNOLOGY for the support and the environment it has provided us.

Our genuine sense of gratitude goes to GLS UNIVERSITY that gave us a chance to brighten our academic
qualification that provided us this opportunity to have a practical knowledge of relevant fields.

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 EXECUTIVE SUMMARY

Since decades, the financial industry has experienced a continuous evolution in service delivery due to
digitalization. This evolution is characterized by expanded connectivity and enhanced speed of information
processing both at the customer interface and in back-office processes. Recently, there has been a shift in the
focus of digitalization from improving the delivery of traditional tasks to introducing fundamentally new
business opportunities and models for financial service companies. Digital Finance encompasses a magnitude of
new financial products, financial businesses, finance-related software, and novel forms of customer
communication and interaction—delivered by FinTech companies and innovative financial service providers.
Against this backdrop, the research on finance and information systems has started to analyze these changes and
the impact of digital progress on the financial sector.

Recently in India, Finance industry has been taken by overnight storm in two different phase of finance industry
and they are GST (Goods and Service Tax) and Demonetization. Both factors has affected widely in their own
segments of finance & Accounting Industries. FinTech Services has alternate solutions for all concerns raised
because of these events it can either of Fund transfer, Accounts Finalizations, IT return, Capital Management etc
can be manage with the help of FinTech Services. Government of India has also taking a small steps for the
bigger picture of future economy which is Cashless Economy and that will leads to demises of Black money
and major operation of banking services.

During the time of demonetization the nation has suffer with huge crises of Cash management, Personal
Banking Service and Business Transaction. With the help of digital Banking and Fintech Companies like
Paytm , Crypto Currency and Mobile wallets had played very important role in getting out of crises faced by
nation at the time of demonetization.
Keywords
Financial industry, FinTech, Digital Finance, GST (Goods and Service Tax) and Demonetization, Cash
management
Journal of Business Economics, Volume 87, Issue 5,

TABLE OF CONTENTS
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SR.NO PARTICULARS PG.NO
CH:1 RESEARCHMETHODOLOGY 1

1.1 INTRODUCTION TO STUDY 2

1.2 PROBLEM STATEMENT 2

1.3 RESEARCH DESIGN 2

1.4 POPULATION 4

1.6 SAMPLE SIZE 4

1.7 SAMPLING TECHNIQUE 4

1.8 SAMPLING UNIT 4

1.9 RESEARCH INSTRUMENT 4

1.10 BENEFICIARIES 4

1.11 SCOPE 5

CH:2 AN OVERVIEW OF FINTECH IN INDIA 6

2.1 THE EVOLUTION OF FINTECH IN INDIA 6

2.2 PAYMENT SERVICES 7
2.3 DIGITAL LENDING 8
2.4 GOVERNMENT, REGULATORY BODIES AND FINANCIAL 9

INFRASTRUCTURE
2.4 REGULATORY ENVIRONMENTS 9
(A)
2.4 FINANCIAL REGULATORS 9
(B)
2.4 FEDERAL RESERVE BOARD 10
(C)
2.4 FEDERAL DEPOSIT INSURANCE CORPORATION 10
(D)
CH:3 COMPANY OVERVIEW 11

3.1 PAYTM 11

VI
 3.2 PAYPAL 14

3.3 LENDINGKART 15

3.4 BHIM 16

3.5 POLICY BAZAAR 17

CH:4 DATA ANALYSIS 19

4.1 ONE-VARIABLE & TWO-VARIABLE ANALYSIS OF QUESTIONNAIRE 19

4.2 HYPOTHESIS TESTS 42

CH:5 CONCLUSION 44

CH:6 LIMITATIONS OF STUDY 45

CH:7 RECOMMENDATIONS 46

CH:8 BIBLIOGRAPHY 47

SR.NO PARTICULARS PG.NO

CH:1 RESEARCHMETHODOLOGY 1

1.1 INTRODUCTION TO STUDY 2

1.2 PROBLEM STATEMENT 2

1.3 RESEARCH DESIGN 2

1.4 POPULATION 3
1.6 SAMPLE SIZE 3

1.7 SAMPLING TECHNIQUE 3

1.8 SAMPLING UNIT 3

1.9 RESEARCH INSTRUMENT 3

1.10 BENEFICIARIES 3

1.11 SCOPE 3

CH:2 AN OVERVIEW OF FINTECH IN INDIA 5

2.1 THE EVOLUTION OF FINTECH IN INDIA 5

2.2 PAYMENT SERVICES 6
2.3 DIGITAL LENDING 7

VII
 2.4 GOVERNMENT, REGULATORY BODIES AND FINANCIAL 8

INFRASTRUCTURE
2.4 REGULATORY ENVIRONMENTS 8
(A)
2.4 FINANCIAL REGULATORS 8
(B)
2.4 FEDERAL RESERVE BOARD 8
(C)
2.4 FEDERAL DEPOSIT INSURANCE CORPORATION 9
(D)
CH:3 COMPANY OVERVIEW 9

3.1 PAYTM 10

3.2 PAYPAL 12

3.3 LENDINGKART 13

3.4 BHIM 14

3.5 POLICY BAZAAR 15

CH:4 DATA ANALYSIS 16

4.1 ONE-VARIABLE & TWO-VARIABLE ANALYSIS OF QUESTIONNAIRE 16

4.2 HYPOTHESIS TESTS 38

CH:5 CONCLUSION 48

CH:6 LIMITATIONS OF STUDY 49

CH:7 RECOMMENDATIONS 51

CH:8 BIBLIOGRAPHY 54

VIII
 LIST OF TABLES

SR. CHARTPARTICULARS PAGE

NO.NO. NO.
CH- 1 DIFFERENT AGE GROUP OF PEOPLE AWARE ABOUT FINTECH 19
4 SERVICES:
CH- 2 NUMBER OF PEOPLE AWARE ABOUT FINTECH SERVICES: 21
4
CH- 3 AWARENESS OF FINTECH SERVICES AMONG DIFFERENT 23
4 GENDER
CH- 4 NUMBER OF PEOPLE WHO HAVE USED DIFFERENT FINTECH 24
4 SERVICES:
CH- 5 HOW OFTEN PEOPLE USE THIS FINTECH SERVICES 27
4
CH- 6 UTILIZATION TYPES OF SERVICES 29
CH- 7 CUSTOMERS_ARE_MORE_SATISFIED_WITH_FINTECH_SERVICES 34
4
4 ACCORDING TO THEIR
CH- 8 HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES ARE 35
4 CONVENIENT
CH- 9 FINICAL SERVICES LIKELY TO GET DISRUPTED BY FINTECH 35
4 SERVICES IN FUTURE
CH- 10 SO HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES 38
4 RELIABLE:
CH- 11 SO WHAT PEOPLE THINK FINTECH SERVICE WILL TAKE TO 39
4 DEVELOPED IN INDIA:

CHAPTER: 1
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 RESEARCH METHODOLOGY

1.1 INTRODUCTION
1.2 PROBLEM STATEMENT
1.3 LITERATURE REVIEW
1.4 RESEARCH DESIGN
1.5 POPULATION
1.6 SAMPLE SIZE
1.7 SAMPLING TECHNIQUE
1.8 SAMPLING UNITS
1.9 RESEARCH INSTRUMENT

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 1.1 INTRODUCTION

Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st
century. Originally, the term applied to technology applied to the back-end of established consumer and trade
financial institutions.
Since the end of the first decade of the 21st century, the term has expanded to include any technological
innovation in the financial sector, including innovations in financial literacy and education, retail banking,
investment and even crypto-currencies like Bitcoin.

1.2 PROBLEM STATEMENT

The main problem would be the consumer’s illiteracy rate and people awareness, whether the technology is
safe and range their product and service.
India is a county having high illiteracy rate as its major number of people were resides in ruler part
where instill Internet connectivity is still a bigger concern. Also majority of population in India still do
not use banking service hence in that scenario it is most difficult task to is to use Fintech Service.
Also the low infrastructure and people in urban India still uses old methods for finical transaction and
that is through cash and personally.

1.3 LITERATURE REVIEW

 Dr. A. Didar Singh - Secretary General FICCI

Financial Foresights, the flagship quarterly publication of FICCI's financial sector team, provides a platform to
industry, policy makers and other stakeholders to exchange ideas and views on important financial sector
developments in the country.

The current issue of the publication focuses on the topic: 'Leveraging the FinTech Opportunities in India' and
presents interesting propositions in the form of insightful write-ups contributed by both established and
emerging players from the FinTech industry.
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Technology today is changing at a rapid pace. Its application is changing at an even faster pace. One sector
where application of technology has disrupted the traditional industry is the financial sector. This application of
technology to capture and process data in real time and offer solutions not seen before is transforming how
financial business is done, how products and services are conceived and how consumers participate in the
process.

Financial technology — or FinTech — is ushering a transformation by reaching the unreached in a cost

effective manner, with all time presence and least use of resources. This is forcing established financial sector
players to evaluate their business models and think afresh on how to best serve the consumers who themselves
are evolving at a fast pace.
It is usually felt that FinTech is all about digitising money. Our contributors to this edition show that there is
more to it and that FinTech is about monetising data. By reducing information asymmetry in the marketplace,
FinTech is not only improving the ability to match investors, lenders and borrowers; but providing a more level
playing field that allows retail investors to have greater participation in the market. Innovative financial services
such as robo-advisory have the potential to extend financial advice beyond high net worth individuals and more
sophisticated investors, to a wider cross-section of the investors. And the frictionless operation of FinTech
innovations such as block-chain and digital currencies are generating new value streams not just in financial
services but across the economy.

As you go through the pages of our latest edition, you would agree that India is poised to become a potent
FinTech force of the world. Some of the key enablers for FinTech in India are high adoption of technology,
increasing internet penetration, enabling government policies, emphasis on financial inclusion and an evolving
start-ups ecosystem. The catalytic power of FinTech and its potential to unleash a new era of
competition,innovation and generation of jobs in our economy is enormous.

This issue, with contributions from both established & emerging names in India's FinTech sector, has attempted
to analyse the potential of FinTech in India & how India can leverage it. We look forward to your views and
suggestions and hope you will find this an interesting read.

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 1.4 RESEARCH DESIGN

Descriptive research design would be used in this research. The study would be more structured and formal
in nature. The objective is to provide a comprehensive and detailed explanation under the study. With
descriptive study we would get answers to the questions who, what, where, when, why and how.

1.5 POPULATION
Population is the set of people from which the samples will be drawn. The population would include the
people aware about FinTech and not aware about FinTech.

1.6 SAMPLE SIZE

A sample of 102 will be chosen for the purpose of the study.

1.7 SAMPLING TECHNIQUE

The sampling technique that will be used for the purpose of the study would be Simple Random
Sampling.

1.8 SAMPLING UNITS

Sampling units would be in the age group of 16 to 60 years in Ahmedabad.

1.9 RESEARCH INSTRUMENT

Questionnaire will be used as the instrument for collecting the primary data.

1.10 BENEFICIARIES
Al the fincinal Institution for an example Banks, Fincinial Landing & companied, NBFC, Government to
formulate future policy.
 1.11 SCOPE
Scope means the area of study from which the information has been collected. The information and data
related to the project will be collected from various people
Using FinTech Services . Primary data will be collected from Ahmedabad city of Gujarat.

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 CHAPTER: 2
AN OVERVIEW OF FINTECH IN INDIA
2.1 THE EVOLUTION OF FINTECH IN INDIA

Fintech is a very broad sector with a long history. Most people hear fintech and think about the latest mobile
app which can help them pay for their morning coffee without ever swiping a card or touching currency. But
technology has always played a key role in the financial sector in ways that most people take for granted and
might not ever see. In examining the timeline of fintech developments, the last 65 years paint a picture of
continued innovation and evolution.

The Indian government began liberalizing its banking industry post-1990 with the introduction of technology-
savvy banks. The government also took legislative action to boost the banking system and pushed new
technology such as MICR, electronic funds transfer and other electronic payments that revolutionized the
banking system and in turn boosted the Indian economy.

Technology has been used by financial institutions for more than half a century. With the turn of the
millennium, technology started playing a more critical role in the financial sector. Modern banking or financial
services would struggle to stay relevant in the absence of technology.

FinTech is not a replacement for traditional banking services; rather it is a result of the inevitable evolution of
the banking space. Banking services are now being provided with the added convenience of technology. The
sector does this with the help of technology intelligence, intricate algorithms, machine learning and big data,
which are swiftly replacing traditional financial practices. Backed by such powerful armory, FinTech is
completely changing the corporate landscape in multiple industries and reinventing the way companies gain
access to finance.

2.2 PAYMENT SERVICES:

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These companies allow individuals and businesses to accept payments without even swiping a card. Payments
are made online and the payer just needs a smartphone, without the requirement of a merchant account. Paytm,
Freecharge and MobiKwik are among the top players in this space.

WHERE DID DISRUPTION OCCUR?

 Payments have continued to migrate away from cash and become less visible to the customer as
consumers shift purchases to online and mobile channels
 Payments businesses are experiencing intense pressure on margins in the face of competition and a
challenging regulatory environment
 Regional distinctions between payments ecosystems are growing, as both customer behavior and
Regulatory environments diverge

WHERE HAS DISRUPTION NOT OCCURRED?

 Mobile payment solutions have not sufficiently exceeded the functionality of pre-existing solutions in
card-based markets, thus limiting their adoption
 Customer acceptance of nontraditional payment schemes (e.g. alternative currencies) remains almost
non-existent.

2.3 DIGITAL LENDING

These companies provide flexible options for financing to SMEs and consumers. Technology is being used to
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create better financial products, improve customer experience and increase the speed of loan approvals. Some
prominent companies in this space include Capital Float, Lendingkart, Indifi, NeoGrowth, etc.

WHERE DID DISRUPTION OCCUR?

 Traditional bank distribution models and economics are at risk of being deeply disrupted by the drive
towards platform models of banking
 Banks no longer define customer expectations of the banking experience; instead, fintechs and large
technology companies set the standard

WHERE HAS DISRUPTION NOT OCCURRED?

 Few customers have moved away from traditional deposit accounts despite significant efforts from
online and mobile challenger banks

2.4 GOVERNMENT, REGULATORY BODIES AND FINANCIAL

INFRASTRUCTURE

2.4 (A) REGULATORY ENVIRONMENTS

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The dynamic nature of the fintech sector and its overlap across various sectors, effective policy and regulation
of the sector are important both for its growth and its stability. Balanced regulations are needed to enable fintech
firms to compete with incumbent service providers and provide them with a level playing field; to safeguard the
interests of investors and customers, and in influencing the future direction of fintech, particularly in the context
of financial inclusion.

In India, the fintech industry falls under the purview of several regulators and governing bodies including the
Reserve Bank of India (RBI); the capital markets regulator –the Securities and Exchange Board of India (SEBI);
the telecom regulator – the Telecom Regulatory Authority of India (TRAI), the insurance regulator - Insurance
Regulatory and Development Authority (IRDA). The Ministry of Finance plays the lead role on the central
government side. Although currently there are no specific policies regulating the fintech sector in India, the
country is making progress in this regard24 with the Government as well as many of these regulatory bodies
(particularly the RBI) making significant headway in promoting fintech.

2.4 (B) FINANCIAL REGULATORS

Federal and state governments have a myriad of agencies in place that regulate and oversee financial markets
and companies. These agencies each have a specific range of duties and responsibilities that enable them to act
independently of each other while they work to accomplish similar objectives. Although opinions vary on the
efficiency, effectiveness and even the need for some of these agencies, they were each designed with specific
goals and will most likely be around for some time.

2.4 (C) FEDERAL RESERVE BOARD

The Federal Reserve Board (FRB) is one of the most recognized of all the regulatory bodies. As such, the "Fed"
often gets blamed for economic downfalls or heralded for stimulating the economy. It is responsible for
influencing money, liquidity and overall credit conditions.
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Its main tool for implementing monetary policy is its open market operations, which control the purchase and
sale of U.S. Treasury securities and federal agency securities. Purchases and sales can change the quantity of
reserves or influence the federal funds rate - the interest rate at which depository institutions lend balances to
other depository institutions overnight. The Board also supervises and regulates the banking system to provide
overall stability to the financial system. The Federal Open Market Committee (FOMC) determines the actions
of the Fed.

2.4(D) FEDERAL DEPOSIT INSURANCE CORPORATION

The Federal Deposit Insurance Corporation (FDIC) was created by the Glass-Steagall Act of 1933 to provide
insurance on deposits to guarantee the safety of checking and savings deposits at banks. Its mandate is to protect
up to $250,000 per depositor. The catalyst for creating the FDIC was the run on banks during the Great
Depression of the 1920s.

CHAPTER: 3

COMPANY OVERVIEW

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 3.1 PAYTM
3.2 PAYPAL
3.3 POLICY BAZAAR
3.4 LENDINGKART
3.5 BHIM

3.1 PAYTM :

In today’s scenario, when entire India is struggling to get a hand on some hard cash to cater to day-to-day
needs post demonetisation, Paytm is a unique solution to go cashless. Paytm is a huge step towards digital
India.

Paytm is nothing but an acronym for ‘Pay Through Mobile’. Paytm was founded in 2010 by Vijay Shekhar
Sharma, the present CEO of Paytm. Paytm is an Indian e-commerce website that enables its user to pay online
using mobile number for services like mobile recharge, book airline tickets, pay broadband or electricity bill,
etc.

Paytm is owned by One97 Communications and is headquartered at Noida, Uttar Pradesh, India. Paytm has its
service providing regions only in India.

Initially Paytm started with mobile recharges and discounts but with the growth of the company, Vijay
introduced variety of products apart from recharges and discounts. Paytm dealt with products like Home &
Kitchen appliances, electronics, Stationary, Books, sports and baby products.

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Paytm wallet was launched in 2014. As of November 2016, over 150 million wallets and 75 million Android-
based apps were downloaded of Paytm wallet, making it Indian’s largest mobile payment service platform. The
credit for the surge in its usage obviously goes to demonetization of the 1000 and 500 currency notes.

Paytm made easy payment way for its customers by saving its details in an account made by the customers
while using the app for the first time. For any payment all that a customer has to do is to enter its code and
their amount is debited from their account and their recharge is done. Paytm strongly supported payment
through credit cards and debit cards.

The smooth and easy transactions using Paytm can well be used for other banking services as well. Probably,
that’s the reason, Paytm was granted a license from Reserve Bank of India to initiate India’s first payments
banks. The motive is to use existing users of Paytm as the first database for offering new services which include
savings account, debit cards, online banking and transfers, and other such facilities.

Paytm got a major boost in e- commerce when Indian industrialist Ratan Tatamade personal investment in
the firm in March 2015.In the same month, the company received a $575 million investment from
Chinese e - commerce company Alibaba Group, after Ant Financial Services Group, an Alibaba Group
affiliate, took 25% stake in One97 as part of a strategic agreement.

Paytm comes under 6 biggest funded Fintech Stars of India. Fintech is provideing digital platform to do
financial transaction like Money Transfer, Utility Bills Paymets, using the Paytm App. Paytm is offering
speedy transaction at a cheap rate through FinTech. All the services of Paytm are easily accessable due to
techonology called FinTech. E-Commerce, Payments banks and payments wallets are some area of operation
of Paytm

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3.2 PayPal :

PayPal is an online payment service that allows individuals and businesses to transfer funds electronically. The
idea behind PayPal is simple: Use encryption software to allow people to make financial transfers between
computers. That simple idea has turned into one of the world's primary methods of online payment.

PayPal is founded in December 1998 and its headquarter is in U. S. PayPal Holdings, Inc. is an American
company operating a worldwide online payments system that supports online money transfers and serves as an
electronic alternative to traditional paper methods like checks and money orders.

PayPal is one of the world's largest Internet payment companies. The company operates as a payment processor
for online vendors, auction sites and other commercial users, for which it charges a fee.

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PayPal is fast and easy way to buy things online. PayPal is preferred method of payment on many Shopping
Websites, beside just eBay. PayPal is safer way to send the money, make a online payment and receive money.

As of 2017, PayPal operates in 202 markets and has 210 million active, registered accounts. PayPal allows
customers to send, receive and hold funds in 25 currencies worldwide.

PayPal's services allow people to make financial transactions online by granting the ability to transfer funds
electronically between individuals and businesses. Through PayPal, users can send or receive payments for
online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive
donations. It is not necessary to have a PayPal account to use the company's services.

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3.3 LendingKart:

Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so that
they can focus on business instead of worrying about the gaps in their cash-flows. The Company aims to
transform small business lending by making it convenient for SMEs to access credit easily.

Lendingkart Technologies Private Limited is a fin-tech startup in the working capital space. The Company has
developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s credit
worthiness and provides other related services.

Lendingkart Finance Limited (formerly Aadri Infin Limited), is a non-deposit taking NBFC, providing SME
lending in India. The Company aims to transform small business lending by making it convenient for SMEs to
access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from
various data sources to assess the creditworthiness of small businesses rapidly and accurately.

LendingKart gives SME Loans, Business Loan, MSME Loan, Working capital Loans, Personal Loan, etc.

At Lendingkart Finance Limited, unlike banks and other NBFC’s, we do not focus on vendor’s old records (Past
Financial Statements & Income Tax returns) to evaluate the credit risk profile of a potential client. We focus on
their current year’s cash flows and business growth. We help arrange a short term working capital loan, which
can be used to pay the suppliers, employees, taxes and other liabilities. Our effort is to make working capital
funds available through our affiliate NBFCs at finger tips so that entrepreneurs can focus on business instead of
worrying about gaps in their cash-flows. We are currently based out of Ahmedabad, Bangalore and Mumbai and
we serve across India.

3.4 BHIM :

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BHIM (Bharat Interface for Money) is a mobile app developed by National Payments Corporation of India
(NPCI), based on the Unified Payment Interface (UPI). It was launched by Narendra Modi, the Prime Minister
of India, at a Digi Dhan mela at Talkatora Stadium in New Delhi on 30 December 2016. It was named after Dr.
Bhimrao R. Ambedkar and is intended to facilitate e-payments directly through banks as part of the 2016 Indian
banknote demonetisation and drive towards cashless transactions.

BHIM is an initiative to enable fast, secure, reliable cashless payments through our mobile phone. The app
supports all Indian banks which use that platform, which is built over the Immediate Payment Service
infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can
be used on all mobile devices.

BHIM has been designed for quick and secure user on-boarding, sports a best-in-class and intuitive user
interface and makes digital transactions seamless. BHIM has been a huge boon for merchants who can now
accept payments directly into their bank accounts. All users, including merchants, get a ready to use VPA
(virtual payment address) and an exclusive, ready-to-print QR code upon sign-up.

The following are the features of BHIM:

 Send Money

 Request Money

 Scan & Pay

 Transactions

 Bank Accounts

 Block User

 Privacy

 Split Bills

 Payment Reminders
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3.5 Policy Bazaar:

Insurance cover is what everyone is aspires to. So that their loved ones are secured after their death. FinTech is
offering easy and convenient way of buying Insurance policy and comparing insurance products. Policy Bazaar
helps to compare Financial products such as Life Insurance, General Insurance, Loans and credit cards.

Policy Bazaar is India's largest online financial services platform. Policy Bazaar is founded by Yashish
Dahiya. PolicyBazaar is an IRDAI approved web aggregator based in Gurgaon, Haryana. PolicyBazaar makes
use of smart technology in order to make the entire insurance buying smooth for consumers. Our sole objective
is to help customers make an informed decision when buying a policy online.

The company began operations in 2008 as a key force in establishing an informative online financial services
platform in India. Over the next five years the company has marked a staggering growth in terms of revenue and
customer acquisition to become the largest online aggregator in India. Policybazaar.com boasts of over 20
million unique visitors each year who compare the best suited financial products for them and the sale of over
15,000 policies on a month.

Policy Bazaar.com is India’s leading online insurance comparison portal which now has over 5 Million
customers seeking Life and Non Life insurance.

The idea of launching Policy Bazaar was not only Make insurance easily accessible to anyone with a net
connections, but also to reduce cost of transactions

17
 CHAPTER: 4

ANALYSIS

ONE-VARIABLE ANALYSIS OF QUESTIONNAIRE

1] DIFFERENT AGE GROUP OF PEOPLE AWARE ABOUT FINTECH SERVICES:

Q2_Age

Frequency Percent Valid Percent Cumulative

Percent

Below 25 years 66 64.7 64.7 64.7

Betwwen 25-45
34 33.3 33.3 98.0
years
Valid
Above 45 years 2 2.0 2.0 100.0

Total 102 100.0 100.0

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 INTERPRETATION:

 The given data show different age groups of people who were uses of FinTech Service. By observing the
above information we one can easy say Fintech is very much popular in age group below 25 years. However the
age group above 45 considered the least among the using Fintech Service.
 From the data collected through questionnaire shows preference for using of Fintech Services among
different age group people. The data was collected with a sample of 102 people. Out of which 64.70 %
below 25, age group between 25-45 are 33.30 % and age group above 45, 2 %.

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2] NUMBER OF PEOPLE AWARE ABOUT FINTECH SERVICES:

Q5_Are_you_aware_about_FinTeach_Financial_Teachonolgy
Frequency Percent Valid Percent Cumulative
Percent
Yes 89 87.3 87.3 87.3
Valid No 13 12.7 12.7 100.0
Total 102 100.0 100.0

20
 INTERPRETATION:

 From the response of the individuals it was observed that the number of people aware about Fintech
Service is more than number of people who were not aware.

 From the above table and figure, we can easily analyze that majority of the majority of people
aware about Fintech Service which is 87.10% and people not aware about FinTech services were 12.90%.

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3] AWARENESS OF FINTECH SERVICES AMONG DIFFERENT
GENDER:

Q3_Gender
Frequency Percent Valid Percent Cumulative
Percent
Femail 28 30.1 30.1 30.1
Valid Male 65 69.9 69.9 100.0
Total 93 100.0 100.0

INTERPRETATION:

22
From the response of the individuals it was observed that the number of Male users is more than Female
users with respect to the use of FinTech Services

From the above table and figure, we can easily analyze that majority of the males are respondents of
the survey as compared to females, we have 65 of males and 28 of females have participated in this
survey.
According to the data of the questionnaire there are 69.90% males who prefer to Fintech Service.

4] NUMBER OF PEOPLE WHO HAVE USED DIFFERENT FINTECH SERVICES:

Q6.1_Paytm
Frequency Percent Valid Percent Cumulative
Percent
Yes 84 82.4 83.2 83.2
Valid NO 17 16.7 16.8 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.2_PolicyBazar.com
Frequency Percent Valid Percent Cumulative
Percent
Yes 14 13.7 13.9 13.9
Valid NO 87 85.3 86.1 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.3_BankBazar.com
Frequency Percent Valid Percent Cumulative
Percent
Yes 13 12.7 12.9 12.9
Valid NO 88 86.3 87.1 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.4_BHIM

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 Frequency Percent Valid Percent Cumulative
Percent
Yes 22 21.6 21.8 21.8
Valid NO 79 77.5 78.2 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.5_Lending_Kart
Frequency Percent Valid Percent Cumulative
Percent
Yes 3 2.9 3.0 3.0
Valid NO 98 96.1 97.0 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.6_NetBanking
Frequency Percent Valid Percent Cumulative
Percent
Yes 72 70.6 71.3 71.3
Valid NO 29 28.4 28.7 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.7_Mobile_Banking
Frequency Percent Valid Percent Cumulative
Percent
Yes 69 67.6 68.3 68.3
Valid NO 32 31.4 31.7 100.0
Total 101 99.0 100.0
Missing System 1 1.0
Total 102 100.0

Q6.8_Other

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 Frequency Percent Valid Percent Cumulative
Percent
97 95.1 95.1 95.1
ATM 2 2.0 2.0 97.1
Online Shoping
1 1.0 1.0 98.0
Valid Site
Payzapp 1 1.0 1.0 99.0
TEZ 1 1.0 1.0 100.0
Total 102 100.0 100.0

INTERPRETATION:

 According to the survey we can say that among all fintech services the most prefer one is Paytm. As per
servy report 82.40 % people uses the paytm services. With the awareness and more utilization of internet
services have also the one reason .

 Netbanking & Mobile banking were on 2 nd & 3rd position followed by paytm with 70.60 % and 67.60
%, however the other service like Lending kart stayed at bottom of chart with the user % of just 2.9% and it
makes it least popular fintech services.

 There are Few service which are on the growing face Example like BHIM with 21.60%, Bankbazar
with 12.70 % and Last PolicyBazar with 13.70%.

5] HOW OFTEN PEOPLE USE THIS FINTECH SERVICES?

Q7_How_often_do_you_use_FinTech_services
Frequency Percent Valid Percent Cumulative
Percent
Daily 33 32.4 32.4 32.4
Weekly 34 33.3 33.3 65.7
Valid Monthly 31 30.4 30.4 96.1
Yearly 4 3.9 3.9 100.0
Total 102 100.0 100.0
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 INTERPRETATION:

 By Decoding above date we can observe that people often use the Fintech service Weekly mainly when
they go out of weekends for Movies, Restaurants, Gaming , Shopping etc. with the total utilization of 33.30 %.
Nevertheless people also use Fintech Service on daily bases such as Mobile banking and Net banking.
 Monthly usage of fintech service are also not less as it is just 30.40% as it mainly used to pay all utility
Bill payments, and year it utilized with 3.90 % and that majorly for Insurance premium and yearly renewals.

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 6] UTILIZATION TYPES OF SERVICES:

Q8.1_Utility_Bill_Payment
Frequency Percent Valid Percent Cumulative
Percent
Yes 73 71.6 71.6 71.6
Valid No 29 28.4 28.4 100.0
Total 102 100.0 100.0

INTERPRETATION:
 With the above date we can say that majority of public utilize this services for Utility bill payment that
is 71.60%.

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 Q.8.2_Money_Transfer
Frequency Percent Valid Percent Cumulative
Percent
Yes 73 71.6 71.6 71.6
Valid No 29 28.4 28.4 100.0
Total 102 100.0 100.0

INTERPRETATION:
 Same as Utility bill payment, Money transfer is equally same utilization. Which is 71.60%?

Q8.3_Insurance_Renewals
Frequency Percent Valid Percent Cumulative
Percent
Valid Yes 15 14.7 14.7 14.7
28
 No 87 85.3 85.3 100.0
Total 102 100.0 100.0

INTERPRETATION:
 Ulitilization of Insurance renewal comes least among all the services with just 14.70%.

 This data also shows the number of people having the or avail the actual insurance service is also very
less, and main reason for that is they still considered insurance as expense not future security.

Q8.4_Banking_Services
Frequency Percent Valid Percent Cumulative
Percent
Yes 65 63.7 63.7 63.7
Valid No 37 36.3 36.3 100.0
Total 102 100.0 100.0

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 INTERPRETATION:
 People using Fintech service of banking are just over the half and they are 63.70%.

 This shows that still there are 36.30 % of people are the who still gives priority to tradional banking

Q8.5_Loans_and_Credit_Cards
Frequency Percent Valid Percent Cumulative
Percent
Yes 27 26.5 26.5 26.5
Valid No 75 73.5 73.5 100.0
Total 102 100.0 100.0

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 INTERPRETATION:
 With the financial point of view we can see that the people are still not very much comfortable taking
loans from the banks .
 With the above date we can see that only 26.50 % public utilize this service .

7] CUSTOMERS_ARE_MORE_SATISFIED_WITH_FINTECH_SERVICES
ACCORDING TO THEIR
GENDER

Q11_Customers_are_more_satisfied_with_FinTech_services *
Q3_Gender Crosstabulation
Count
Q3_Gender Total
Male Female
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 Highly Agree 29 7 36
Q11_Customers_are_mo Agree 10 13 23
re_satisfied_with_FinTec Neutral 18 8 26
h_services Disagree 8 1 9
Highly Disagree 8 0 8
Total 73 29 102

INTERPRETATION:
 Comparing different gender in regards of satisfactory of FinTech Services.

 In the above servey we can say that major number of male users are satisfied with Fintech Services,
Where in Female they feels its good to have Fintech services but mot completely satisfied.

8] HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES ARE

CONVENIENT:

Q10_Do_you_think_FinTech_is_convinient_than_Personal_
Banking * Q3_Gender Cross tabulation
Count
Q3_Gender Total
Male Female
Q10_Do_you_think_Fin Yes 65 27 92
Tech_is_convinient_than
No 8 2 10
_Personal_Banking
Total 73 29 102

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 INTERPRETATION:

 With the above date we can say that both gender people considered FinTech is more Convenient than
personal. As this leads in saving Time, Travelling to banks, Paper Work etc.
 This is also the main reason why we can see in the reduction in personal banking.

9] FINICAL SERVICES LIKELY TO GET DISRUPTED BY FINTECH SERVICES IN

FUTURE:

Q13.1_Consumer_Banking
Frequency Percent Valid Percent Cumulative
Percent
.00 3 2.9 2.9 2.9
Yes 53 52.0 52.0 54.9
Valid
No 46 45.1 45.1 100.0
Total 102 100.0 100.0

Q13.2_Fund_Transfers_and_payments
Frequency Percent Valid Percent Cumulative
Percent
Yes 60 58.8 60.0 60.0
Valid No 40 39.2 40.0 100.0
Total 100 98.0 100.0
Missing System 2 2.0
Total 102 100.0
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 Q13.3_Insurance
Frequency Percent Valid Percent Cumulative
Percent
Yes 20 19.6 20.2 20.2
Valid No 79 77.5 79.8 100.0
Total 99 97.1 100.0
Missing System 3 2.9
Total 102 100.0

Q13.4_Fund_operator
Frequency Percent Valid Percent Cumulative
Percent
Yes 30 29.4 30.6 30.6
Valid No 68 66.7 69.4 100.0
Total 98 96.1 100.0
Missing System 4 3.9
Total 102 100.0

INTERPRETATION:
 According to the survey people this Fund Transfer and payment services are mainly disrupted in future.
 More than half of the people considered fintech services are future face of fund transfer and payments.

 However the consumer banking is the least among the financial services services lickly to get disrupted
in future by fintech services.

 Insurance & Fund Operators are on the growing path in fintech services.

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10] SO HOW MUCH PEOPLE CONSIDERED FINTECH SERVICES RELIABLE:

Q12_Do_you_consider_FinTech_service_are_reliable_source
Frequency Percent Valid Percent Cumulative
Percent
Yes 96 94.1 94.1 94.1
Valid No 6 5.9 5.9 100.0
Total 102 100.0 100.0

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 INTERPRETATION:

 By referring with above data people considered the fintech services as reliable source for having
financial transaction.
 Because of growing web base securities for financial services has won the hearts of people and it make
Net baking , mobile banking, fund transfer more secure.

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11] SO WHAT PEOPLE THINK FINTECH SERVICE WILL TAKE TO DEVELOPED
IN INDIA:

Q14_How_long_FinTech_services_will_take_to_develop_in_India
Frequency Percent Valid Percent Cumulative
Percent
7 years 60 58.8 58.8 58.8
10 years 28 27.5 27.5 86.3
Valid 15 years 5 4.9 4.9 91.2
More than 15 years9 8.8 8.8 100.0
Total 102 100.0 100.0

37
 Q14_How_long_FinTech_services_will_take_to_develop_in_India *
Q4_In_which_sector_company_involved Crosstabulation
Count
Q4_In_which_sector_company_invol Total
ved
Technology Finance Others
Q14_How_long_FinTec 7 years 19 4 37 60
10 years 4 6 18 28
h_services_will_take_to
15 years 2 1 2 5
_develop_in_India More than 15 years3 2 4 9
Total 28 13 61 102

INTERPRETATION:

 By referring with above survey it shows that people think in upcoming 7 years FinTech Service are been
well Developed in India.
 Its More than half of people considered in favor of fintech service will develop in Indain in upcoming 7
years. Where in still there are around 27 % people say that it will still take 10 years more to get developed in
India.
 In Indian economy has huge impact of cash in economy and looking at the same there are people
considered that it will take 15 or more than that to get Fintech service developed in India.
 Also when we compare the same date with view point of different sectors people who were involved in
the technology sector were considering fintech service will grow in India same as people who were involved in
Other sectors as well.
 Well People involved in Financial Sector are not agree with the technology based people because
according to them it will take atleast more 10 years for FinTech service to developed in India.

38
 HYPOTHESIS

1. H0: Age group factor is not related personal Banking

2. H1: Age group Factor is related personal Banking

Chi-Square Tests
Value df Asymp. Sig. (2-sided)
a
Pearson Chi-Square 3.125 2 .210
Likelihood Ratio 3.834 2 .147
Linear-by-Linear Association 2.987 1 .084
N of Valid Cases 102
a. 3 cells (50.0%) have expected count less than 5. The minimum expected count is .20.

1. H1: Gender and Awareness of Fintech Services are not related.

2. H0: Gender and Awareness of Fintech Services are related

Binomial Test
Category N Observed Prop.Test Prop. Exact Sig. (2-tailed)
Q3_GenderGroup 1Male 73 .72 .50 .000
Group 2Female 29 .28
 Total 1021.00

1. H0: Awareness of FinTech and Awareness of FinTech and different sectors are not related

2. H1: Awareness of FinTech and different sectors of people are related

Chi-Square Tests
Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 1.204a 2 .548

Likelihood Ratio 1.171 2 .557
Linear-by-Linear Association 1.168 1 .280
N of Valid Cases 102
a. 2 cells (33.3%) have expected count less than 5. The minimum expected
count is 1.66.

CHAPTER 5
CONCLUSION

From the research done by us we conclude that:

40
1. It is observed that youngsters in the age group of below 25 years are the maximum users of Fintech Service.
This show that now upcoming generation or young people uses fintech more.

2. Fintech services are more popular among the males comparative to females as they still prefer tradional
methods for financial transaction.

3. The numbers of companies involved in fintech services are mainly private sector hence government need to
start taking big moves to increases there reach towards the customers as India holds maximum number of
financial service by government bodies.

4. According with above date we have seen that in people feels them self more convient in technology platform
but not using the same and that because of less awareness and difficult user interface hence it need to be
upgradation .

5. Fintech Service are the booming market as majority of countries are going towards the cashless & paperless
economy FinTech bases service are the only upcoming option for Financial service.

CHAPTER 6

LIMITATIONS OF STUDY
1. The most important limitation of study was that our size of sample of 102 people is not large enough to
represent public preference for various portals among Ahmedabad people.

2. The questionnaire filled by the people could not be done cautiously which creates biasness in the
analysis.

3. The respondents restricted themselves from answering the questions mentioned for the fear of letting
their views disclosed to others.

4. The questionnaire was filled by male more than the females, hence con’t make gender bases perfection.

5. Within given time duration it was not possible to conduct extensive research work so findings of this
project may not represent the actual scenario of Ahmedabad.

6. Research and questionnaire fill by people are mainly literate and aware about the FinTech service, But the
majority of people and region in India is either not well aware of Internet or the banks also.
7. India is country were in still majority of people does not have Bank accounts and to expect them to use
FinTech Service is not relevant view of true economy picture

CHAPTER 7

RECOMMENDATIONS

This analysis helps to draw certain recommendation/ suggestions to various aspects of in order to establish
new market or to enhance existing market such as:

42
 Government should increase their efforts in the rural regions as they needs to be ore developed .
 Authorities want to develop the FinTech service then they should make Utility payments compulsory via
online payment options.
 Companies other than Paytm need to increase there customer base by giving the more attractive offers.

CHAPTER 8

BIBLIOGRAPHY

KPMG - https://assets.kpmg.com/content/dam/kpmg/pdf/2016/06/FinTech-new.pdf

Nathan Associates India

- https://www.nathaninc.com/sites/default/files/Fintech%20in%20India.pdf

Deloitte. - https://www2.deloitte.com/content/dam/Deloitte/in/Documents/financial-services/in-fs-fintech-india-
ready-for-breakout-noexp.pdf

MXV Consulting - http://www.mxv.in/publications/Fintech%20India%20-%20Genesis.pdf

MAPE - http://mapegroup.com/pdf/mape-fintech-2016.pdf

Deloitte.2- https://www2.deloitte.com/content/dam/Deloitte/in/Documents/technology-media-
telecommunications/in-tmt-fintech-regulatory-sandbox-web.pdf

FICCI - http://ficci.in/spdocument/20848/Financial-Foresights-Jan-2017.pdf

Linked In - https://www.slideshare.net/MXVPublications/fintech-india-genesis-52696819?next_slideshow=1

Genius Incubator presents - http://www.fintechstormindia.com/staging/wp-content/uploads/2016/03/Fintech-

Storm-India-Summit-May-2016-Brochure.pdf

EY - http://www.ey.com/Publication/vwLUAssets/ey-fintech-adoption-index-2017/$FILE/ey-fintech-adoption-
index-2017.pdf
https://www.lendingkart.com/about-us
https://bhimupi.org.in/

https://www.investopedia.com/terms/c/cryptocurrency.asp
https://www.paypal.com/in/home
https://www.paypal.com/in/webapps/mpp/about

https://paytm.com/about-us/

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