FINANCIAL LANDSCAPE: NAVIGATING EMERGING FINTECH REALITIES IN MUMBAI

Abstract

This study investigates the extent of knowledge among Mumbai residents on the emerging trends in Financial Technology (Fintech). This study aims to assess the level of knowledge among Mumbai's population with various Fintech advancements, such as Insurtech, Artificial Intelligence, Robo Advisories, Blockchain, Cloud Computing, Digital-only banking, and Peer-to-Peer lending, by conducting a thorough survey with 213 participants. The results unveiled a favourable outlook for the implementation of Fintech in Mumbai, as participants exhibited a strong comprehension of several developing patterns. Significantly, individuals within the age bracket of 18 to 25 years accounted for 52.6% of the sample, whilst those between the ages of 26 and 40 made up 24.9%. The demographic distribution demonstrates a significant presence of young individuals, who are typically associated with being technologically proficient and receptive to novel financial solutions. Mumbai people had a notable level of awareness with Fintech trends, which created a favourable climate for the introduction of innovative services. The results highlight the city's capacity as a fruitful environment for the growth and success of Fintech startups and businesses. This report provides useful insights into the existing awareness landscape in Mumbai and advises that Fintech businesses should strategically address this growing market for the effective deployment of their services.

Keywords:    Fintech Awareness, Emerging Trends, Financial Technology, Mumbai Residents, Market Potential