ISSN No.

2349-7165

Fintech in the Eyes of Different Generations: A

Comparative Study

Nazma Shaikh
Research Scholar I.M.S., D.A.V.V., Indore

ABSTRACT

The study empirically investigates the different generation‟s (Boomers, Gen X,

Millennials and Gen Z) perspective, knowledge and awareness towards the
fintech services. The study was conducted in different cities of Madhya Pradesh.
The research data is based on the 125 respondents, which were selected on the
basis of random sampling method. The result and outcomes of the study are
based on the analysis of responses in the form of questionnaire. The objectives of
the study are; (1)To identify the level of awareness in different generation
regarding the Fintech Services, (2) To analyze the role of different factors
attracting different generations towards Fintech Services, (3)To evaluate the level
of satisfaction regarding the Fintech Services in different generations, (4) To
evaluate the level of security regarding the Fintech Services in different
generations. The outcomes of the study show that the awareness level in all four
generation vary from each other regarding the fintech services. The level of
satisfaction is highest in Gen Z and lowest in Boomers. Speed of service is the
most dominating factor in attracting all the generations towards fintech world.
There is a significant difference in perspective of all generations regarding safety.
Key words: Fintech, Crypto Currency, Online Payments, Boomer, Gen X,
Millennials, Gen Z.

INTRODUCTION
A decade ago, people had to visit a financial company or bank to apply for a loan
or even to transfer money from one bank to another bank. Today, technology has
made it possible to transfer money, borrow a loan, making an investment,
renewing insurance policies and so many other financial services through smart
phones without even stepping a foot outside. Though financial technology is
around for decades, last few years turns out to be the revolutionary era for
fintech. Fintech has been around much longer than the most people think. The
term‟s birth can be traced to the early 1990s, by Citigroup a project was initiated
with the aim to facilitate technological cooperation it was termed as “Financial

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Services Technology Consortium”, although the world become familiar with
fintech in 2014, the time when fintech sector attracted the attention of investors,
consumers and regulators. In India, the demonetization in the year 2016 make
people aware of the technologies which can be used for executing the financial
services. The recent pandemic also gives a boom to fintech industry in India. The
fintech industry is much broader and is getting revolutionized with every passing
day. Apart from payments, investments, borrowing loans, transferring funds, it
also includes a new era currency known as crypto currency. Fintech is a broad
category, it encompasses many diverse technologies. Fintech also includes robo-
advisors which provides services based on algorithms for the portfolio
management. The research is conducted with an aim to understand and explore
the perspective, awareness and comfort of using fintech in day to day life and the
features of fintech which attracts people. This research is a comparative research
and it is empirical in nature. The respondents of the research are divided by their
generation. Every generation have their own unique features which are helpful in
dividing the sample into four different categories, which are, Boomers, Gen X,
Millennials and Gen Z.
Fintech
Fintech is the term use for financial technology, the term can be described as an
emerging technology that improves and automates the delivery of financial
services through software. This technologyenables business owners, companies
and consumers in managing their financial processes, financial operations and
lives by utilizing specialized algorithms and software that are used on computers
and most often on smartphones. Fintech is a technology which automates and
improve the use and delivery of financial services. It includes various sectors and
industries such as investment management, education, fundraising, retail banking
etc. this technology is giving a new twist to financial concepts and allowing
consumers to have an easy access to financial services.
There is clear difference between traditional banks and fintech industry, though
banks are now a days using fintech as well but the two industries are completely
different. Banks are financial institutions that are licensed to accept deposits from
its consumers and grant loans, on the other hand fintech services are not just
limited to granting loans and accepting deposits it is much broader in terms of
automating and improving all types of financial services.
Fintech industry has emerged as a relatively new industry in India. It includes all
those companies that use technology to provide financial services, such as
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insurance, asset management and payments etc. At present in India there are
more than 2000 fintech companies are providing financial services through
technology. The fintech market in India at present is valued at US$31 billion and
is projected to grow US$84 billion in year 2025 at a CAGR of 20%. India is
leading globally in terms of fintech adaption rate. 67% of the fintech companies
in India are setup in the last 5 years. Paytm, MobiKwik, Instamojo, Pine labs,
Money Tap, Lending Kart, Policy Bazar, Razor pay are the leading fintech
companies in India, these companies are also the pioneer companies in fintech
industry.
Fintech services
Following are some major services provided by the fintech industry:
 Robo- Advisor
Robo-advisors are the software which provide algorithm-based investment
recommendations. The algorithms are based on the customers perspective,
needs, risk capacity, investment priorities and other information. The robo-
advisor make portfolio management efficient and easy to analyze and access.
It also reduces the cost of portfolio management.
 Stock Trading Apps
Earlier the investor had to go directly to the stock exchange like Bombay
Stock Exchange (BSE), now with the fintech services investors can buy and
sell stocks at the tap of a finger on their smart phones.
 Crypto currency and Blockchain
The fintech industry has given birth to a new currency crypto currency.
Coinbase and Gemini are the crypto currency exchanges, they connect
consumers in order to buy or sell crypto currencies. Major examples of crypto
currencies are bitcoins and litecoins. Irrespective of all the controversies
crypto currency has taken parts of the investment industry by storm in recent
years.
Blockchain is a service which helps in reducing fraud by keeping provenance
data on the blockchain. BlockVerify is an example of blockchain service.
 Budgeting Apps
The budgeting apps provide services to the consumer like keeping track of
their expenses and income in order to give the most efficient and easily
accessible track of all the information related with their budget.

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 Lending
People now can now apply for a loan with a tap on their smartphones without
getting into any hustle, fintech services speed up the approval process,
streamline risk assessment and make access to various fund lending platforms
easier.
 Insurance
Insurtech is the term use for fintech insurance industry, which includes health
insurance, car insurance, home insurance and even data protection. Insurtech
startups are increasing wildly. Policy Bazar is an example of insurtech.
 Mobile payments
The most common use of fintech is payments done through the smart phones.
From small purchases to mobile recharge, exchange of money, to pay rent etc.
mobile phones are now the most
 Banking
Almost all banks now a days provide net banking and an easy digital access
to their bank accounts especially on a mobile device. Mobile banking is a
huge part of the fintech industry.
 Crowdfunding
It‟s a new platform, which allows internet users to send or receive money
from others to pull funding from a variety of sources. Instead of going to a
bank or any other financial institution for funds, crowdfunding allows
different people to send money for a particular cause. It‟s a very common
source of generating funds in countries like U.S.A., U.K., and other American
and European countries, though it is a new concept in India.
Challenges of Fintech industry
Although the fintech has helped in improving the services provided by traditional
financial services, still the industry needs to overcome the following challenges:
 Breach of cybersecurity
 Malware risk
 Data breach
 Digital identity risk
 Third party security risk
 Cloud-based security threats

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Different Generations
The word generation comes from the Latin word „generera‟, which means „to
beget‟. In general, the term generation means, people who are born around the
same time and grow up in the same time period, who are similar in ages (with a
few years difference). Every generation have their own unique features which
differentiate them from the other generation. In this research we have focus on
the four such generations in order to explore and analyze their perspective and
attitude towards the fintech industry. Following are the generations included in
the research:
 Boomers:
People born between 1955 to 1964 are called boomers. In the year 2021,
they age between 57 to 66.
 Gen X:
People born between 1965 to 1980 are called Gen X. in the year 2021,
they age between 41 to 56.
 Millennials:
People born between 1981 to 1996 are called Millennials. in the year
2021, they age between 25 to 40.
 Gen Z:
People born between 1997 to 2012 are called Gen X. in the year 2021,
they age between 9 to 24.
REVIEW OF LITERATURE
A study conducted by Carlin, Olafsson and Pagel (2017) to investigate the
reasons behind popularity of fintech among Millenials and Gen Z as compare to
the other generations. The researchers in their empirical research found that the
reason behind the highest fintech adoption among these two generation, i.e.,
Millenials and Gen Z is their high awareness level regarding the financial
technology as compared to older generations. It was also found that life
expectancy also plays a significant role in adoption of new technologies.
A report was published by Vahrenkamp (2017) called Raddon‟s Report, which
was a study focused on Gen Z and Millenials. The report found that 44% of Gen
Z depends on fintech as compared to 37% Millenails. The result of the study also
shows that Gen Z (37%) are more aware regarding the financial technology
services as compare to Millenials(12%). The study suggests that Gen Z expect the
future of technology in their smartphones as this generation is born with the

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smartphones in their hands. The report also finds that two third of Gen Z are the
pioneer and first adopters of fintech services.
Another study by Chandra (2017), which was based on the E-wallet facility
provided by banks and the adaptability of E-wallet application in different
generation. The study used TAM (Technology Acceptance Model) to discover
the acceptance rate and the popularity of E-wallets among different generations.
The outcome of the study suggests that E-wallet applications are the most trended
fintech application. The main factors behind its popularity is easy to use and easy
to transfer or receive money.
According to a study conducted by Ernst & Young (2016), California, New York,
London, Singapore, Hong Kong are amongst leading Fintech ecosystems.
Therankings to the different cities and countries in the world is based on talent,
capital, policy and demand of fintech servicesin these countries. UK, California
and New York seem the best ecosystems for Fintech companies. The study also
suggests that the, UK‟s Brexit decision may negatively affect its competitive
advantage in the fintech world.
Another important study in the field of fintech sector was conducted by Adam S
Hayes (2017), the objective of the study was to discover the determinants of
cryptocurrency value. Considering the popularity of bitcoin, the study was
focused on the value formation of bitcoin cryptocurrency. The study uses cross-
sectional empirical data examining 66 of the most widely use cryptocurrencies in
the world. The outcomes suggest that there are three main determinants in
formation of cryptocurrency which are; the rate of unit of production, the level of
competition in the network of producers and the difficulty of algorithm used to
“mine” the cryptocurrency.
OBJECTIVE OF RESEARCH
The research objectives are:
 To identify the level of awareness in different generation regarding the
Fintech Services.
 To analyze the role of different factors attracting different generations
towards Fintech Services.
 To evaluate the level of satisfaction regarding the Fintech Services in
different generations.
 To evaluate the level of security regarding the Fintech Services in
different generations.

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 To compare the utilization of services in traditional banks and Fintech
Services.
RESEARCH HYPOTHESIS
H01(Null): There is a no significant difference between the satisfaction
levelregarding the fintech services in individuals belonging to different
generations.
H1(Alternate): There is a significant difference between the satisfaction level
regarding the fintech services in individuals belonging to different generations.
H02(Null): There is no significant difference between the level of utilization of
fintech services in individuals belonging to different generations.
H12(Alternate): There is a significant difference between the level of utilization of
fintech services in individuals belonging to different generations.
H03(Null): There is no significant difference between the perspective towards the
safety of fintech services in individuals belonging to different generations.
H13(Alternate): There is a significant difference between the perspective towards
the safety of fintech services in individuals belonging to different generations.
RESEARCH DATA ANALYSIS
The perspective and attitude of different generations towards the Fintech services
is analysed and the outcomes of the research are presented in this section.
Data Sample
125 respondent‟s response were taken for analysis.Random sampling method was
use in the selecting the respondents for the research.
Research Area
The different cities of Madhya Pradesh, which are Indore, Ujjain, Bhopal,
Mahow and Ratlam were the research area for the study.
Type of Data
Both primary and secondary data was use in the research.
Data Collection Method
To collect the data for the research questionnaire method was use. The
questionnaires were filled by the respondents.
Data Analysis Tools
Different data analysis tools were use in the research, which are, mean, average,
minimum maximum values, mode, percentage, chi square test etc.
Data was analysed on the basis of response of the respondents collected through
questionnaires. The questionnaire consists 13 questions. Following table explains

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about the contents of questionnaire and its link with the objectives of the
research.
Question Question Description
Number
Q.1 Age To analyse the
respondent‟s generation
Q.2 Education Demographic analysis
Q.3 Gender Demographic analysis
Q.4 Where do you live Demographic analysis
Q.5 Are you Aware of Crypto Currency For the analysis of
Objective 1
Q.6 Do you have any or might invest in For the analysis of
crypto currency Objective 1
Q.7 Do you use any of the following For the analysis of
applications Objective 1
Q.8 Do you have a bank account For the analysis of
Objective 5
Q.9 How often you use traditional banking For the analysis of
payment mode Objective 5
Q.10 How often you use online/internet-based For the analysis of
payment mode Objective 5
Q.11 How secure you think online/ internet- For the analysis of
based financial services are Objective 4
Q.12 How satisfied are you with internet based For the analysis of
financial services Objective 3
Q.13 What features of internet-based financial For the analysis of
services you like most Objective 2
Table 1: Questionnaire analysis.
Data Analysis
The following sections will characterize the profile of respondents along with the
purpose of various questions that is asked from respondents and the results. This
is succeeded by testing of each group by way of their responds on the questions
through the use of various statistical tools.
Respondent’s age group/generation
In this research the main objective was to analyse the perspective and attitude of
different generations towards the Fintech sector, the respondents in the study are
categorised into four groups with respect to their age, which are Boomer, Gen X,
Millenials and Gen Z. out of 125 respondents Boomers counted as 15(12%), total
number of Gen X respondents are 30(24%), Millenials occupied a prominent
share with 68 (54.4%) respondents and Gen Z respondents are counted as
12(9.6%).

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10% 12%

24%

54%

Boomers Gen X Millenials Gen Z

Figure 1: Respondent’s generation distribution.

Respondents’ Personal Profile Analysis
In this section, the respondents‟ personal profile is shown to have a better
understanding of their background.
Gender of the respondents
Table 2 represents the gender distribution of respondents. It is a very helpful
factor in ascertaining the attitudes, opinions and motives of the individuals. Out
of sample size of 125 respondents, male respondents were 70 (56%) whereas
female respondents were 55 (44%). In different generations the male and female
respondents are counted as explained in the following table 2.
Generation Male Female Total
Boomers 9(60%) 6(40%) 15
Gen X 18(60%) 12(40%) 30
Millenials 39(57.4%) 29(42.6%) 68
Gen Z 4(33.33%) 8(64.66%) 12
Total 70(56%) 55(44%) 125(100%)
Table 2: Respondents gender distribution.

44%

56%

Male Female

Figure 2:Respondent’s gender distribution.

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Education of the Respondents
It is noticed that majority of the respondents possess a good educational
background. 42.4% of the respondent‟s own masters followed by 39.2%
respondents having bachelor degree and 14.4% respondents who have passed
only high school, also 4% respondents hold doctoral degree.
Generation Intermediate Graduate Post Graduate Doctoral Total
Boomer 1 4 8 2 15
Gen X 2 15 11 2 30
Millenials 10 26 31 1 68
Gen Z 5 4 3 0 12
Total 18 49 53 5 125
Table 3: Respondent’s educational qualification

Intermediate
Doctoral
4% 15%
Post graduate
42%
Graduate
39%

Intermediate Graduate Post graduate Doctoral

Figure 3:Respondent’s educational qualification.

Respondents residential distribution
The demographic profile of respondents also includes the information in which
city the respondents are living. In the research most of the respondents are from
Indore 50.4%, followed by Bhopal 16%, then Ratlam 14.4% and from Ujjain
13.6%, also respondents from Mahow are 5.6%. the Table 4 shows the
distribution of respondents according to generations with respect to the cities.
Figure 4 explains the respondent‟s residential distribution.
Generation Indore Mahow Ujjain Bhopal Ratlam Total
Boomer 5 1 2 2 5 15
Gen X 12 2 3 9 4 30
Millenials 42 4 8 8 6 68
Gen Z 4 0 4 1 3 12
Total 63(50.4%) 7(5.6%) 17(13.6%) 20(16%) 18(14.4%) 125
Table 4:Respondents residential distribution.

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6%
14%

50%
14%

16%

Indore Bhopal Ujjain Ratlam Mahow

Figure 4:Respondents residential distribution.

Respondents’ Perspective and Attitude towards Fintech Sector Analysis
In this section, the respondents‟ perspective and attitude towards Fintech Sector
is analysed with respect to their responses in the questionnaire.
Awareness and perspective towards crypto currency
The outcomes of the research show that the most Gen Z respondents are aware of
crypto currency with 91.66% and the least aware generation regarding the crypto
currency is Boomers with 20% respondents aware of it. The awareness level in
Millenials is 67.64% and in Gen X is 63.34%. Table 5 explains about the level of
awareness regarding crypto currency in different generation.
Generation Aware of crypto currency Unaware of crypto Total
currency
Boomer 3 20% 12 80% 15
Gen X 19 63.34% 11 33.66% 30
Millenials 46 67.64% 22 32.36% 68
Gen Z 11 91.66% 1 8.44% 12
Total 79 63.2% 46 36.8% 125(100%)
Table 5:Awareness level regarding crypto currency.
100%

80%

60%

40%

20%

0%
Boomers Gen X Millenials Gen Z

Aware Unaware

Figure 5: Awareness level in different generation regarding crypto currency.

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93.34% respondents of Boomer generation have not or will not invest in the
crypto currency in future while 83.33% Gen Z have or will invest in the crypto
currency. Table 6 explains the responses of respondents regarding the investment
in crypto currency.
Generation Invested or will invest in No investment or will not invest Total
future crypto currency in future in crypto currency
Boomer 1 6.66% 14 93.34% 15
Gen X 20 66.66% 10 33.33% 30
Millenials 18 26.47% 50 73.52% 68
Gen Z 10 83.33% 2 16.66% 12
Total 49 38.2% 76 60.8% 125
Table 6: Respondents distribution regarding the investment in crypto currency.
Factors influencing the different generations towards Fintech Sector
in the research five factors are analyzed, which are, transparency, speed of
service, automation, efficiency and easy to access. The outcomes show that in all
four generation the factor which influence the respondents most to use the fintech
services is speed of service. Figure 6 explains about the factors influencing the
respondents from different generations towards fintech services.

Gen Z

Millenials

Gen X

Boomers

0 10 20 30 40 50 60 70 80 90

Easy to access Automation Transperancy Efficiency Speed of service

Figure 6: Factors influencing Fintech Services for different generations.

Analysis of level of satisfaction of different generations towards Fintech
Services
The outcome of the research show that the level of satisfaction towards fintech
services is highest among Gen Z and is lowest in Boomers.46.66%
respondentsfrom Boomer generation are very dissatisfied with the fintech
services, while there are 0% dissatisfied respondents in Gen Z. figure 7 explains
the satisfaction level of all the respondents in the research regarding the fintech
services.

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7% 18%
9%
Very Satisfied

18% Satisfied
Neutral

48% Dissatisfied
Very Dissatisfied

Figure 7: Satisfaction level in overall respondents regarding Fintech services.

Analyzing fintech services and traditional banking services
The research finds that all respondents from Boomer and Gen X generations have
bank accounts. While only 41.6% Gen Z respondents have bank accounts. On the
other hand, 4% Millenials don‟t have a bank account. Table 7 explains the
respondents bank account analysis.
Generation Bank Account Holders Don‟t have a Total
Bank Account
Boomer 15 0 15
Gen X 30 0 30
Millenials 65 3 68
Gen Z 5 7 12
Total 115 10 125
Table7: Respondents Bank account analysis.
The research also finds that 75% of Gen Z respondents never use any traditional
banking services, while 73.3% respondents from Boomer generation use
traditional banking services very often. Gen X and Millenials have a mix
response in using traditional banking services. Table 8 explains about the analysis
of traditional banking services use by different generations.

Generation Never Seldom Sometimes Often Very Often Total

Boomer 0 2 2 0 11 15
Gen X 1 0 22 7 0 30
Millenials 13 0 46 5 4 68
Gen Z 9 0 3 0 0 12
Total 23 2 73 12 15 125
Table 8: Analysis of Traditional banking services use by different generations.
Analysis of frequently use fintech services
Following figure shows the frequently use fintech applications by various
generations.

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Gen Z

Millenials

Gen X

Boomer

0 20 40 60 80 100 120

No Net Banking Google pay Amazon Paytm

Figure 8: Analysis of various frequently use fintech applications by different

generations.
Testing of hypothesis
H01(Null): There is a no significant difference between the satisfaction level
regarding the fintech services in individuals belonging to different generations.
H1(Alternate): There is a significant difference between the satisfaction level
regarding the fintech services in individuals belonging to different generations.
Generation Very Satisfied Neutral Dissatisfied Very Total
Satisfied Dissatisfied
Boomer 1 1 2 4 7 15
Gen X 3 13 9 4 1 30
Millenials 12 42 10 3 1 68
Gen Z 8 1 1 1 1 12
Total 24 57 22 12 10 125
chi square test result
Chi square test result Value Degree of freedom Tabled value
Chi square test 72.3623 12 21.03
Table 9: Analysis of level of Satisfaction in different generations regarding the
Fintech Services

Interpretation of the Result

The Chi Square Test was conducted for testing the statistical significance of
association between the satisfaction level and different age groups of individuals
at 5% level of significance, degree of freedom 12 and the chi square test value
72.3623 which is less than the critical level of 0.05, therefore the Null Hypothesis
is rejected, and Alternate Hypothesis is accepted.
H02(Null): There is no significant difference between the level of utilization of
fintech services in individuals belonging to different generations.

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H12(Alternate): There is a significant difference between the level of utilization of
fintech services in individuals belonging to different generations.
Generation Never Seldom Sometimes Often Very Total
Often
Boomer 7 2 4 1 1 15
Gen X 4 1 14 10 1 30
Millenials 9 7 27 12 13 68
Gen Z 1 1 1 4 5 12
Total 20 10 50 27 18 125

Chi square test Result Value Degree of freedom Tabled value

Chi square value 28.6571 12 21.03
Table 10: Analysis of fintech services use by different generations.
Interpretation of the Result
The Chi Square Test was conducted for testing the statistical significance of
association between the level of utilization of fintech services and different age
groups of individuals at 5% level of significance, degree of freedom 12 and the
chi square test value 28.6571 which is less than the critical level of 0.05,therefore
the Null Hypothesis is rejected, and Alternate Hypothesis is accepted.
H3(Null): There is no significant difference between the perspective towards the
safety of fintech services in individuals belonging to different generations.
H3(Alternate): There is a significant difference between the perspective towards
the safety of fintech services in individuals belonging to different generations.
Generation Very Risky Risky Neutral Safe Very Safe Total
Boomer 9 3 1 1 1 15
Gen X 7 6 9 8 1 30
Millennials 6 12 23 25 2 68
Gen Z 1 1 1 4 5 12
Total 23(18.4%) 22(17.6%) 34(28%) 38(29.6%) 9(6.4%) 125
Chi square test Result Value Degree of freedom Tabled value
Chi square value 50.6989 12 21.03
Table 11: Analysis of Safety levels regarding Fintech Services in different
generations.
Interpretation of the Result
The Chi Square Test was conducted for testing the statistical significance of
association between the level of safety regarding fintech services and different
age groups of individuals at 5% level of significance, degree of freedom 12 and
the chi square test value 50.6989 which is less than the critical level of 0.05,
therefore the Null Hypothesis is rejected, and Alternate Hypothesis is accepted.

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RESULTS AND FINDINGS
The research finds that there is variation in perspective and attitude in different
generations regarding the fintech services. All three alternate hypothesis are
accepted in the research which means that there is a significant difference
between the satisfaction level regarding the fintech services in individuals
belonging to different generations, there is a significant difference between the
level of utilization of fintech services in individuals belonging to different
generations and there is a significant difference between the perspective towards
the safety of fintech services in individuals belonging to different
generations.Boomers are the least satisfied generation with the services by fintech
sector and don‟t trust enough on the fintech services, their awareness level
regarding the various sectors of fintech services is also low. Gen X respondents
are much aware and also use fintech services seldomly, they also use traditional
banking services sometimes and have a significant amount of safety issue with
fintech services, they are also satisfied with the fintech services. Millennials also
have a similar response like Gen X, they are frequent user of fintech services as
well as also use banking services seldomly, they are satisfied with fintech
services and are much aware of the fintech services, their safety concern
regarding the fintech services is low. Lastly Gen Z is the most aware and frequent
users of fintech services, they have highest satisfaction level regarding the fintech
services, although they are the least user of traditional banking services and more
than half of them don‟t even have a bank account.
It was also found in the study that the most influencing factor regarding the use of
fintech services is speed of service. All generations respondents agreed on this
one factor followed by the easy to access factor.
The research also found that Paytm is the most frequently use fintech application
among all the generation the reason behind the popularity of Paytm application
could be that it is one of the oldest applications in fintech world in India.
Followed by Google pay and Amazon, Net Banking is also frequently use by Gen
X, Millennials and Gen Z, while Boomers does not frequently use these
applications.
LIMITATIONS
 This study was conducted in Madhya Pradesh so the result obtained reflects
the investigating activity of this state only. The results cannot be generalized
for other parts of the country.
 Sample size is 125 which means that there exists a chance of sampling error.
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 The reaction of the individuals can be biased as they might be reluctant in
disclosing the real response.
SCOPE FOR FUTURE RESEARCH
 Not much work is done on this subject as everyday some new application is
introducing in the fintech world. Hence, it leaves scope for future research.
 The study has been conducted in Madhya Pradesh. So, the result cannot be
generalized for the other parts of the country. This same study can be
conducted for various other parts of the country as well.
 As the study has been conducted by using structured questionnaire the
response can be biased. Therefore, the same study can be conducted by using
distinguished questionnaire also.
CONCLUSION
From the research it can be concluded that all generations have their different
perspective towards the fintech world, their satisfaction and safety concern are
relevantly accurate. Though every generation have their own approaches toward
fintech sector which is significantly dissimilar but in some cases all generations
have very much similar response.
The Boomer generation needs to accelerate their learnings regarding the fintech
world while the Gen Z needs to be cautious and try not to get in cyber traps.
While the Millennials and Gen X both are balancing and adapting the new
technology in this dynamic world.
REFERENCE
 Adam S. Hayes (2017). Cryptocurrency value formation: An empirical
study leading to a cost of production model for valuing bitcoin.
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ANNEXURE I
Table Number and Description
Table 1: Questionnaire analysis
Table 2: Respondents gender distribution.
Table 3: Respondent‟s educational qualification
Table 4: Respondents residential distribution
Table 5: Awareness level regarding crypto currency

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Table 6: Respondents distribution regarding the investment in crypto
currency
Table 7: Respondents Bank account analysis
Table 8: Analysis of Traditional banking services use by different
generations.
Table 9: Analysis of level of Satisfaction in different generations
regarding the Fintech Services.
Table 10:Analysis of fintech services use by different generations
Table 11: Analysis of Safety levels regarding Fintech Services in
different generations.

72 UNNAYAN | Volume-XVI | Issue – I | January 2024