Examining Fintech Service Quality of Private Sector Banks in India: An Empirical Study using Servqual Model

Banking is experiencing a transformation, shifting from traditional physical branches to leveraging information technology and big data alongside specialized human capital. This shift includes utilizing technology for development of new services and business models, represented by the growing influence of the FinTech sector, characterized by innovative information and automation technology in financial services. Various factors influence users' adoption of financial technology, with service quality being a key consideration. High-quality service is crucial for FinTech providers with the aim to attract and retain customers. Service quality is regarded as a complete evaluation or perception of a service’s overall excellence or superiority. In India, banking businesses increasingly rely on financial technology companies to extend their products and services to a broader customer base. FinTech has enhanced service quality by minimizing the time and effort required for customers to access banking services. Considering these factors, this study investigates and identifies new aspects of service quality in the banking sector. A sample of 281 respondents was collected from users and employees of private banks. The factors that identify the Fintech Service Quality of Private Sector Banks in India are Tangibility, Reliability, Responsiveness, Empathy, and Assurance.