Traditional banks or fintechs? Students' perspectives on financial services

Abstract

Purpose: Analyze the factors that influence the adoption of fintech usage among university students. Methodology: A qualitative and descriptive research was conducted using a narrative method. Data were collected through semi-structured interviews with 12 participants, all of whom were students at the Federal University of Pampa, over 18 years old, and held bank accounts with both fintechs and traditional banks. Results: The findings show that the interviewees perceive several benefits in using fintechs, such as convenience and ease of access, and they use fintechs frequently. However, they also identify certain risks associated with fintech services. As a result, many of them continue to maintain accounts with traditional banks. It is evident that fintechs, despite offering numerous advantages, are still perceived and used as secondary accounts or as a complement to traditional banking services. Practical/managerial implications: The practical implications of this study emphasize the importance for fintechs to continuously invest in digital security strategies and data protection mechanisms in order to build user trust. Social implications: From a social perspective, the results reveal an opportunity to promote greater inclusion and autonomy in the use of banking technologies.