Assessing User Perceptions and Realities in FinTech Application Performance: A Comparative Analysis

Abstract

Financial services have been fundamentally transformed by FinTech, an innovation in technology that has caused significant shifts in the financial sector. This study delves into the impact of two prominent FinTech platforms, Stripe and Square, on the banking industry. Stripe specializes in online payments, customization, and agility, with a focus on in-person transactions, catering to technologically adept startups. Conversely, Square offers tools tailored for small retail and restaurant enterprises. The study aims to bridge the gap between user perceptions and actual performance, focusing on security and reliability concerns. Despite the convenience offered by FinTech, concerns over security persist, highlighting the need for improved user confidence through robust security standards and transparency. The research explores the historical evolution of FinTech, emphasizing the integration of advanced technologies like AI and blockchain. The research analyzes FinTech performance evaluation methodologies, including key performance indicators (KPIs), to showcase the significance of assessing financial success, customer satisfaction, and user experience. The study outlines the criteria for selecting Stripe and Square, considering industry prominence, market share, a diverse user base, service offerings, innovation, accessibility, and financial inclusion initiatives. The methodology employs a qualitative approach to systematically analyze the performance and user experience of both platforms. Features, pricing, target audience, security, and user experience influence user preferences, according to key findings. The comparative analysis between Stripe and Square indicates a market trend where businesses choose platforms based on operational nature, settlement speed, and specific financial needs. The study underscores the transformative role of FinTech within the financial sector, driven by technological innovation, financial inclusion initiatives, diverse user bases, user-centric design, and robust security measures. The implications suggest a future FinTech landscape characterized by continued emphasis on innovation, inclusivity, user-centric approaches, and security. The research concludes by highlighting the significant impact of Stripe and Square on the financial sector and providing insights for stakeholders to adapt strategies in the dynamic FinTech landscape. Further research opportunities lie in exploring evolving user preferences, emerging technologies, and regulatory developments shaping the future of FinTech.