The influence of the evolvement of financial technology (FINTECH) firms on the delivery of financial services

Abstract

This work examined the evolvement of financial technology (fintech) in Nigeria’s commercial capital city, Lagos, and its influence on the delivery of financial services in Nigeria. The purposive sampling technique was adopted to select members of the population of financial services consumers in Lagos, the commercial and economic capital of Nigeria. A sample size of 400 was drawn with a total of 303 copies of the questionnaire properly completed, returned, and found sufficient to be employed for data analysis. ANOVA regression analysis was employed to analyse the data. The findings of the study indicated that factors such as the increase in technological advancement and its usage by younger consumers are the major drivers of financial services. Furthermore, it was established that many customers preferred fintech companies to traditional financial institutions in the scope of the delivery of financial services. It was also established that fintech companies have a significant influence on customer satisfaction and are changing the dynamics of competition in the delivery of financial services in Nigeria.