A Study on Financial Technology Adoption in Banking at Kotak Mahindra Bank

Abstract

The proliferation of digital technologies has fundamentally transformed the banking landscape in India, compelling traditional banks to integrate Financial Technology (FinTech) solutions to enhance customer experience, operational efficiency, and competitive positioning. Kotak Mahindra Bank, recognised as one of India's pioneering digital-first private sector banks, has extensively deployed FinTech services including its flagship 811 zero-contact digital account, mobile banking application, UPI-integrated payment systems, digital lending platforms, and robo-advisory wealth management tools. This study investigates the extent of FinTech adoption among 150 Kotak Mahindra Bank customers across Hyderabad, examining the key determinants of adoption behaviour using a hybrid Technology Acceptance Model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT) framework. Primary data was collected through a structured 5-point Likert scale questionnaire. Statistical analysis including descriptive statistics, Pearson correlation, independent samples t-test, one-way ANOVA, and regression analysis was employed to test seven research hypotheses. Findings reveal an overall FinTech adoption rate of 74.1%, with UPI Payments (96.4%) and Mobile Banking (91.8%) demonstrating highest penetration. Perceived Usefulness (r=0.712), Trust and Security (r=0.748), and Perceived Ease of Use (r=0.683) emerged as the strongest predictors of adoption behavioural intention. Security concerns, digital literacy gaps, and technical reliability issues were identified as primary adoption barriers. The study provides strategic implications for Kotak Mahindra Bank's digital transformation roadmap and policymakers formulating FinTech regulatory frameworks in India.