University Students' Perception of Fintech and Commercial Bank Services

ABSTRACTThis study explores university students' perceptions of financial technology (Fintech) services
compared to traditional commercial banking in Nigeria. As digital transformation reshapes
financial services, university students—known for their tech-savviness and preference for
convenience—are increasingly turning to Fintech solutions such as mobile banking apps, peerto-peer payment platforms, and digital wallets. However, commercial banks remain critical
providers of essential financial services like savings, loans, and credit facilities.
The research investigates the factors influencing students' choices between Fintech and
commercial banking, their perceptions of service quality, and common complaints about these
financial providers. A survey-based quantitative research design was employed, targeting
undergraduate students at the University of Benin. A structured questionnaire was distributed to
400 respondents, capturing data on brand preference, perceived service quality, adoption drivers,
and customer dissatisfaction. Statistical analysis, including regression and hypothesis testing,
was conducted to identify key trends. Findings indicate that while Fintech services are favored
for their speed, accessibility, and innovative features, commercial banks continue to be valued
for their security, trust, and regulatory compliance. Students prioritize low transaction fees, ease
of access, digital convenience, and personalized services when choosing financial providers.
However, concerns about Fintech security and lack of human interaction persist, while
commercial banks face criticism for slow processes and high service fees.
This study is significant as it provides insights that can help financial service providers tailor
their offerings to better meet the needs of young consumers. Fintech firms can leverage the
findings to enhance security measures and personalize customer engagement, while commercial
banks can improve digital integration and service efficiency. The results also contribute to
academic discourse on financial behavior among digital natives, informing future research on
financial service adoption and customer satisfaction in emerging markets.
Keywords - Fintech, Commercial bank and University students.