ADOPTION OF FINTECH AND DIGITAL FINANCIAL SERVICES (DFS) BY YOUNG PROFESSIONALS

Abstract

Digital finance has substantially changed the financial landscape, affecting many elements of the economy and corporate operations. It has altered financial services, increased financial inclusiveness, and impacted corporate risk management and innovation. The integration of digital technology in finance has given rise to both opportunities and difficulties, demanding adjustments in policy and business strategies to maximize benefits and avoid risks. Young professionals are increasingly adopting Fintech and Digital Financial Services (DFS), reflecting the larger digital change in financial services. This demographic, particularly Generation Z and millennial, is rapidly using fintech solutions because to their simplicity, accessibility, and compatibility with digital lifestyles. Fintech and DFS give young professionals new ways to handle their money, make payments, and get credit, which is important for their ability to get jobs and learn about money. While fintech and DFS provide considerable benefits to young professionals, including as convenience, increased financial awareness, and economic inclusion, there are several problems that must be addressed. These include protecting data security, improving financial literacy, and adjusting regulatory frameworks to accommodate the long-term expansion of fintech. As the digital financial sector evolves, stakeholders, especially academician and researchers, must work to address these difficulties and fully realize fintech's potential for young professionals. This present study shows that young professionals' adoption of Fintech and Digital Financial Services is primarily motivated by practical benefits such as convenience, accessibility, user-friendliness, utility, cost-effectiveness, and trustworthiness. The study also concludes that there is a positive association between Fintech adoption and monthly income of young professionals, spending, saving, and investing behaviours.