The rapid growth of financial technology has changed the traditional banking sector. The fintech services such as Buy Now Pay Later (BNPL), neobanks and embedded finance has created both opportunities and challenges for traditional banks. The aim of the study is to examine whether fintech brands and banks mainly collaborate or compete to deliver digital financial services. A quantitative research method was used in the study. Primary data has been collected through an online survey using a structured questionnaire of 8 questions. The survey collected responses from 32 participants include bank employees, fintech employees, finance students and consumers. The data has been analysed through percentage and graphical analysis. The findings portray high awareness of BNPL services. On the other hand, the familiarity with neobanks and embedded finance is moderate. The results also show that collaboration between banks and fintech firms has improved customer access to digital financial services. Also, fintech innovations are perceived as a competitive challenge to traditional banks, mostly in digital service delivery. The study has concluded that the connection between fintech companies and traditional banks is both collaborative and competitive. The findings offer useful insights for banks and fintech firms in the development of effective strategies.
RAM SUNDER DAS (Sun,) studied this question.