DIGITAL ACCESS, MOBILE BANKING SERVICES, AND FINANCIAL EMPOWERMENT: INSIGHTS FROM A SURVEY OF URBAN YOUTH IN INDIA

Financial Technology (FinTech), especially mobile banking, has revolutionized financial inclusion by bridging gaps in affordability and accessibility, offering innovative solutions that promote financial empowerment among underserved populations. With rapid advancements in digital payment platforms, mobile banking apps, and seamless transaction processes, mobile banking has become a crucial tool in extending financial services to urban young adults who face barriers in traditional banking. This study focuses on young adults in urban India, examining mobile banking's role as a model for financial inclusion. It explores how digital access and literacy reshape financial accessibility, particularly for students and working professionals aged 20-40, who historically encountered challenges like poor internet connectivity and low digital skills. To analyse the impact of mobile banking adoption, the study employs SPSS for regression modelling, correlation analysis, and t-tests using data collected from 172 respondents. The research considers key factors influencing adoption, including self-rated digital skills (mean = 1.83 on a 1-5 scale), confidence in mobile apps (mean = 1.78), challenges (e.g., poor internet connectivity at 28.8%), and usage patterns (88.8% adoption rate). A Pearson correlation revealed a moderate positive relationship between digital skills and confidence (r = 0.441, p < 0.01), while logistic regression showed good model fit (Hosmer-Lemeshow χ² = 3.616, p = 0.606) with 83.1% overall accuracy. The findings provide valuable insights into how mobile banking catalyses financial empowerment, offering a more accessible and user-friendly ecosystem. The study contributes to fintech discussions by highlighting practical recommendations for policymakers, banks, and developers to enhance adoption and mitigate barriers like technical issues (27.2%).