Role of Fintech and Digital Investment Platforms in Shaping Investment Preferences of Retail Investors in Patna: Evidence from SEBI Investor Survey 2025

Abstract

This study investigates the role of fintech and digital investment platforms in influencing investment preferences of retail investors in Patna, with evidence from SEBI Investor Survey 2025. The study is set in the context of India’s burgeoning digital financial ecosystem, where mobile applications, online trading accounts, digital payment systems and demat-linked platforms are increasingly encroaching on retail financial behaviour. Based on secondary data, a quantitative research design was adopted. The study was conducted for Patna Urban Agglomeration with a total of 698 respondents, 158 f them were retail investors and 540 non-investors. The Bihar sample was compared with the All India sample and subjected to robustness tests. Descriptive statistics, chi-square tests, Cramer’s V and binary logistic regression were used. The findings reveal that Patna has an extremely high rate of internet availability of 98.42% but active online financial participation is still limited at 14.47%. The traditional investment preference is still higher at 26.07 per cent against the market-linked preference at 15.33 per cent. However, fintech/digital exposure, online financial activity and demat/trading account ownership have a significant association with market-linked preference. Logistic regression shows that ownership of demat/trading account is the strongest predictor having odds ratio of 36.274 followed by online financial activity having odds ratio of 9.230. The research finds that fintech can enable people to participate in markets when access to digital is converted to active financial participation.