Why Do Consumers Trust FinTech? Behavioral Intentions Behind Digital Financial Adoption

Abstract

In this study, we examine Pakistani consumers’ intentions to use FinTech, focusing on issues such as many people not knowing about FinTech, competition in the FinTech field, regulations, privacy of data and cyber security. Using Unified theory of acceptance and use of technology plus personal innovativeness and perceived security, data was obtained from 184 users of FinTech in Karachi. It was found that users' willingness to adopt the technology is shaped by various factors which are FC, PS, PE, & EE. However, societal influence and individual creativity were found to have a particularly significant impact on our findings. The findings highlight the link between perceived security and trust and warn FinTech companies to concentrate on robust governance methods to ensure that their applications include trustworthy information. By building on and testing Unified theory of acceptance and use of technology, the study gives helpful information to practitioners in Pakistan about encouraging consumers to trust and use FinTech services.

Keywords FinTech services, Unified theory of acceptance and use of technology, personal innovativeness, perceived security, social influences, data privacy and cyber security.