Evidence on Usage Behavior and Future Adoption Intention of Fintechs and Digital Finance Solutions

Abstract

Financial Technology Companies are gaining popularity and becoming more relevant within financial services industries worldwide. This growth can be encouraged by the EY FinTech Adoption Index, which indicates a global average FinTech Adoption of 33.0% in 2017. With regard to Financial Technology Companies and Digital Finance Solutions, this figure emphasizes the importance of this study’s objective to identify potential determinants of current use behavior and future usage intention. To both theoretically and empirically address this research question, we conducted a questionnaire-based survey with 381 participants from three German universities. Because our study bases on both the theory of reasoned action and the unified theory of acceptance and usage of technology 2, we contribute not only to the general understanding of Financial Technology Companies and Digital Finance Solutions but also to the existing literature on behavioral intention and technology acceptance. Thus, we contribute to several strands of literature. However, based on this study’s results, we defined certain fields of interest and derived corresponding strategic and managerial implications from the viewpoint of traditional financial institutions. Moreover, we contribute to the practical solution of the current challenges faced by traditional financial services providers. Finally, based on our analyses, we identify future research opportunities regarding these important issues.

Keywords: Fintech, Digital Finance Solutions, Technology Adoption, Current Use Behavior, Future Usage Intention, Behavioral Intention, Consumer Behavior, Theory of Reasoned Action (TRA), Unified Theory of Acceptance and Usage of Technology 2 (UTAUT2)

JEL Classification: G10, G20, G21, G22, G23, G24, M13, M31, O33