EXAMINING CONVENIENCE, WEBSITE DESIGN & SOCIAL INFLUENCE AS DETERMINANTS OF USERS’ INTENTION TO USE FINTECH SERVICES
Keywords:
Convenience, FinTech Services, Financial Technology, Social Influence, Website Design.
Abstract
An amalgamation of the financial sector with information technology has brought a tremendous transformation in the financial services sector that resulted in FinTech, which is an invention that makes it easier and more convenient for users to conduct financial transactions digitally. So, the present study aims to examine Convenience (C), Website Design (WB) & Social Influence (SI) as the determinants of users’ Intention to Use (ITU) FinTech Services. For the study, we collected data through a survey instrument using the hybrid mode of data collection from 257 FinTech users. Data analysis and hypotheses testing was done by using SmartPLS 4 software. The findings of the study concluded that determinants namely, Convenience (C), Website Design (WB) & Social Influence (SI) have a significant positive influence on users’ Intention to Use (ITU) FinTech Services. Hence, all hypotheses framed in the study were accepted. The outcome of this study will facilitate FinTech service providers to design more specialized services for their consumers. Further, it contributes to the literature concerned with the FinTech service sector and antecedents of ITU FinTech services.
JEL Classification Codes: G41, O30, O31, 033.
References
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Chawla, D., & Joshi, H. (2018). The Moderating Effect of Demographic Variables on Mobile Banking Adoption: An Empirical Investigation. Global Business Review, 19(3_suppl), S90–S113. https://doi.org/10.1177/0972150918757883
Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297–334. https://doi.org/10.1007/bf02310555
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319. https://doi.org/10.2307/249008
Diana, N., & Leon, F. M. (2020). Factors Affecting Continuance Intention of FinTech Payment among Millennials in Jakarta. European Journal of Business and Management Research, 5(4). https://doi.org/10.24018/ejbmr.2020.5.4.444
Dorfleitner, G., Hornuf, L., Schmitt, M., & Weber, M. (2017). Definition of FinTech and Description of the FinTech Industry. FinTech in Germany, 5–10. https://doi.org/10.1007/978-3-319-54666-7_2
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Fornell, C., & Larcker, D. F. (1981). Structural Equation Models with Unobservable Variables and Measurement Error: Algebra and Statistics. Journal of Marketing Research, 18(3), 382–388. https://doi.org/10.1177/002224378101800313
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Henseler, J., Ringle, C. M., & Sarstedt, M. (2014). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
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Kesharwani, A., & Singh Bisht, S. (2012). The impact of trust and perceived risk on internet banking adoption in India. International Journal of Bank Marketing, 30(4), 303–322. https://doi.org/10.1108/02652321211236923
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Malhotra, N. K., Kim, S. S., & Patil, A. (2006). Common Method Variance in IS Research: A Comparison of Alternative Approaches and a Reanalysis of Past Research. Management Science, 52(12), 1865–1883. https://doi.org/10.1287/mnsc.1060.0597
Malhotra, N. K., Schaller, T. K., & Patil, A. (2016). Common Method Variance in Advertising Research: When to Be Concerned and How to Control for It. Journal of Advertising, 46(1), 193–212. https://doi.org/10.1080/00913367.2016.1252287
Nasri, W. (2011). Factors Influencing the Adoption of Internet Banking in Tunisia. International Journal of Business and Management, 6(8). https://doi.org/10.5539/ijbm.v6n8p143
Nour, R. (2022). An Assessment of Accessibility and Usability of Saudi Online FinTech Services for People with Disabilities. Computational and Mathematical Methods in Medicine, 2022, 1–9. https://doi.org/10.1155/2022/8610844
Patel, K. J., & Patel, H. J. (2018). Adoption of internet banking services in Gujarat. International Journal of Bank Marketing, 36(1), 147–169. https://doi.org/10.1108/ijbm-08-2016-0104
Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
Puschmann, T. (2017). Fintech. Business &Amp; Information Systems Engineering, 59(1), 69–76. https://doi.org/10.1007/s12599-017-0464-6
Rahi, S., Ghani, M. A., & Ngah, A. H. (2020). Factors propelling the adoption of internet banking: the role of e-customer service, website design, brand image, and customer satisfaction. International Journal of Business Information Systems, 33(4), 549. https://doi.org/10.1504/ijbis.2020.105870
Roy, S. K., Balaji, M., Kesharwani, A., & Sekhon, H. (2016). Predicting Internet banking adoption in India: a perceived risk perspective. Journal of Strategic Marketing, 25(5–6), 418–438. https://doi.org/10.1080/0965254x.2016.1148771
Sakhaei, S. F., Afshari, A. J., & Esmaili, E. (2014). The Impact Of Service Quality On Customer Satisfaction In Internet Banking. Journal of Mathematics and Computer Science, 09(01), 33–40. https://doi.org/10.22436/jmcs.09.01.04
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021b). User Innovativeness and Fintech Adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 188. https://doi.org/10.3390/joitmc7030188
Shankar, A., & Rishi, B. (2020). Convenience Matter in Mobile Banking Adoption Intention? Australasian Marketing Journal, 28(4), 273–285. https://doi.org/10.1016/j.ausmj.2020.06.008
Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives FinTech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675–1697. https://doi.org/10.1108/md-09-2019-1318
Singh, S., Sahni, M. M., & Kovid, R. K. (2021). Exploring trust and responsiveness as antecedents for intention to use FinTech services. International Journal of Economics and Business Research, 21(2), 254. https://doi.org/10.1504/ijebr.2021.113152
Tanoto, N., Monica, I., Grasela, & Rahmi, N. U. (2021). The Influence of Convenience, Benefits, Security and a Trust on the Interest in Using Financial Technology in OVO Applications as a Digital Payment. Journal of Economics, Finance and Management Studies, 04(10), 1829–1834. https://doi.org/10.47191/jefms/v4-i10-03
Yee‐Loong Chong, A., Ooi, K., Lin, B., & Tan, B. (2010). Online banking adoption: an empirical analysis. International Journal of Bank Marketing, 28(4), 267–287. https://doi.org/10.1108/02652321011054963
Yoon, C. (2010). Antecedents of customer satisfaction with online banking in China: The effects of experience. Computers in Human Behavior, 26(6), 1296–1304. https://doi.org/10.1016/j.chb.2010.04.001
Yoon, H. S., & Barker Steege, L. M. (2013). Development of a quantitative model of the impact of customers’ personality and perceptions on Internet banking use. Computers in Human Behavior, 29(3), 1133–1141. https://doi.org/10.1016/j.chb.2012.10.005
Zhang, L.-L., & Kim, H.-K. (2020). The Influence of Financial Service Characteristics on Use Intention through Customer Satisfaction with Mobile Fintech. Journal of System and Management Sciences, 10(2), 82–94. https://doi.org/10.33168/jsms.2020.0206
Bashir, I., & Madhavaiah, C. (2015a). Consumer attitude and behavioral intention towards Internet banking adoption in India. Journal of Indian Business Research, 7(1), 67–102. https://doi.org/10.1108/JIBR-02-2014-0013
Bashir, I., & Madhavaiah, C. (2015b). Consumer attitude and behavioral intention towards Internet banking adoption in India. Journal of Indian Business Research, 7(1), 67–102. https://doi.org/10.1108/jibr-02-2014-0013
Billore, S., & Billore, G. (2020). Consumption switch at haste: insights from Indian low-income customers for adopting Fintech services due to the pandemic. Transnational Marketing Journal, 8(2), 197–218. https://doi.org/10.33182/tmj.v8i2.1064
Chawla, D., & Joshi, H. (2018). The Moderating Effect of Demographic Variables on Mobile Banking Adoption: An Empirical Investigation. Global Business Review, 19(3_suppl), S90–S113. https://doi.org/10.1177/0972150918757883
Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297–334. https://doi.org/10.1007/bf02310555
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319. https://doi.org/10.2307/249008
Diana, N., & Leon, F. M. (2020). Factors Affecting Continuance Intention of FinTech Payment among Millennials in Jakarta. European Journal of Business and Management Research, 5(4). https://doi.org/10.24018/ejbmr.2020.5.4.444
Dorfleitner, G., Hornuf, L., Schmitt, M., & Weber, M. (2017). Definition of FinTech and Description of the FinTech Industry. FinTech in Germany, 5–10. https://doi.org/10.1007/978-3-319-54666-7_2
Dwivedi, P., Alabdooli, J. I., & Dwivedi, R. (2021). Role of FinTech Adoption for Competitiveness and Performance of the Bank: A Study of Banking Industry in UAE. International Journal of Global Business and Competitiveness, 16, 130–138. https://doi.org/10.1007/s42943-021-00033-9
F., Hair Jr, J., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM). European Business Review, 26(2), 106–121. https://doi.org/10.1108/ebr-10-2013-0128
Fornell, C., & Larcker, D. F. (1981). Structural Equation Models with Unobservable Variables and Measurement Error: Algebra and Statistics. Journal of Marketing Research, 18(3), 382–388. https://doi.org/10.1177/002224378101800313
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a Silver Bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/mtp1069-6679190202
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/ebr-11-2018-0203
Henseler, J., Ringle, C. M., & Sarstedt, M. (2014). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption Intention of Fintech Services for Bank Users: An Empirical Examination with an Extended Technology Acceptance Model. Symmetry, 11(3), 340. https://doi.org/10.3390/sym11030340
Kesharwani, A., & Singh Bisht, S. (2012). The impact of trust and perceived risk on internet banking adoption in India. International Journal of Bank Marketing, 30(4), 303–322. https://doi.org/10.1108/02652321211236923
Khare, A., Mishra, A., & Singh, A. B. (2012). Indian customers’ attitude towards trust and convenience dimensions of internet banking. International Journal of Services and Operations Management, 11(1), 107. https://doi.org/10.1504/ijsom.2012.044802
Kim, Y., Park, Y. J., Choi, J., & Yeon, J. (2015). An Empirical Study on the Adoption of “Fintech” Service: Focused on Mobile Payment Services. Advanced Science and Technology Letters. https://doi.org/10.14257/astl.2015.114.26
Malhotra, N. K., Kim, S. S., & Patil, A. (2006). Common Method Variance in IS Research: A Comparison of Alternative Approaches and a Reanalysis of Past Research. Management Science, 52(12), 1865–1883. https://doi.org/10.1287/mnsc.1060.0597
Malhotra, N. K., Schaller, T. K., & Patil, A. (2016). Common Method Variance in Advertising Research: When to Be Concerned and How to Control for It. Journal of Advertising, 46(1), 193–212. https://doi.org/10.1080/00913367.2016.1252287
Nasri, W. (2011). Factors Influencing the Adoption of Internet Banking in Tunisia. International Journal of Business and Management, 6(8). https://doi.org/10.5539/ijbm.v6n8p143
Nour, R. (2022). An Assessment of Accessibility and Usability of Saudi Online FinTech Services for People with Disabilities. Computational and Mathematical Methods in Medicine, 2022, 1–9. https://doi.org/10.1155/2022/8610844
Patel, K. J., & Patel, H. J. (2018). Adoption of internet banking services in Gujarat. International Journal of Bank Marketing, 36(1), 147–169. https://doi.org/10.1108/ijbm-08-2016-0104
Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
Puschmann, T. (2017). Fintech. Business &Amp; Information Systems Engineering, 59(1), 69–76. https://doi.org/10.1007/s12599-017-0464-6
Rahi, S., Ghani, M. A., & Ngah, A. H. (2020). Factors propelling the adoption of internet banking: the role of e-customer service, website design, brand image, and customer satisfaction. International Journal of Business Information Systems, 33(4), 549. https://doi.org/10.1504/ijbis.2020.105870
Roy, S. K., Balaji, M., Kesharwani, A., & Sekhon, H. (2016). Predicting Internet banking adoption in India: a perceived risk perspective. Journal of Strategic Marketing, 25(5–6), 418–438. https://doi.org/10.1080/0965254x.2016.1148771
Sakhaei, S. F., Afshari, A. J., & Esmaili, E. (2014). The Impact Of Service Quality On Customer Satisfaction In Internet Banking. Journal of Mathematics and Computer Science, 09(01), 33–40. https://doi.org/10.22436/jmcs.09.01.04
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2021b). User Innovativeness and Fintech Adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), 188. https://doi.org/10.3390/joitmc7030188
Shankar, A., & Rishi, B. (2020). Convenience Matter in Mobile Banking Adoption Intention? Australasian Marketing Journal, 28(4), 273–285. https://doi.org/10.1016/j.ausmj.2020.06.008
Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives FinTech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675–1697. https://doi.org/10.1108/md-09-2019-1318
Singh, S., Sahni, M. M., & Kovid, R. K. (2021). Exploring trust and responsiveness as antecedents for intention to use FinTech services. International Journal of Economics and Business Research, 21(2), 254. https://doi.org/10.1504/ijebr.2021.113152
Tanoto, N., Monica, I., Grasela, & Rahmi, N. U. (2021). The Influence of Convenience, Benefits, Security and a Trust on the Interest in Using Financial Technology in OVO Applications as a Digital Payment. Journal of Economics, Finance and Management Studies, 04(10), 1829–1834. https://doi.org/10.47191/jefms/v4-i10-03
Yee‐Loong Chong, A., Ooi, K., Lin, B., & Tan, B. (2010). Online banking adoption: an empirical analysis. International Journal of Bank Marketing, 28(4), 267–287. https://doi.org/10.1108/02652321011054963
Yoon, C. (2010). Antecedents of customer satisfaction with online banking in China: The effects of experience. Computers in Human Behavior, 26(6), 1296–1304. https://doi.org/10.1016/j.chb.2010.04.001
Yoon, H. S., & Barker Steege, L. M. (2013). Development of a quantitative model of the impact of customers’ personality and perceptions on Internet banking use. Computers in Human Behavior, 29(3), 1133–1141. https://doi.org/10.1016/j.chb.2012.10.005
Zhang, L.-L., & Kim, H.-K. (2020). The Influence of Financial Service Characteristics on Use Intention through Customer Satisfaction with Mobile Fintech. Journal of System and Management Sciences, 10(2), 82–94. https://doi.org/10.33168/jsms.2020.0206
Published
2023-02-25
How to Cite
Shunmugasundaram, V., & Srivastava, S. (2023). EXAMINING CONVENIENCE, WEBSITE DESIGN & SOCIAL INFLUENCE AS DETERMINANTS OF USERS’ INTENTION TO USE FINTECH SERVICES. Indian Journal of Finance and Banking, 13(1), 39-47. https://doi.org/10.46281/ijfb.v13i1.1960
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2023 V Shunmugasundaram, Shanu Srivastava
This work is licensed under a Creative Commons Attribution 4.0 International License.
