Consumer perception in the use of financial technologies: Comparison of Turkey and Azerbaijan

Abstract

Aim: The concept of financial technology that emerged from the digital transformation in the finance sector gains importance day by day. This study aims to analyse consumer perception in the use of financial technologies in Turkey and Azerbaijan, also determining whether this perception changes according to demographic characteristics.Method: In this study, surveys were applied for this purpose in both countries. 397 surveys were included in the research. Data obtained from the surveys were analyzed using SPSS 22 program. To investigate consumer’s perception, nonparametric tests were applied.Findings: Results of the tests show that consumer perception in the use of financial technologies changes according to age and education level in both countries. Also, consumer perception against the efficiency of financial technologies was higher in Turkey than in Azerbaijan. This difference may be due to Turkey’s closer geographic location to the developed countries and smart capital, also more common usage of these business models in Turkey than Azerbaijan.Implications/Novel Contribution: This research gives an insight into consumers’ perception in two separate countries. It also illuminates the demographic variables that affect consumer opinion. Research on this issue is considered to be very small in both countries.