Factors Affecting the Adoption of Online Financial Products: Basis for Strategic Plan

Abstract

The study "Factors Affecting the Adoption of Online Financial Products: Basis for Strategic Plan" conducted in Hangzhou, China, delved into the factors influencing potential users' adoption of online financial products. The study employed a quantitative descriptive research design, the study surveyed respondents to understand their profiles, perceptions of online financial products, and the factors influencing their intention to purchase such products. Findings revealed a balanced representation of male and female participants, predominantly working-age individuals with bachelor's degrees and falling within the middle-income range. While savings accounts and credit cards were the most commonly used financial products, newer options like personal loans and mortgages showed promising adoption rates. Respondents generally held a fair perception of online financial products, indicating moderate levels of agreement on accessibility, usability, and security aspects. The study identified several factors influencing purchase intentions, including technological know-how, orientation, peer influence, adaptability, perceived benefits, and credibility of product providers. Based on these insights, the study proposed a strategic plan focusing on innovation, customer-centricity, and adaptability to market trends to enhance adoption rates and customer satisfaction in the digital financial landscape of Hangzhou, China.