Abstract
FinTech platforms are one of the most important elements in the rapidly digitized world’s economy. This study investigates the factors that affected individuals’ acceptance of FinTech services, especially on internet wealth management platforms. The current research extends the unified theory of acceptance and use of technology (UTAUT) published by MIS Quarterly with integrated financial consumption attributes (i.e., perceived value and perceived risk) alongside the core construct of UTAUT. Data were collected from an established survey company. The empirical results indicate that perceived value, perceived risk, and social influence are strongly related to individuals’ FinTech adoption intention, whereas performance expectancy, effort expectancy, and perceived risk affect individuals’ perceived value, which in turn influences adoption intention. The proposed FinTech adoption model could contribute to information technology (IT) adoption research by extending the UTAUT in which individuals’ performance expectancy and effort expectancy affect their adoption intention indirectly through perceived value. Finally, the implications of the proposed new model for future research and FinTech practice are discussed.
Highlights
The functions of savings and investment embedded in the internet wealth management platform is one of the top three FinTech services adopted by individuals [2]
We focus on the internet wealth management platforms of FinTech services
By adding the perceived risk and perceived value, this study extends the generalizability of the UTAUT in the FinTech adoption context
Summary
With the deepening integration of internet technology and the financial industry, FinTech has offered the public innovative financial services [1] such as online payment, peer-to-peer lending, budgeting and financial planning, crowdfunding, and savings and investments. The adoption rate of FinTech services has surged from 33% in 2017 to 64% in. The COVID-19 pandemic may have accelerated the adoption of FinTech platforms. The functions of savings and investment embedded in the internet wealth management platform is one of the top three FinTech services adopted by individuals [2]. According to [2], 78% of individuals are aware of the saving and investment service offered by FinTech platforms. By the end of 2019, 34% of individuals globally accessed savings and investment services from internet wealth management platforms
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