Consumers’ innovativeness and acceptance towards use of financial technology in Pakistan: extension of the UTAUT model
| Date | 22 May 2023 |
| Pages | 114-122 |
| DOI | https://doi.org/10.1108/IDD-08-2022-0080 |
| Published date | 22 May 2023 |
| Subject Matter | Library & information science,Library & information services,Lending,Document delivery,Collection building & management,Stock revision,Consortia |
| Author | Imran Mehboob Shaikh,Hanudin Amin |
Consumers’innovativeness and acceptance
towards use of financial technology in Pakistan:
extension of the UTAUT model
Imran Mehboob Shaikh and Hanudin Amin
Labuan Faculty of International Finance, Universiti Malaysia Sabah, Labuan, Malaysia
Abstract
Purpose –This paper aims to examine the factors that influence bank customers’acceptance towards FinTech using the unified theory of
acceptance and use of technology (UTAUT) model.
Design/methodology/approach –A survey was carried out, and a judgemental sampling method was used. Moreover, over 200 responses were
gathered from individuals that were bank account holders. Besides, the literature on the factors that influence an individual acceptance towards
FinTech using the UTAUT model was also reviewed as an effort to contribute towards the factors that are significant in predicting t he acceptance of
FinTech services.
Findings –The results of the study revealed that performance expectancy and effort expectancy are the main factors in determining the acceptance
of FinTech services. Moreover, consumer innovativeness plays an important role in the acceptance of FinTech by bank users. In contrast, social
influence and facilitating conditions were not the determinants of FinTech acceptance in Pakistan.
Research limitations/implications –This study not only contributed to the theoretical extensions but also to practical implications, which would
benefit the community of FinTech service providers in Pakistan.
Practical implications –The limitations of this study were two but are not limited to, firstly, the respondents which were taken among bank
customers in Pakistan, confining its contribution to the narrowed perspective of Pakistan. Besides, this study also considers its contributions towards
the use of the UTAUT in which the factors examined were specific, which may elucidate that the generalization of the findings only includes FinTech,
where the UTAUT comes into play. This study is an eye-opener for the merging perspective of both the UTAUT and FinTech.
Originality/value –UTAUT is extended in the context of FinTech. Consumer innovativeness is incorporated in the context of the UTAUT model.
Consumer innovativeness is yet to be tested and for that this study is a useful reference for academicians, policymakers and future researchers.
Keywords Consumer behaviour, Financial systems, Consumer technologies, Business systems
Paper type Research paper
Introduction
The term FinTech is the use of technology through various
devices such as mobiles, tablets and computers to get
notifications of transactions regarding debit and credit
transactions in the bank account. Furthermore, Islamic
FinTech is a technology that is Shariah-compliant and
attracting attention aroundthe globe sourced of its flexibility in
financial activities (Shaikh et al., 2020a,2020b). It has also
successfully gained the attention of academicians and
intellectuals who are looking for technology based on Islamic
principles to contribute more towards the Islamic finance
literature (Seban, 2019). FinTech has the potential to be the
game changer in the banking industry because the ecosystem
that FinTech provides has solutions that are innovative as well
as collaborative with all (Lee and Shin, 2018). Thus, FinTech
is now one of the most significant components of financial
growth for financial institutions drivenby lower fees compared
with other types of conventional services (Darmansyah et al.,
2020).
In the era we are living in, the use of technology has grown,
and most jobs are getting automated. This development has
become an important factor in providing financial services to
clients (Darmansyah et al., 2020). FinTech has changed the
way people use to perform financial transactions in an
economic-based society(Darmansyah et al.,2020). In a similar
vein, the COVID-19 pandemic has created an opportunity in
which FinTech played a significant role as a mediatorbetween
banks and their customers (Fu and Mishra, 2020).
Darmansyah et al.,2020argue that since the COVID-19
pandemic’sfirst wave, there are 316 million financial mobile
applications, which are downloadedin more than 74 countries,
and the number of downloads is increasing day by day at the
rate of 24–34%, supporting the community to get a better
welfare and economiclevel.
The current issue and full text archiveof this journal is available on Emerald
Insight at: https://www.emerald.com/insight/2398-6247.htm
Information Discovery and Delivery
52/1 (2024) 114–122
© Emerald Publishing Limited [ISSN 2398-6247]
[DOI 10.1108/IDD-08-2022-0080]
Received 18 August 2022
Revised 19 November 2022
29 January 2023
12 March 2023
7 April 2023
Accepted 27 April 2023
114
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