Customer Acceptance of Sustainable Fintech Innovation

Abstract

Financial technology, or FinTech, aims to simplify and enhance financial services. FinTech is frequently referred to as financial technology. The customer's day-to-day financial operations, processes, and existence are all significantly impacted by the financial transactions that they engage in. Although there has been a notable rise in the literacy rate among Indian consumers in the last 20 years, financial literacy seems to still be in its nascent phase. Hence, the research investigates the determinants that impact the adoption of FinTech services, which include a range of societal, ecological, and environmental advantages. This research presents a comprehensive model that expands on the TAM model by including reported relief as a mediator and perceived ease of use as an independent variable. The study also takes into account consumer acceptance as the dependent variable. Through quantitative approaches, a total of 253 responses have been collected from Indian citizens from online chatrooms and financial education sites. A Google Form link has been shared with the students and participants in these online chatrooms. After some time had passed, the quantitative data were evaluated using SmartPLS by employing the approach of partial least squares. The research findings indicate that consumers’ perception of the usefulness and alleviation provided by sustainable fintech services greatly influence their overall adoption of these services. The research conducted a moderation analysis utilizing the PLS-MGA technique to determine whether generation, Gen Z or Gen Y, had a significant moderating impact and shown more willingness to use FinTech services. Eventually, the research offered practical recommendations for managers to provide suitable, dependable, and enduring services to clients at a fair price that aligns with their needs and eventually enhances their psychological well-being.

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