BEHAVIORAL INTENTION TO ADOPT FINTECH: STUDY OF MILLENIALS’ AND GEN-ZS’ READINESS IN INDONESIA
Main Article Content
Zahra Ayunita Mulia
Nurhastuty Kesumo Wardhani
As the financial technology (fintech) landscape develops rapidly, it is important to understand the factors that influence the adoption behavior of the Millennial and Gen-Z generation in Indonesia. This study uses a quantitative method approach to investigate the readiness of this demographic group to accept fintech solutions and identify the key determinants that shape their behavioral intentions. A structured questionnaire was administered to a representative sample of the Millennial and Gen-Z generations in Jakarta, Indonesia, to gather insights into their awareness, perceptions and attitudes towards fintech. This study draws on existing theories such as the Unified Theory of Acceptance and Use of Technology (UTAUT) to develop a theoretical framework for analyzing the factors that influence fintech adoption. This research examines variables such as performance expectations, effort expectations, social influences, and facilitating conditions to understand their impact on the behavioral intentions of Millennials’ and Gen-Zs’. The findings of this research show that the use of technology is able to contribute to achieving performance in financial transactions, apart from that the influence of the social environment is also proven to be able to increase behavior in using fintech technology. This research only tests the four core determinants of UTAUT and the data obtained is not able to represent fintech adoption behavior as a whole in Indonesia.
Abu Daqar, Mohannad AM, Arqawi, Samer., Karsh, Sharif Abu. 2020. Fintech in the eyes of Millennials and Generation Z (the financial behavior and Fintech perception). Banks and Bank Systems Vol. 15 Issue 3 Pages 20-28. DOI: 10.21511/bbs.15(3).2020.03
Abrahao, Ricardo de Sena, Moriguchi, Stella Naomi., and Andrade, Darly Fernando. 2016. Intention of adoption of mobile payment: An analysis in the light of the Unified Theory of Acceptance and Use of Technology (UTAUT). DOI: https://doi.org/10.1016/j.rai.2016.06.003
Awotunde, JB, Adeniyi, EA, Ogundokun, RO, Ayo, FE, 2021. Application of big data with fintech in financial services. Fintech with Artificial Intelligence, Big Data, and Blockchain. Springer, Singapore, pp. 107–132 (Singapore). DOI: https://doi.org/10.1007/978-981-33-6137-9_3.
Azhar, Alya Nadhirah., Zakaria, Nadisah., Foo, Siong Min., and Aziz, Azbariyah. 2023. Fintech Adoption in Accounting: A Study of Millennials' and Gen-Zs' Readiness in Malaysia. Quantum Journal of Social Sciences and Humanities Vol. 4 Issue 3 Pages 48- 61. DOI: https://doi.org/10.55197/qjssh.v4i3.227.
Bajunaied, Kholoud., Hussin, Nazimah., and Kamarudin, Suzilawat. 2023. Behavioral intention to adopt FinTech services: An extension of unified theory of acceptance and use of technology. Journal of Open Innovation: Technology, Market, and Complexity Vol. 9 Issue 1 Pages 100010. DOI: https://doi.org/10.2307/41410412
Chuang, Li Min., Liu, Chun Cu., Kao, Hsiao Kuang., 2016. The adoption of fintech services: TAM perspective. International Journal of Management and Administrative Sciences (IJMAS). 3(7), 1–15. DOI:
Daragmeh, Ahmad., Lentner, Csaba., and Sági, Judit. 2021. FinTech payments in the era of COVID-19: Factors influencing behavioral intentions of “Generation X” in Hungary to use mobile payments. Journal of Behavioral and Experimental Finance Vol 32. DOI: https://doi.org/10.1016/j.jbef.2021.100574
Ghalandari, Kamal. 2012. The Effect of Performance Expectancy, Effort Expectancy, Social Influence and Facilitating Conditions on Acceptance of E-Banking Services in Iran: The Moderating Role of Age and Gender. Middle-East Journal of Scientific Research 12 (6). DOI: 10.5829/idosi.mejsr.2012.12.6.2536.
Joa, Claire Youngnyo., Magsamen-Conrad, Kate., 2022. Social influence and UTAUT in predicting digital immigrants' technology use. Behavior. Inf. Technol. 41(8), 1620–1638. DOI: https://doi.org/10.1080/0144929X.2021.1892192
Khan, Mohammad Shahfaraz., Rabbani, Mustafa Raza., Hawaldar, Iqbal Thonse., Bashar, Abu., 2022. Determinants of behavioral intentions to use Islamic financial technology: an empirical assessment. Risks 10(6), 114. DOI: https://doi.org/10.3390/risks10060114
Lim, Se Hun., Kim, Dan J., Hur, Yeon., Park, Kunsu., 2019. An empirical study of the impacts of perceived security and knowledge on continuous intention to use mobile fintech payment services. International Journal of Human-Computer Interaction. 35(10), 886–898. DOI: https://doi.org/10.1080/10447318.2018.1507132
Marikyan, D. & Papagiannidis, S. 2023. Unified Theory of Acceptance and Use of Technology: A review. In S. Papagiannidis (Ed), TheoryHub Book
Momani, Alaa M. 2020. The Unified Theory of Acceptance and Use of Technology. International Journal of Sociotechnology and Knowledge Development Volume 12 Issue 3 Pages 79-98. DOI: 10.4018/IJSKD.2020070105.
MS Rosli, NS Saleh, A. Md. Ali, and S. Abu Bakar, Factors determining the acceptance of E-wallet among gen Z from the lens of the extended technology acceptance model. Sustainability, vol. 15, no. 7, p. 5752, 2023. DOI: https://doi.org/10.3390/su15075752
Muliadi, Muliadi., Muhammadiah, Mas'ud., Amin, Kasma F., Kaharuddin, Kaharuddin, Junaidi, Junaidi. Pratiwi, Berlin Insan., Fitriani, Fitriani. The information sharing among students on social media: the role of social capital and trust,” VINE Journal of Information and Knowledge Management Systems, 2022. DOI: https://doi.org/10.1108/VJIKMS-12-2021-0285
Romānova, I., Kudinska, M., 2016. Banking and fintech: a challenge or opportunity? Contemporary Issues in Finance: Current Challenges from Across Europe Vol. 98. Emerald Group Publishing Limited, pp. 21–35. DOI: https://doi.org/10.1108/S1569-375920160000098002
Submitter, GATR, Peong, Kwee Kim., Peong, Kwee Peng., & Tan, Kui Yean. 2021. Behavioral Intention of Commercial Banks' Customers towards Financial Technology Services. Journals and Peong, Kwee Kim and Peong, Kwee Peng and Tan, Kui Yean, Behavioral Intention of Commercial Banks' Customers Towards Financial Technology Services (March 31, 2021). Reference to this paper should be made as follows: Peong, KK, 10–27. DOI: https://doi.org/10.35609/jfbr.2021.5.4(2)
Shahzad, A., Zahrullail, N., Akbar, A., Mohelska, H., Hussain, A., 2022. COVID- 19′s impact on fintech adoption: behavioral intention to use the financial portal. J. Risk Finance. Manag. 15(10), 428. DOI: https://doi.org/10.3390/jrfm15100428
Takeda, Atsuyoshi., and Ito, Yoshihiro. 2021. A review of FinTech research. International Journal of Technology Management Volume 86 Issue 1 Pages 67-88. DOI: 10.1504/IJTM.2021.115761
Venkatesh, Viswanath., Hoehle, Hartmut., Aloysius, John A., and Nikkhah, Hamid Reza. 2021. Being at the cutting edge of online shopping: Role of recommendations and discounts on privacy perceptions. Computers in Human Behavior Vol. 121 Issue August 2020 Pages 106785. DOI: https://doi.org/10.1016/j.chb.2021.106785 .
Wang, Y. (2021): The application of Fintech in accounting. – 2nd International Conference on World Economy and Project Management
