8. Conclusion
In this work, we empirically analysed the key factors, namely, customer trust (CT), data security (DS), value added (VA), user design interface (UI) and FinTech promotion (FP), that influence the intention to adopt FinTech, by using the TAM and Wang et al. (2003) model. Going beyond the standard TAM was indeed an important goal of this research to enable us to eliminate all the limitations that come with the TAM, by incorporating data security, trust, user interface and promotion as essential elements of FinTech adoption and usage. It was also vital for us to go beyond the standard TAM, since it only emphasizes perceived usefulness and perceived ease of use, and both tend to ignore the constraints that hinder FinTech adoption. The outcome, underpinned by statistical analysis, confirms that DS, CT and UI are the solid foundation in FinTech adoption. Importantly, these three factors have critical impact on FinTech adoption, while DS significantly influences CT.
Based on our results, we can positively answer our first question with a strong argument that the principal hindrance to FinTech innovation are data security issues, poor user design interface and the absence of customers’ trust. It is therefore essential that data security issues and the user design interface in FinTech need to be addressed effectively from the planning phase, to increase customers confidence in FinTech. Examples have been given that delineate circumstances where information security and usability have been misjudged and discriminant validity has not been adequately evaluated or done well, which turns out to be a major hindrance in FinTech innovation. Customers’ awareness of how data is being collected and used is still a major issue in the context of technology in Germany.
