Impact of self-efficacy and mediating factors on Fintech adoption in the VUCA era
DOI:
https://doi.org/10.15549/jeecar.v11i4.1740Keywords:
Facilitating conditions, Financial literacy, Financial self-efficacy, FintechAbstract
This paper aims to understand the impact of factors affecting the relationship between intention and using Fintech in the VUCA era, which stands for volatility, uncertainty, complexity, and ambiguity. A cross-sectional design was employed in this study. The data was collected via questionnaires, with 1,411 usable responses received through the survey. Partial least squares structural equation modeling (PLS-SEM) was employed to assess the process with SmartPLS 4. Our research did figure out the positive impact of Perceived Usefulness and Perceived Ease of use on behavioral intention and the positive impact of Intention on Using Fintech behavior. Simultaneously, we indicated that Financial literacy could moderate the relationship between Intention and Using Fintech behavior, and Financial self-efficacy would be a mediator of the association between Financial literacy and Using Fintech behavior. Based on the results, we make some recommendations for Fintech developers in Vietnam.
References
Akturan, U., & Tezcan, N. (2012). Mobile banking adoption of the youth market: Perceptions and intentions. Marketing Intelligence & Planning, 30(4), 444-459. https://doi.org/10.1108/02634501211231928 DOI: https://doi.org/10.1108/02634501211231928
Anakpo, G., Xhate, Z., & Mishi, S. (2023). The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech, 2(2), 327-343. https://doi.org/10.3390/fintech2020019 DOI: https://doi.org/10.3390/fintech2020019
Aribowo, H., & Wirapraja, A. (2018). Strategi Inovasi Dalam Rangka Menjaga Keberlanjutan Bisnis Dalam Menghadapi Era Volatility, Uncertainty, Compelxity, Dan Ambiguity (Vuca). Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT), 9(1), 51-58. https://doi.org/10.36694/jimat.v9i1.153
Armanditya, N., & Rahmiati, F. (2021). Use Intention Of Fintech Services For E-Wallet Users: An Examination With An Extended Technology Acceptance Model. Proceeding of the International Conference on Family Business and Entrepreneurship, 1, 70-81. https://doi.org/10.33021/icfbe.v1i1.1628 DOI: https://doi.org/10.33021/icfbe.v1i1.1628
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm. Geo. J. Int'l L., 47, 1271-1314. https://doi.org/10.2139/ssrn.2676553 DOI: https://doi.org/10.2139/ssrn.2676553
Atlas, S. A., Lu, J., Micu, P. D., & Porto, N. (2019). Financial knowledge, confidence, credit use, and financial satisfaction. Journal of Financial Counseling and Planning, 30(2), 175-190. https://doi.org/10.1891/1052-3073.30.2.175 DOI: https://doi.org/10.1891/1052-3073.30.2.175
Bandura, A. (1986). Social foundations of thought and action. Englewood Cliffs, NJ, 6(2), 23-28. https://doi.org/10.4135/9781446221129.n6 DOI: https://doi.org/10.4135/9781446221129.n6
Barakat, A., & Hussainey, K. (2013). Bank governance, regulation, supervision, and risk reporting: Evidence from operational risk disclosures in European banks. International Review of Financial Analysis, 30, 254-273. https://doi.org/10.1016/j.irfa.2013.07.002 DOI: https://doi.org/10.1016/j.irfa.2013.07.002
Cornelli, G., Frost, J., Gambacorta, L., Rau, P. R., Wardrop, R., & Ziegler, T. (2023). Fintech and big tech credit: Drivers of the growth of digital lending. Journal of Banking & Finance, 148, 1-15. https://doi.org/10.1016/j.jbankfin.2022.106742 DOI: https://doi.org/10.1016/j.jbankfin.2022.106742
Davis, F. D. (1989). Perceived Usefulness, perceived Ease of use, and user acceptance of information technology. MIS quarterly, 13(3), 319-340. https://doi.org/10.2307/249008 DOI: https://doi.org/10.2307/249008
Green, S. B. (1991). How Many Subjects Does It Take To Do A Regression Analysis. Multivariate Behavioral Research, 26(3), 499-510. https://doi.org/10.1207/s15327906mbr2603_7 DOI: https://doi.org/10.1207/s15327906mbr2603_7
Gupta, K., Wajid, A., & Gaur, D. (2023). Determinants of continuous intention to use FinTech services: the moderating role of COVID-19. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-023-00221-z DOI: https://doi.org/10.1057/s41264-023-00221-z
Ha, D., Şensoy, A., & Phung, A. (2023). Empowering mobile money users: The role of financial literacy and trust in Vietnam. Borsa Istanbul Review, 23(6), 1367-1379. https://doi.org/10.1016/j.bir.2023.10.009 DOI: https://doi.org/10.1016/j.bir.2023.10.009
Hair Jr, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101-110. https://doi.org/10.1016/j.jbusres.2019.11.069 DOI: https://doi.org/10.1016/j.jbusres.2019.11.069
Hossain, M. A., Hasan, M. I., Chan, C., & Ahmed, J. U. (2017). Predicting user acceptance and continuance behaviour towards location-based services: the moderating effect of facilitating conditions on behavioural intention and actual use. Australasian Journal of Information Systems, 21, 1-23. https://doi.org/10.3127/ajis.v21i0.1454 DOI: https://doi.org/10.3127/ajis.v21i0.1454
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3), 340-356. https://doi.org/10.3390/sym11030340 DOI: https://doi.org/10.3390/sym11030340
Huston, S. J. (2010). Measuring financial literacy. Journal of consumer affairs, 44(2), 296-316. https://doi.org/10.1111/j.1745-6606.2010.01170.x DOI: https://doi.org/10.1111/j.1745-6606.2010.01170.x
Hwang, S.-H., & Kim, J.-K. (2018). The Study of User Resistance to Fintech Payment Service: In the Perspective of Innovation Diffusion And Status Quo Bias Theory. The Journal of Information Systems, 27(1), 133-151. https://doi.org/10.5859/KAIS.2018.27.1.133
Im, I., Kim, Y., & Han, H.-J. (2008). The effects of perceived risk and technology type on users' acceptance of technologies. Information & management, 45(1), 1-10. https://doi.org/10.1016/j.im.2007.03.005 DOI: https://doi.org/10.1016/j.im.2007.03.005
Iryani, I., & Yulianto, H. (2023). Artificial Intelligence (AI) of Financial in the VUCA Era: A Systematic Mapping Study. Journal of Computer Networks, Architecture and High Performance Computing, 5(2), 398-413. https://doi.org/10.47709/cnahpc.v5i2.2201 DOI: https://doi.org/10.47709/cnahpc.v5i2.2201
Khan, F., Siddiqui, M. A., & Imtiaz, S. (2022). Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda. Cogent Business & Management, 9(1), 2034236. https://doi.org/10.1080/23311975.2022.2034236 DOI: https://doi.org/10.1080/23311975.2022.2034236
Khuc, T. A., Do, H. L., & Pham, B. L. (2022). Factors influencing financial literacy of the poor in rural areas: Empirical research with the case of Vietnam. Journal of Eastern European and Central Asian Research (JEECAR), 9(4), 638-650. https://doi.org/https://doi.org/10.15549/jeecar.v9i4.735 DOI: https://doi.org/10.15549/jeecar.v9i4.735
Kozup, J., & Hogarth, J. M. (2008). Financial literacy, public policy, and consumers' self‐protection—More questions, fewer answers. 42(2), 127-136. https://doi.org/10.1111/j.1745-6606.2008.00101.x DOI: https://doi.org/10.1111/j.1745-6606.2008.00101.x
Lazić, M., Jovanović, V., & Gavrilov-Jerković, V. (2021). The general self-efficacy scale: New evidence of structural validity, measurement invariance, and predictive properties in relationship to subjective well-being in Serbian samples. Current Psychology, 40(2), 699-710. https://doi.org/10.1007/s12144-018-9992-6 DOI: https://doi.org/10.1007/s12144-018-9992-6
Lee, M.-C. (2009). Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit. Electronic commerce research and applications, 8(3), 130-141. https://doi.org/10.1016/j.elerap.2008.11.006 DOI: https://doi.org/10.1016/j.elerap.2008.11.006
Lien, N. T. K., Doan, T.-T. T., & Bui, T. N. (2020). Fintech and banking: Evidence from Vietnam. The Journal of Asian Finance, Economics and Business (JAFEB), 7(9), 419-426. https://doi.org/10.13106/jafeb.2020.vol7.no9.419 DOI: https://doi.org/10.13106/jafeb.2020.vol7.no9.419
Lim, S. H., Kim, D. J., Hur, Y., & Park, K. (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. https://doi.org/10.1080/10447318.2018.1507132 DOI: https://doi.org/10.1080/10447318.2018.1507132
Lim, Y. M., & Cham, T. H. (2015). A profile of the Internet shoppers: Evidence from nine countries. Telematics and Informatics, 32(2), 344-354. https://doi.org/10.1016/j.tele.2014.10.002 DOI: https://doi.org/10.1016/j.tele.2014.10.002
Limayem, M., & Hirt, S. G. (2003). Force of habit and information systems usage: Theory and initial validation. Journal of the Association for information Systems, 4(1), 65-97. https://doi.org/10.17705/1jais.00030 DOI: https://doi.org/10.17705/1jais.00030
Mansyur, A., & Ali, E. b. E. (2022). The adoption of sharia fintech among millenial in Indonesia: moderating effect of Islamic financial literacy on UTAUT 2. International Journal of Academic Research in Business and Social Sciences, 12(4), 1329-1343. https://doi.org/10.6007/IJARBSS/v12-i4/13035 DOI: https://doi.org/10.6007/IJARBSS/v12-i4/13035
Martini, M., Triharyati, E., & Rimbano, D. (2022). Influence financial technology, financial literacy, and intellectual capital on financial inclusion in micro, small and medium enterprises (msmes). Ilomata International Journal of Tax and Accounting, 3(4), 408-420. https://doi.org/10.52728/ijtc.v3i4.572 DOI: https://doi.org/10.52728/ijtc.v3i4.572
Morawczynski, O. (2009). Exploring the usage and impact of "transformational" mobile financial services: the case of M-PESA in Kenya. Journal of Eastern African Studies, 3(3), 509-525. https://doi.org/10.1080/17531050903273768 DOI: https://doi.org/10.1080/17531050903273768
Morgan, P. J., & Long, T. Q. (2020). Financial literacy, financial inclusion, and savings behavior in Laos. Journal of Asian Economics, 68, 1-42. https://doi.org/10.1016/j.asieco.2020.101197 DOI: https://doi.org/10.1016/j.asieco.2020.101197
Mutlu, Ü., & Özer, G. (2021). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114-1126. https://doi.org/10.1108/K-01-2021-0062 DOI: https://doi.org/10.1108/K-01-2021-0062
Nathan, R. J., Setiawan, B., & Quynh, M. N. (2022). Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030125 DOI: https://doi.org/10.3390/jrfm15030125
Ndassi, A. O., Kala Kamdjoug, J. R., & Gueyie, J.-P. (2023). Mobile money, bank deposit and perceived financial inclusion in Cameroon. Journal of Small Business & Entrepreneurship, 35(1), 14-32. https://doi.org/10.1080/08276331.2021.1953908 DOI: https://doi.org/10.1080/08276331.2021.1953908
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch Jr, J. G. (2018). How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being. Journal of Consumer Research, 45(1), 68-89. https://doi.org/10.1093/jcr/ucx109 DOI: https://doi.org/10.1093/jcr/ucx109
Ngo, H. T., & Nguyen, L. T. H. (2022). Consumer adoption intention toward FinTech services in a bank-based financial system in Vietnam. Journal of Financial Regulation and Compliance, 1. https://doi.org/10.1108/JFRC-08-2021-0061 DOI: https://doi.org/10.1108/JFRC-08-2021-0061
Ngoc Bich, D. O., & Hai Ninh Thi, D. O. (2020). An investigation of Generation Z's Intention to use Electronic Wallet in Vietnam. 유통과학연구, 18(10), 89-99. https://doi.org/10.15722/JDS.18.10.202010.89
Nguyen, D. D., Nguyen, T. D., Nguyen, T. D., & Nguyen, H. V. (2021). Impacts of perceived security and knowledge on continuous intention to use Mobile Fintech payment services: An empirical study in Vietnam. The Journal of Asian Finance, Economics and Business, 8(8), 287-296. https://doi.org/10.13106/jafeb.2021.vol8.no8.0287
Nguyen, D. L., Nguyen, T. T., & Grote, U. (2023). Shocks, household consumption, and livelihood diversification: a comparative evidence from panel data in rural Thailand and Vietnam. Economic Change and Restructuring, 56(5), 3223-3255. https://doi.org/10.1007/s10644-022-09400-9 DOI: https://doi.org/10.1007/s10644-022-09400-9
Nguyen, T. T., Nguyen, H. T., Mai, H. T., & Tran, T. T. M. (2020). Determinants of digital banking services in Vietnam: Applying utaut2 model. Asian Economic and Financial Review, 10(6), 680-697. https://doi.org/10.18488/journal.aefr.2020.106.680.697 DOI: https://doi.org/10.18488/journal.aefr.2020.106.680.697
Nguyen, T. T. H. (2020). Measuring financial inclusion: a composite FI index for the developing countries. Journal of Economics and Development, 23(1), 77-99. https://doi.org/10.1108/jed-03-2020-0027 DOI: https://doi.org/10.1108/JED-03-2020-0027
Noonan, M., Richter, G., Durham, L., & Pierce, E. (2017). Learning and the digital workplace: What? So what? Now what? Strategic HR Review, 16(6), 267-273. https://doi.org/10.1108/SHR-09-2017-0061 DOI: https://doi.org/10.1108/SHR-09-2017-0061
Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics & Finance, 8(1), 1806479. https://doi.org/10.1080/23322039.2020.1806479 DOI: https://doi.org/10.1080/23322039.2020.1806479
Obrenovic, B., Du, J., Godinic, D., Tsoy, D., Khan, M. A., & Jakhongirov, I. (2020). Sustaining Enterprise Operations and Productivity during the COVID-19 Pandemic: "Enterprise Effectiveness and Sustainability Model". Sustainability, 12(15), 1-27. https://doi.org/10.3390/su12155981 DOI: https://doi.org/10.3390/su12155981
Oliveira, T., Faria, M., Thomas, M. A., & Popovič, A. (2014). Extending the understanding of mobile banking adoption: When UTAUT meets TTF and ITM. International journal of information management, 34(5), 689-703. https://doi.org/10.1016/j.ijinfomgt.2014.06.004 DOI: https://doi.org/10.1016/j.ijinfomgt.2014.06.004
Perwitasari, A. W. (2022). The Effect of Perceived Usefulness and Perceived Easiness towards Behavioral Intention to Use Fintech by Indonesian MSMEs. The Winners, 23(1), 1-10. https://doi.org/10.21512/tw.v23i1.7078 DOI: https://doi.org/10.21512/tw.v23i1.7078
Phung, T. M. T. (2023). Vietnam Fintech Industry and Government Support: A Role of Fintech Entrepreneurial Intention. Public Organization Review, 1. https://doi.org/10.1007/s11115-023-00708-2 DOI: https://doi.org/10.1007/s11115-023-00708-2
Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59(1), 69-76. https://doi.org/10.1007/s12599-017-0464-6 DOI: https://doi.org/10.1007/s12599-017-0464-6
Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The current digital financial literacy and financial behavior in Indonesian millennial generation. Journal of Accounting and Investment, 23(1), 78-94. https://doi.org/10.18196/jai.v23i1.13205 DOI: https://doi.org/10.18196/jai.v23i1.13205
Rai, S., & Biswas, S. N. (2022). Adoption of safe motherhood practices and the moderating role of facilitating conditions. Journal of Social Marketing, 12(4), 436-455. https://doi.org/10.1108/JSOCM-04-2020-0072 DOI: https://doi.org/10.1108/JSOCM-04-2020-0072
Ryu, H.-S. (2018). What makes users willing or hesitant to use Fintech?: the moderating effect of user type. Industrial Management & Data Systems, 118(3), 541-569. https://doi.org/10.1108/IMDS-07-2017-0325 DOI: https://doi.org/10.1108/IMDS-07-2017-0325
Shaikh, I. M., Qureshi, M. A., Noordin, K., Shaikh, J. M., Khan, A., & Shahbaz, M. S. (2020). Acceptance of Islamic financial technology (FinTech) banking services by Malaysian users: an extension of technology acceptance model. foresight, 22(3), 367-383. https://doi.org/10.1108/FS-12-2019-0105 DOI: https://doi.org/10.1108/FS-12-2019-0105
Sharma, D., & Pandey, S. (2020). The role payment depreciation in short temporal separations: Should online retailer make customers wait? Journal of Retailing and Consumer Services, 53, 1-19. https://doi.org/10.1016/j.jretconser.2019.101965 DOI: https://doi.org/10.1016/j.jretconser.2019.101965
Šimková, E., & Hoffmannová, M. (2021). Impact of VUCA environment in practice of rural tourism. Hradec Economic Days, 3, 746 - 757. https://doi.org/10.36689/uhk/hed/2021-01-074 DOI: https://doi.org/10.36689/uhk/hed/2021-01-074
Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives FinTech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675-1697. https://doi.org/10.1108/MD-09-2019-1318 DOI: https://doi.org/10.1108/MD-09-2019-1318
Slade, E. L., Dwivedi, Y. K., Piercy, N. C., & Williams, M. D. (2015). Modeling consumers' adoption intentions of remote mobile payments in the United Kingdom: extending UTAUT with innovativeness, risk, and trust. Psychology & marketing, 32(8), 860-873. https://doi.org/10.1002/mar.20823 DOI: https://doi.org/10.1002/mar.20823
Sumantri, D., Fahmi, R., & Sari, M. (2024). Evaluation of the effect of financial literacy (financial awareness, financial capability and financial behavior) on investment decisions in micro, small and medium enterprises (MSMEs) in indonesia. Jurnal Mantik, 7(4), 3203-3216. https://doi.org/10.35335/mantik.v7i4.4519
Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the technology acceptance model: Four longitudinal field studies. Management science, 46(2), 186-204. https://doi.org/10.1287/mnsc.46.2.186.11926 DOI: https://doi.org/10.1287/mnsc.46.2.186.11926
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS quarterly, 27(3), 425-478. https://doi.org/10.2307/30036540 DOI: https://doi.org/10.2307/30036540
Venkatesh, V., Thong, J. Y., & Xu, X. (2012). Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS quarterly, 36(1), 157-178. https://doi.org/10.2307/41410412 DOI: https://doi.org/10.2307/41410412
Widiastuti, E. (2021). Technology based financial services innovation, financial literacy and its impact on financial behavior. Jurnal Akuntansi, Manajemen dan Ekonomi, 23(1), 1-8. https://doi.org/10.32424/1.jame.2021.23.1.3856 DOI: https://doi.org/10.32424/1.jame.2021.23.1.3856
Zhao, H., Seibert, S. E., & Hills, G. E. (2005). The Mediating Role of Self-Efficacy in the Development of Entrepreneurial Intentions. Journal of applied psychology, 90(6), 1265-1272. https://doi.org/10.1037/0021-9010.90.6.1265 DOI: https://doi.org/10.1037/0021-9010.90.6.1265
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Nguyen Thi Chinh, Khuc The Anh, Nguyen Duc Duong, Phuong Kim Quoc Cuong, Le Dieu Linh
This work is licensed under a Creative Commons Attribution 4.0 International License.
The JEECAR journal allows the author(s) to hold the copyright and publishing rights of their own manuscript without restrictions.
This journal applies the Creative Attribution Common License to works we publish, and allows reuse and remixing of its content, in accordance with a CC-BY 4.0 license.
Authors are free to: Share — copy and redistribute the material in any medium or format and Adapt — remix, transform, and build upon the material for any purpose, even commercially.
Under the following terms: Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
No additional restrictions — The author may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
The JEECAR Journal is committed to the editorial principles of all aspects of publication ethics and publication malpractice as assigned by the Committee on Public Ethics.
