Factors Influencing Consumer Interactions With FinTech Services

Abstract

Factors influencing consumer interactions with financial technology (FinTech) services, and obstacles experienced by consumers that limit their use, are reviewed. The influence of trust, security, ease of use, accessibility, cost-effectiveness, convenience, and speed on FinTech adoption are reported. Of these influences, trust and security are paramount, with consumers requiring assurance that their personal data are protected, and that their transactions are safe. Ease of use, driven by user-friendly interfaces and smartphone technology, also significantly affect levels of consumer adoption. Accessibility and convenience of FinTech services on various devices broaden financial service reach and promote use. However, security concerns such as cyber-attacks and privacy issues limit FinTech adoption, as do regulatory uncertainties and a lack of personal interaction. Robust technological infrastructure and effective risk management are required to mitigate these limitations. Strategies to improve FinTech adoption include strengthening regulatory frameworks, investing in cybersecurity, promoting financial literacy, and enhancing customer support.