Verification Techniques in FinTech Compared from User Perspectives

Abstract

FinTech, which primarily uses mobile devices and applications as promotional platforms, is on the rise, and verification techniques play an important role. This study aims to compare verification techniques for the development of FinTech. Based on the research goal, this study newly adds the three variables “perceived privacy,” “perceived trust,” and “perceived satisfaction” to extend the traditional technology acceptance model (TAM) as the analysis architecture. Second, this study applies the fuzzy analytic hierarchy process to integrate the nonfuzzy best performance as the novelty hybrid multiple-criteria decision-making (MCDM) approach. According to the above research framework, this study investigates over 400 users for a more complete comparison of verification techniques in FinTech. The outcomes first indicate that perceived usefulness is the most emphasized key objective in comparing verification techniques. It also indicates that personal information leaking should be considered and then strengthens user trust. Additionally, the biometrics verification technique would be more advantageous for evaluating and selecting target users in FinTech industries because of their high criteria scores. The objectives and criteria of this study could suggest strategies and measures to improve verification techniques in FinTech to meet user expectations.

Determinants of consumer adoption of biometric technologies in mobile financial applications

“…S. Kim et al, 2008;Morosan, 2011Morosan, , 2012Nakisa, Ansarizadeh, Oommen, & Kumar, 2023;Nakisa, Ansarizadeh, Oommen, & Shrestha, 2023;Norfolk & O'Regan, 2021;Soto-Beltrán et al, 2022;Wahid & Pratama, 2022;J. S. Wang, 2021J. S. Wang, , 2023.…”

“…S. Wang, , 2023. Other research methods that replace or complement TAM include: the stimulus-organism-response (S-O-R) model (Liébana-Cabanillas et al, 2022) and the novelty hybrid multiple-criteria decision-making (MCDM) approach (J. S. Wang, 2023).…”

“…Other researchers also analyse biometric technology in comparison to the traditional, well-known and frequently used solutions with which it competes. J. S. Wang (2023) compares biometric verification techniques with the three most commonly used verification techniques by consumers in FinTech industries such as password, NFC and QR code. The results show that biometrics has the greatest growth potential in FinTech applications due to perceived usefulness of the solution and the perception that it is secure and enhances privacy compared to other solutions.…”

“…They have also found their place in a number of financial processes that require customer identity verification, such as logging into a mobile application of a bank or another financial institution, authorising ATM and mobile device operations and signature-based branch service access (Agidi, 2018;Byun & Byun, 2013). In addition, biometric technologies meet the most important criteria for verification techniques in FinTech industries showing great potential for growth in this area (J. S. Wang, 2023).…”

Financial Inclusion and Its Ripple Effects on Socio-Economic Development: A Comprehensive Review

“…In fintech research, the technology acceptance model (TAM) was frequently expanded to examine customer concerns. Wang (2022) conducted a comparison of verification tech-niques in fintech, utilizing the technology acceptance model (TAM) as a basis for the analysis. The implementation of digital banking in The Kingdom of Saudi Arabia was examined by (Alnemer 2022).…”