Adoption of Fintech Services in Young Students: Empirical Approach from a Developing Country

Abstract

This work aimed to identify the main variables that determine the adoption of Fintech services in young students in the Colombian context through a model with five factors proposed to explain this behavior in 124 Colombian university students. The methodological design followed a quantitative approach and an exploratory–descriptive scope. For data processing, the statistical techniques exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) were used to extract the relevant factors and evaluate the measurement model. To test the hypotheses about the relationships of the conceptual model constructs, Cramer’s V coefficient was used. The results showed that financial education and social influence have a positive effect on perceived benefit; in turn, low regulation is not strongly related to perceived benefit and is not dependent on social influence. However, digital literacy is affected by financial education and social influence. It is concluded that the number of mobile users in Colombia is increasing rapidly; however, the adoption of Fintech is slow. In addition, most of the university students in this study do not know what Fintech is, but they recognize that they use it frequently.

Expediting financial inclusion in Tanzania using FinTech: the perspective of diffusion of innovation theory

“…Education level is included as a moderating factor because people with higher cognitive skills are more likely to adopt the technology quickly (Mann et al ., 2016). Furthermore, financial education and digital literacy are essential in adopting FinTech (Bermeo-Giraldo et al ., 2023). Therefore, it is necessary to examine the moderating effect of education level to understand its impact in this study.…”