Behavior Analysis of Using Fintech Peer-to-Peer (P2P) Lending Applications in DKI Jakarta with Intention of Using It as an Intervening Variable

Abstract

is a service that exists because of the rapid development of technology. According to OJK (2017), the existence of fintech has the aim of being a solution for people who are reluctant to use conventional financial institutions due to complicated and time-consuming procedures. Among the many types of fintech, peer-to-peer lending is here as a solution to bring together lenders and loan recipients through an electronic system using the internet network. Based on the accumulated distribution of the loan amount in the January to March period in 2020, in which the Java region, especially in DKI Jakarta, experienced a high growth of 15%. Meanwhile, based on the accumulated number of borrower accounts, the Java region also experienced an increase in growth, including in DKI Jakarta by 16%. This means that the high demand of the people of DKI Jakarta for online lending (online credit), so that the fintech business, especially in the peer-to-peer lending section, is experiencing rapid development even though the fintech business is still new in the financial industry in Indonesia.Based on data from the OJK (2020), there are 161 fintech peer-to-peer lending companies in Indonesia that have been registered with the OJK. However, there are 151 companies domiciled in DKI Jakarta. This means that there is high competition for peer-to-peer lending fintech companies in DKI Jakarta, especially in the field of online lenders. So, it is interesting to study more deeply about the behavior of users of fintech peer-to-peer lending services in the form of online loans in DKI Jakarta, considering that not many researchers have conducted research on the behavior of online loan users. In determining the general description, the researcher conducted a pre-survey on 30 respondents / potential users of fintech peer-to-peer lending products in the form of online loan services in DKI Jakarta. Based on the results of the presurvey, it is known that the four main factors that make respondents / candidates use peer-to-peer lending fintech services are perceived usefulness, perceived ease of use, perceived trust, and perceived value. This is because of the 20 factors that determine individuals using peer-to-peer lending fintech services, these four factors have the most frequency of answering Yes. So that these four factors need to be studied more deeply which influence the behavior of using fintech peer-to-peer lending services in DKI Jakarta.In this study, the authors tested the technology acceptance model (TAM) theory, namely perceived usefulness and perceived ease of use, where these two factors have been widely used by previous research to predict acceptance of use in an ICT application, as well as adding the perceived trust and perceived value variables, where many previous studies used perceived trust and perceived value as an important factor to predict an intention to use ICT applications.

The Influence of Perceived Risk and Perceived Benefits on Continuance Intention to Adopt Fintech P2P Lending Mediated by Trust in Indonesia

“…Trust in fintech, as defined by Januar & Mirza (2021) and Robbins (2001), is crucial for customer confidence in service reliability and data security. It encompasses integrity, competence, consistency, loyalty, and openness, playing a significant role in fostering long-term customer relationships.…”

“…This entails consumers' confidence in the company's ability to uphold the confidentiality of their personal data, safeguard their financial transactions, and deliver reliable and secure services. Januar and Mirza (2021) define trust as an idea related to confidence, hope, reliability, dependability, integrity and capacity of an entity. According to Robbins (2001) Trust has dimensions, including integrity, competence, consistency, loyalty, and openness.…”

“…The results of this study support research conducted by Lim et al (2021) which shows that e-commerce continuity intention can be significantly influenced by perceived benefits; Setyadi et al (2020); Diana and Leon (2020); Nurlaily et al (2021); and Ryu (2018) also found the same results where a significant positive influence was found between the perceived benefits variable and continued intention to adopt fintech p2p lending. Apart from that, research conducted by Januar and Mirza (2021) also states that the presence of large perceived benefits will also increase the intention to use peer to peer lending applications. As with attitudes and behavioral control that can be felt by users of this service, they are interconnected with perceived benefits, where perceived benefits are a factor that can influence continued intention to adopt fintech p2p lending using TPB (Theory of Planned Behavior).…”