Fintech Adoption in Accounting: A Study of Millennials’ and Gen-Zs’ Readiness in Malaysia

Abstract

The objective of this study is to examine the readiness of Malaysian millennials and Gen-Zs for fintech adoption in accounting. This study developed the conceptual framework based on the Unified Theory of Acceptance and Use of Technology (UTAUT)’s four key fundamental constructs: performance expectancy (PE), effort expectancy (EE), social influence (SI), and facilitating conditions (FC). The research utilized a quantitative method using an online survey to gather data from 108 respondents across Malaysia. The findings indicate that PE and FC are found to be key predictors of users’ fintech adoption intention (AI). It was also discovered that EE and SI have no significance on users’ fintech adoption intention (AI). Also, AI has a significant impact on users’ loyalty to keep using Fintech services. It is observed that PE is the strongest predictor of fintech adoption intention followed by FC, and AI does have a positive influence on consumers’ fintech loyalty due to the positive correlation between them. The result also demonstrates that adoption intention has a direct effect on users’ fintech loyalty. To encourage consumers to further continue using fintech services in the future, it is necessary to build a consumer loyalty base. The presence of one may attract new users to adopt the fintech services hence forming loyalty. Overall, this study may help gauge a portion of Malaysian millennials and Gen-Z’s awareness, adaptability, and acceptance of fintech in accounting.