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

Author

Listed:
  • María Camila Bermeo-Giraldo

    (Facultad de Ciencias Económicas y Administrativas, Instituto Tecnológico Metropolitano, Medellín 050034, Colombia)

  • Alejandro Valencia-Arias

    (Escuela de Ingeniería Industrial, Universidad Señor de Sipán, Chiclayo 14001, Peru)

  • Lucia Palacios-Moya

    (Centro de Investigaciones Escolme-CIES, Institución Universitaria Escolme, Medellín 050005, Colombia)

  • Jackeline Valencia

    (Instituto de Investigación y Estudios de la Mujer, Universidad Ricardo Palma, Lima 15039, Peru)

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.

Suggested Citation

  • María Camila Bermeo-Giraldo & Alejandro Valencia-Arias & Lucia Palacios-Moya & Jackeline Valencia, 2023. "Adoption of Fintech Services in Young Students: Empirical Approach from a Developing Country," Economies, MDPI, vol. 11(9), pages 1-19, September.
    • Handle: RePEc:gam:jecomi:v:11:y:2023:i:9:p:226-:d:1232610
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    References listed on IDEAS

    as
    1. Nourallah, Mustafa, 2023. "One size does not fit all: Young retail investors’ initial trust in financial robo-advisors," Journal of Business Research, Elsevier, vol. 156(C).
    2. Alexey Mikhaylov & Hasan Dinçer & Serhat Yüksel, 2023. "Analysis of financial development and open innovation oriented fintech potential for emerging economies using an integrated decision-making approach of MF-X-DMA and golden cut bipolar q-ROFSs," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-34, December.
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