Logo PTI Logo icrmat

Proceedings of the 2022 International Conference on Research in Management & Technovation

Annals of Computer Science and Information Systems, Volume 34

Users’ Adoption Intention to Use Wealth Tech Services: Toward an insight into users in Ha Noi and Ho Chi Minh City during Covid-19 and Beyond

, , , , ,

DOI: http://dx.doi.org/10.15439/2022M3710

Citation: Proceedings of the 2022 International Conference on Research in Management & Technovation, Viet Ha Hoang, Vijender Kumar Solanki, Nguyen Thi Hong Nga, Shivani Agarwal (eds). ACSIS, Vol. 34, pages 131–137 ()

Full text

Abstract. This paper seeks to identify and evaluate the factors influencing the adoption of Wealth Tech services in Hanoi and Ho Chi Minh to provide insights into the intention of Vietnamese users to use Wealth Tech services post-Covid-19. This study proposes an integrated model of Technology Acceptance Model 2 (TAM 2) and Unified Theory of Acceptance and Utilize of Technology 2 (UTAUT2), which incorporates determinants such as Intention to Use (IU), Performance Expectancy (PE), Effort Expectancy (EE), Social Influence (SI), Government Support (GS), Financial Health (FH), Financial Literacy (FL), Perceived Risks (PR), and Brand Image (BI). The results of an online survey of 157 Vietnamese users reveal substantial connections between Performance Expectation (PE), Effort Expectation (EE), Social Influence (SI), Government Support (GS), Financial Health (FH), and Brand Image (BI) and the intention of users to use Wealth Tech services. However, the impacts of Perceived Risks (PE) and Financial Literacy (FL) are not statistically significant. A regression analysis was performed on two sample groups, current and future users. This study contributes to the literature by incorporating models to explore Vietnamese users' intention to use Wealth Tech services. In addition, the findings offer Vietnamese Wealthech service providers fresh insights for thriving in this uncertain world. Further research is suggested to examine the adoption model of Wealth Tech services

References

  1. CB Insights, “State Of Wealth Tech Q1’21 Report: Investment & Sector Trends To Watch”, CB Insighs, 2021. Available: https://www.cbinsights.com/research/report/wealth-tech-trends-q1-2021/. [Accessed 29 May 2022].
  2. The Insight Partner, “Wealth Management Platform Market Size Worth $9.19Bn, Globally, by 2028 at 13.8% CAGR”, The Insight Partner, 2022.
  3. Statista, FinTech - Vietnam | Statista Market Forecast, 2022. Available: https://www.statista.com/topics/7840/fintech-in-vietnam/#topicHeader__wrapper [Accessed 29 May 2022].
  4. P. Kondraciuk and M. Zaleska, “Theory and practice of innovation development in the banking sector”, Financial Sciences - Nauki o finansach, vol. 24, no. 2, pp. 76-87, 2019.
  5. E. Ślązak, “FinTech i jego znaczenie dla usług finansowych (FinTech and its’ importance for financial services)”, Bank Spółdzielczy, no 4/590, 2018.
  6. T. Dziawgo, “Wealth Tech Impact on the Wealth Management Sector”, European Research Studies Journal, vol. 24, p. 146, 2021.
  7. S. Chishti and T. Puschman, The WEALTH TECH: The FinTech Handbook for Investors, Entrepreneurs and Finance Visionary, Wiley, 2018.
  8. F. D. Davis, “A Technology Acceptance Model for Empirically Testing New End-User Information Systems: Theory and Results”, Sloan School of Management, Massachusetts Institute of Technology, 1986.
  9. F. D. Davis, R. Bagozzi and P. Warshaw, “User Acceptance of Computer Technology: A Comparison of Two Theoretical Models”, Management Science, vol. 35, no. 8, pp. 982-1003, 1989.
  10. V. Venkatesh and F. D. Davis, “A theoretical extension of the technology acceptance model: Four longitudinal field studies”, Management science, vol. 46, no. 2, pp. 186-204, 2000.
  11. T. C. E. Cheng, D. Y. C. Lam and A. C. L. Yeung, “Adoption of internet banking: An empirical study in Hong Kong”, Decision Support Systems, vol. 42, no. 3, pp. 1558–1572, 2006.
  12. A. T. To & T. H. M. Trinh, “Understanding behavioral intention to use mobile wallets in Vietnam: Extending the tam model with trust and enjoyment”, Cogent Business & Management, vol. 8, no. 1, p. 1891661, 2021.
  13. D. Folkinshteyn and M. Lennon, “Braving Bitcoin: A technology acceptance model (TAM) analysis”, Journal of Information Technology Case and Application Research, vol. 18, no. 4, pp. 220–249, 2016.
  14. Z. Hu, S. Ding, S. Li, L. Chen and S. Yang, “Adoption Intention of Fintech Services for Bank Users: An Empirical Examination with an Extended Technology Acceptance Model”, Symmetry, vol. 11, no. 3, 2019.
  15. R. J. Nathan, B. Setiawan and M. N. Quynh, “Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis”, Journal of Risk and Financial Management, vol. 15, no. 3, p. 125, 2022.
  16. V. Venkatesh, M. G. Morris, G. B. Davis and F. D. Davis, “User acceptance of information technology: toward a unified view”, MIS Quarterly, vol. 27, no. 3, pp. 425–478, 2003.
  17. V. Venkatesh, J. Y. Thong and X. Xu, “Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology”, MIS Quarterly, vol. 36, no. 1, pp. 157–178, 2012.
  18. J. Xie, L. Ye, W. Huang and M. Ye, “Understanding FinTech Platform Adoption: Impacts of Perceived Value and Perceived Risk”, Journal of Theoretical and Applied Electronic Commerce Research, vol. 16, no. 5, pp. 1893–1911, 2021.
  19. C. Yan, A. B. Siddik, N. Akter and Q. Dong, “Factors influencing the adoption intention of using mobile financial service during the COVID-19 pandemic: the role of FinTech”, Environmental Science and Pollution Research, 2021.
  20. D. R. Cavalcanti, T. Oliveira and F. De Oliveira Santini, “Drivers of digital transformation adoption: A weight and meta-analysis”, Heliyon, vol. 8, no. 2, p. e08911, 2022.
  21. M. Fishbein and I. Ajzen, Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research, Massachusetts: Addison-Wesley, 1975.
  22. I. Ajzen, “The theory of planned behaviour”, Organizational Behavior and Human Decision Processes, vol. 50, no. 2, pp. 179-211, 1991.
  23. J. J. Merino Balcázar and A. E. Llatas Rivas, “Determining Factors of the Intention to Adopt Fintech Services by Micro and Small Business Owners from Chiclayo”, Journal of business - Universidad Del Pacifico, Peru, vol. 13, no. 2, pp. 19-43, 2021.
  24. M. M. Queiroz and S. Fosso Wamba, “Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA”, International journal of information management, vol. 46, pp. 70–82, 2019.
  25. M. Arias-Oliva, J. Pelegrín-Borondo, and G. Matías-Clavero, “Variables Influencing Cryptocurrency Use: A Technology Acceptance Model in Spain,” Frontiers in Psychology., vol. 10, 2019. http://dx.doi.org/10.3389/fpsyg.2019.00475.
  26. P. Patil, K. Tamilmani, N. P Rana and V. Raghavan, “Understanding consumer adoption of mobile payment in India: Extending Meta-UTAUT model with personal innovativeness, anxiety, trust, and grievance redressal”, International Journal of Information Management, vol. 54, p. 102-144, 2020.
  27. V. Balakrishnan and N. L. M. Shuib, “Drivers and inhibitors for digital payment adoption using the Cashless Society Readiness-Adoption model in Malaysia”, Technology in society, vol. 65, 2021.
  28. S. G. Yaseen and S. Zayed, “Exploring determinants in deploying mobile commerce technology: Amman stock exchange”, 2010.
  29. M. Turner, B. Kitchenham, P. Brereton, S. Charters and D. Budgen, “Does the technology acceptance model predict actual use? A systematic literature review”, Information and Software Technology, vol. 52, no. 5, pp. 463–479, 2010.
  30. F. D. Davis, R. P. Bagozzi and P. R. Warshaw, “Extrinsic and Intrinsic Motivation to Use Computers in the Workplace”, Journal of Applied Social Psychology, vol. 22, no. 14, pp. 1111-1132, 1992.
  31. R. L. Thompson, C. A Higgins and J. M Howell, “Personal Computing: Toward a Conceptual Model of Utilization”, MIS Quarterly, vol. 15, no. 1, pp. 125-143, 1991.
  32. G. C. Moore and I. Benbasat, “Development of an Instrument to Measure the Perceptions of Adopting an Information Technology Innovation”, Information Systems Research, vol. 2, no. 3, 1991.
  33. D. R. Compeau. and C. A. Higgins, “Computer Self-Efficacy: Development of a Measure and Initial Test”, MIS Quarterly, vol. 19, no. 2, pp 189-211, 1995.
  34. B. Setiawan, D. P. Nugraha, A. Irawan, R. J. Nathan and Z. Zoltan, “User Innovativeness and Fintech Adoption in Indonesia”, Journal of Open Innovation: Technology, Market, and Complexity, vol. 7, no. 3, p. 188, 2021.
  35. T. Oliveira, M. Faria, M. A. Thomas and A. Popovič, “Extending the understanding of mobile banking adoption: when UTAUT meets TTF and ITM”, International Journal of Information Management, vol. 34, no. 5, pp. 689-703, 2014.
  36. A. Tarhini, M. El-Masri, M. Ali and A. Serrano, “Extending the UTAUT model to understand the customers’ acceptance and use of internet banking in Lebanon”, Information Technology & People, vol. 29, no. 4, pp. 830-849, 2016.
  37. D. G. Taylor, T. A. Voelker and I. Pentina, "Mobile Application Adoption by Young Adults: A Social Network Perspective", WCOB Faculty Publications, 2011.
  38. S. Yang, Y. Lu, S. Gupta, Y. Cao and R. Zhang, “Mobile payment services adoption across time: An empirical study of the effects of behavioral beliefs, social influences, and personal traits”, Computers in human behavior, vol. 28, no. 1, pp. 129–142, 2012.
  39. N. Shaw and K. Sergueeva, “The non-monetary benefits of mobile commerce: Extending UTAUT2 with perceived value”, International journal of information management, vol. 45, Pergamon, [Oxford] ; [New York] :, pp. 44–55, 2019.
  40. B. Marakarkandy, N. Yajnik, and C. Dasgupta, “Enabling internet banking adoption”, Journal of enterprise information management, vol. 30, no. 2, pp. 263–294, 2017, http://dx.doi.org/10.1108/JEIM-10-2015-0094.
  41. S. Joo, Personal Financial Wellness. In Handbook of Consumer Finance Research, Springer: New York, USA, 2008.
  42. J. Kagan, “Financial Health - What is financial health?”, Investopedia, Available: <https://www.investopedia.com/terms/f/financial-health.asp#:~:text=Financial%20health%20is%20a%20term,fixed%20or%20non-discretionary%20expenses. [Accessed 29 May 2022].
  43. P. Morgan and Q. L. Trinh, “Financial Literacy, financial inclusion, and savings behavior in Laos”, Journal of Asian Economics, vol. 68, 2020.
  44. A. Lusardi, “Financial literacy and the need for financial education: Evidence and implications”, Swiss J Econ, vol. 155, pp. 1– 8, 2019.
  45. M. Jünger and M. Mietzner, “Banking goes digital: The adoption of FinTech services by German households”, Finance Research Letters, Elsevier, vol. 34, 2020.
  46. C. Morosan and M. DeFranco, “When tradition meets the new technology: An examination of the antecedents of attitudes and intentions to use mobile devices in private clubs”, International Journal of Hospitality Management, vol. 42, pp. 126–136, 2014.
  47. L. Huang, Y. Hsieh and S. Chang, “The effect of consumer innovativeness on adoption of location-based services”, Review of Global Management and Service Science, vol. 1, pp. 17-31, 2011.
  48. R. Bauer R, “Consumer behavior as risk taking. In: Cox D (ed) Risk taking and information handling in consumer behavior”, Harvard University Press, Cambridge, MA, pp 23–33, 1967.
  49. A. Wilson, V. Zeithaml, M. Bitner and D. Gremler, Services Marketing: Integrating Customer Service Across the Firm 4e: Integrating Customer Focus Across the Firm, 4th ed, Boston, MA: McGraw-Hill Education, 2006.
  50. H. Bauer, S. Barnes, T. Reichardt and M. Neumann, “Driving consumer acceptance of mobile marketing: a theoretical framework and empirical study”, Journal of Electronic Commerce and Research, Vol. 6 No. 3, pp. 181-191, 2005.
  51. T. Zhou, “An empirical examination of continuance intention of mobile payment services”, Decision Support Systems, Vol. 54 No. 2, pp. 1085-1091, 2013.
  52. G. Wachinger, O. Renn, C. Begg, and C. Kuhlicke, “The risk perception paradox: implications for governance and communication of natural hazards”, Risk Analysis, Vol. 33 No. 6, pp. 1049-1065, 2013.
  53. K. Ryu, H. Han and T. H. Kim, “The relationships among overall quick-casual restaurant image, perceived value, customer satisfaction, and behavioural intentions”, International Journal of Hospitality Management, vol. 27, no. 3, pp. 459-469, 2008.
  54. D. Roy and S. Banerjee, “CARE‐ing strategy for integration of brand identity with brand image”, International journal of commerce and management : IJCM, vol. 17, no. 1/2, College of Business, Indiana University of Pennsylvania, Indiana, PA, pp. 140–148, 2007.
  55. M. Aghekyan-Simonian, S. Forsythe, W. S. Kwon and V. Chattaraman, “The role of product brand image and online store image on perceived risks and online purchase intentions for apparel”, Journal of Retailing and Consumer Services, vol. 19, no. 3, pp. 12-24, 2012.
  56. F. Caviggioli, L. Lamberti, P. Landoni and P. Meola, “Technology adoption news and corporate reputation: sentiment analysis about the introduction of Bitcoin”, Journal of Product & Brand Management, vol. 29, no. 7, pp. 877–897, 2020.
  57. C. Fornell and D. Larcker, “Evaluating Structural Equation Models with Unobservable Variables and Measurement Error”, Journal of Marketing Research, vol. 18, no. 1, p. 39, 1981.
  58. M. Cortina, “What is coefficient alpha? An examination of theory and applications”, Journal of applied psychology, vol. 78, no. 1, p. 98, 1993.
  59. J. Hair, W. Black, B. Babin and R. Anderson, Multivariate data analysis, Harlow: Pearson Education UK, 2013.
  60. KPMG, “Digital Wealth Management in Asia Pacific 2021 A comparative analysis across eight key markets”, KPMG, 2021. Available: https://assets.kpmg/content/dam/kpmg/cn/pdf/en/2021/03/digital-wealth-management-in-asia-pacific.pdf?fbclid=IwAR1_TNe7DOUNdkbpPoYQ_JHdqspvgf3DheMRQLhgEXBC546EprIQgkra_40. [Accessed 29 May 2022]