IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v11y2023i9p226-d1232610.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/11/9/226/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7099/11/9/226/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yi Sun & Shihui Li & Rui Wang, 2023. "Fintech: from budding to explosion - an overview of the current state of research," Review of Managerial Science, Springer, vol. 17(3), pages 715-755, April.
    2. 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).
    3. Chetty, Krish & Qigui, Liu & Gcora, Nozibele & Josie, Jaya & Wenwei, Li & Fang, Chen, 2018. "Bridging the digital divide: Measuring digital literacy," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 12, pages 1-20.
    4. Leong, Carmen & Tan, Barney & Xiao, Xiao & Tan, Felix Ter Chian & Sun, Yuan, 2017. "Nurturing a FinTech ecosystem: The case of a youth microloan startup in China," International Journal of Information Management, Elsevier, vol. 37(2), pages 92-97.
    5. Kamer Karakurum-Ozdemir & Melike Kokkizil & Gokce Uysal, 2019. "Financial Literacy in Developing Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(1), pages 325-353, May.
    6. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
    7. Ruzita Abdul-Rahim & Siti Aisah Bohari & Aini Aman & Zainudin Awang, 2022. "Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19," Sustainability, MDPI, vol. 14(14), pages 1-24, July.
    8. Nofie Iman, 2020. "The rise and rise of financial technology: The good, the bad, and the verdict," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1725309-172, January.
    9. Tsai-Ling Liu & Tyrone T. Lin & Shu-Yen Hsu, 2022. "Continuance Usage Intention toward E-Payment during the COVID-19 Pandemic from the Financial Sustainable Development Perspective Using Perceived Usefulness and Electronic Word of Mouth as Mediators," Sustainability, MDPI, vol. 14(13), pages 1-23, June.
    10. Amit Pandey & Ravi Kiran & Rakesh Kumar Sharma, 2022. "Investigating the Impact of Financial Inclusion Drivers, Financial Literacy and Financial Initiatives in Fostering Sustainable Growth in North India," Sustainability, MDPI, vol. 14(17), pages 1-21, September.
    11. Jen Sheng Wang, 2021. "Exploring biometric identification in FinTech applications based on the modified TAM," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-24, December.
    12. repec:eme:mfppss:mf-04-2020-0169 is not listed on IDEAS
    13. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2024. "Financial technology research: Past and future trajectories," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 162-181.
    2. Nancy Neoyame Chabaefe & Abubaker Qutieshat, 2024. "Financial Literacy, Financial Education and Financial Experience: Conceptual Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 14(4), pages 44-55, July.
    3. Gupta, Somya & Pandey, Dharen Kumar & El Ammari, Anis & Sahu, Ganesh P., 2023. "Do perceived risks and benefits impact trust and willingness to adopt CBDCs?," Research in International Business and Finance, Elsevier, vol. 66(C).
    4. Hanna Halaburda & Guillaume Haeringer & Joshua Gans & Neil Gandal, 2022. "The Microeconomics of Cryptocurrencies," Journal of Economic Literature, American Economic Association, vol. 60(3), pages 971-1013, September.
    5. Goodell, John W. & Goutte, Stephane, 2021. "Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis," Finance Research Letters, Elsevier, vol. 38(C).
    6. Rizvi, Syed Kumail Abbas & Rahat, Birjees & Naqvi, Bushra & Umar, Muhammad, 2024. "Revolutionizing finance: The synergy of fintech, digital adoption, and innovation," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    7. Gallego-Losada, María-Jesús & Montero-Navarro, Antonio & García-Abajo, Elisa & Gallego-Losada, Rocío, 2023. "Digital financial inclusion. Visualizing the academic literature," Research in International Business and Finance, Elsevier, vol. 64(C).
    8. Binh Nguyen Quang & Thai‐Ha Le & Canh Nguyen Phuc, 2022. "Influences of uncertainty on the returns and liquidity of cryptocurrencies: Evidence from a portfolio approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2497-2513, April.
    9. Anil Donmez & Alexander Karaivanov, 2022. "Transaction fee economics in the Ethereum blockchain," Economic Inquiry, Western Economic Association International, vol. 60(1), pages 265-292, January.
    10. Erdogan Kaygin & Yunus Zengin & Ethem Topcuoglu & Serdal Ozkes, 2021. "The Evaluation of Block Chain Technology within the Scope of Ripple and Banking Activities," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(3), pages 153-167.
    11. Andrii Karkach & Tetyana Semigina, 2021. "Цифрові Компетентності Соціальних Працівників Як Передумова Готовності До Навчання Літніх Людей [Social Workers’ Digital Competencies as a Prerequisite of their Readyness for Education of Elderly P," Traektoriâ Nauki = Path of Science, Altezoro, s.r.o. & Dialog, vol. 7(05), pages 5008-5018, May.
    12. Raphael Auer, 2019. "Beyond the doomsday economics of "proof-of-work" in cryptocurrencies," BIS Working Papers 765, Bank for International Settlements.
    13. Jason Scharfman, 2022. "Additional Crypto Operations and Compliance Topics," Springer Books, in: Cryptocurrency Compliance and Operations, edition 1, chapter 0, pages 205-221, Springer.
    14. Daniela Balutel & Walter Engert & Christopher S. Henry & Kim P. Huynh & Marcel Voia, 2024. "Explaining bitcoin ownership in Canada: Trends from 2016 to 2021," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(3), pages 777-798, August.
    15. Ashton, John & Burnett, Tim & Diaz-Rainey, Ivan & Ormosi, Peter, 2021. "Known unknowns: How much financial misconduct is detected and deterred?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    16. Smales, L.A., 2019. "Bitcoin as a safe haven: Is it even worth considering?," Finance Research Letters, Elsevier, vol. 30(C), pages 385-393.
    17. Dyhrberg, Anne H. & Foley, Sean & Svec, Jiri, 2018. "How investible is Bitcoin? Analyzing the liquidity and transaction costs of Bitcoin markets," Economics Letters, Elsevier, vol. 171(C), pages 140-143.
    18. Kayenaat Bahl & Ravi Kiran & Anupam Sharma, 2023. "Scaling Up Banking Performance for the Realisation of Specific Sustainable Development Goals: The Interplay of Digitalisation and Training in the Transformation Journey," Sustainability, MDPI, vol. 15(18), pages 1-22, September.
    19. Alfonso Marino & Paolo Pariso, 2021. "Digital economy: technological, organizational and cultural contexts for the development of cooperation in Europe," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(2), pages 363-383, December.
    20. René M. Stulz, 2022. "FinTech, BigTech, and the Future of Banks," Journal of Applied Corporate Finance, Morgan Stanley, vol. 34(1), pages 106-117, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jecomi:v:11:y:2023:i:9:p:226-:d:1232610. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.