Investigating Variables that Increase the Desire and Loyalty to Utilize Fintech After the COVID-19 Lockdown: A New Normal Behavior

This research was conducted when individuals were under lockdown at home because of COVID-19 and could not go out to purchase food and other supplies. This is an incredible opportunity to encourage financial technology services to pay for daily transactions instead of cash. This research aims to examine the elements that influence the adoption of fintech services during COVID-19. In addition, this study predicts which factors might influence the use of financial technology (fintech) services post-COVID-19 lockdown to become a new normal behavior of customers. The number of fintech services’ users has grown exponentially during the COVID-19 lockdown. However, to ensure consumer’s continued use of these services, firms need to predict the critical factors affecting the intention to use fintech. This study offers a mode which can be used to assess which components of fintech are most useful. We collected data via Mechanical Turk (MTurk) and used structural equation modeling to predict the factors that influence the intention to use fintech loyally post-COVID-19 lockdown. The findings suggest that COVID-19 lockdown, trust, data security, privacy, and especially employee service influence users’ intention to use fintech. In return, the benefits can build consumers’ loyalty toward fintech services and is considered a new normal behavior. This research sheds light on how fintech firms develop their capabilities and increase their competitive advantages. Both theoretical and practical implications are also discussed.