Consumer acceptance of fintech services in the South African banking sector: a COVID-19 context

Abstract

This study explores the consumer acceptance of fintech services in the South African (SA) banking sector, focusing on the COVID-19 context. The conceptual framework used in the study is the Technology Acceptance Model (TAM), which considers factors such as perceived usefulness, perceived ease of use, and behavioural intentions and other adopted factors from previous literature such as Perceived Risk, Trust, User Innovativeness, Perception of COVID-19 and Fintech Acceptance.

The research aims to understand the extent to which consumers are willing to adopt fintech services by identifying the relationship between behavioural intention and other factors influencing their decision-making process. The study draws on primary and secondary data sources to provide insights into consumer fintech acceptance and adoption during the COVID-19 pandemic in the South African banking sector.

After conducting empirical research, a convenience sample of 156 South African banking customers participated by completing an online survey shared on various social media platforms. The data collected was analysed using Structural Equation Modelling in AMOS software.

The main findings of this study reveal that behavioural intention has a positive relationship between these five factors, namely, perceived usefulness, perceived ease of use, trust, fintech acceptance and user Innovativeness; this suggests that these factors are significant in measuring consumer acceptance of fintech services in SA banking. However, the perception of COVID-19 and perceived risk were found to be insignificant measures based on the data collected. This study aimed to understand the consumer acceptance of fintech services in SA banking consumers during the COVID-19 pandemic however, it does have some limitations due to the method of collection used and the targeted population.

The study concludes by offering recommendations for banks to enhance their offerings and increase consumer acceptance and adoption of fintech services.