Acceptance of FinTech services by university women

2.1. Background on FinTech adoption factors by women

Previous studies on the factors that influence the behavioral intention to adopt FinTech from the perspective of women have applied models such as the Technological Acceptance Model (TAM) (Setiawan et al., 2023). It was proposed by Davis (Davis, 1989) and has become a more applied analytical and representative model for understanding the systematic adoption of emerging technologies (J. S. Wang, 2021). The model was created to explain the effects of perceived ease of use, perceived usefulness, and attitude factors on consumer behavioral intentions (Tat Huei et al., 2018).

Some studies such as the one by Hu et al. (Hu et al., 2019) have extended the TAM to include user innovation factors, government support, brand image, and perceived risk as determinants of trust to investigate how users adopt FinTech services. Other determinants integrated into the TAM to predict FinTech adoption have been financial health and government support (Setiawan et al., 2021). The inclusion of the aforementioned factors helps to increase the available knowledge about the behavior of the consumer of financial technological services such as FinTech for the empowerment of women (Mohamed et al., 2021).

The Individual Innovation Theory (IIT) has been employed to examine the factors that influence women’s adoption of FinTech technologies (Setiawan et al., 2023). Some studies, such as Xie et al. (2021), have adopted the Unified Theory of Acceptance and Use of Technology (UTAUT), incorporating perceived value and risk alongside traditional factors like performance expectation, effort expectation, social influence, and facilitating conditions. Additional elements, including personal innovation, financial literacy, and uncertainty avoidance, have also been considered (Alkhwaldi et al., 2022). Moreover, digitalization factors such as trust, transparency, and financial experience—crucial for adopting digital financial services from non-banking high-tech firms—have been highlighted (Jünger & Mietzner, 2020). The Theory of Planned Behavior (TPB) has been employed to predict FinTech adoption through attitude, subjective norm, and perceived behavioral control (Mazambani & Mutambara, 2020). Some studies integrate these theories, such as Irimia-Diéguez et al. (2023), who combined TPB with the Theory of Reasoned Action (TRA) to conduct a causal-predictive analysis of FinTech adoption.

2.2. Model and FinTech adoption factors by women

The proposed model includes factors corresponding to classic theories and models of adoption of technologies and behavior of human intentions such as TAM and UTAUT to generate an integrated approach to the adoption of FinTech by women. TAM’s traditional variables perceived usefulness, perceived ease of use, attitude towards the use, and intention to use are included as well as the external variables perceived trust, user innovation, and perceived security. Additionally, extended UTAUT factors such as brand image and financial literacy are added (see Figure. 1). The following is a perspective of the factors selected from the FinTech approach.

Figure 1. Conceptual model of FinTech adoption by women.

2.3. Perceived ease of use

According to Nangin, the perceived ease of use of technology refers to the extent to which an individual believes that technological devices can be easily understood and utilized. When a FinTech system is perceived as difficult to use, the intention to adopt it decreases due to the additional effort required for comprehension (Suprapto & Farida, 2022). Davis (1989) proposed that perceived ease of use is crucial in explaining user intention and behavior toward new technologies. In this context, it pertains to the ease of learning and conducting financial transactions on FinTech platforms (Tun-Pin et al., 2019). Additionally, perceived ease of use influences perceived usefulness, meaning that when individuals find FinTech easy to use, they are more likely to see it as beneficial for improving their financial performance (Perwitasari, 2022). Consequently, perceived ease of use directly affects both perceived usefulness and the intention to use FinTech services. However, research conducted during the period of the pandemic in Indonesia, as exemplified by the study of Setiawan et al. (2023), has determined that the intention of women to adopt FinTech services was found to be significantly and negatively impacted by the perceived ease of use. Conversely, the aforementioned study has also confirmed that the perceived ease of use has a significant positive effect on perceived usefulness.

2.4. Perceived trust

Previous studies have found that trust is a determining factor in the adoption of FinTech because the decision to make financial transactions is strongly determined by the level of customer trust (Nangin et al., 2020). In the study Meyliana et al., (2019), trust is described as “an idea related to self-trust, hope, reliability, dependence, integrity and the capacity of an entity” (p. 32). The adoption of FinTech involves many aspects of trust such as data confidentiality, the usability of mobile applications, the security of transactions and, in essence, the security of the platform; therefore, perceived trust has been positively associated with the intention to use FinTech (Stewart & Jürjens, 2018). In addition, it has been identified that perceived trust influences the perceived usefulness of electronic services such as FinTech which, in turn, affects user acceptance (Nikou & Economides, 2017). Previous studies on the adoption of FinTech services by women, such as that of Setiawan et al., (2023), showed a positive impact on the perceived trust regarding the intention to adopt FinTech services.

2.5. Perceived security

Security is a pivotal factor in the adoption of FinTech services and products, as it encompasses the protection of the service, platform, network, and devices. This aspect is positively associated with perceived usefulness (Lim et al., 2019). In the extant literature, security is defined as the extent to which individuals perceive a FinTech service or product as safe to use, considering the control they have over it. This perception is influenced by the technological security features of the platform, which in turn affect trust-based behaviors in financial transactions (Roh et al., 2024). Additionally, the ability of FinTech companies to prevent blackmail or hacker attacks on financial transaction systems is associated with a significant impact on users’ intention to adopt these services (Tang et al., 2020). Moreover, studies have shown that women tend to be more concerned than men about data exchange in FinTech services, which partially explains the gender gap in FinTech adoption (Chen et al., 2023). Additionally, research by Lim et al. (2019) has confirmed that perceived security has a significant influence on perceived usefulness.

2.6. User innovation

According to (Shahzad et al., 2022) user innovation is the willingness of an individual to test new goods, technologies or services early in the development process. In this way, these people can better manage levels of uncertainty and have a greater motivation to use new and innovative products. Hence, in the literature, it has been established that the willingness to accept new technologies such as FinTech is the main driver to adopt this technology, so a pioneer in the use who is willing to experience FinTech products and services will have a greater disposition of intention to use them in the future (Setiawan et al., 2021). Even early adoption of FinTech has a greater likelihood of significantly affecting users’ attitude towards the adoption of this financial technology (Hu et al., 2019). In the study by (Setiawan et al., 2021), in which the majority of the sample is made up of women, they concluded that user innovation has both a direct and indirect impact on the adoption of FinTech services.

2.7. Financial literacy

Financial literacy has been identified in the extant literature as a pivotal predictor of financial well-being and a catalyst for financial capacity through the utilization of FinTech. By enhancing financial literacy, individuals can more effectively engage with financial technologies, thereby supporting financial inclusion (Panos & Wilson, 2020). Financial literacy is defined as the awareness and comprehension of fundamental financial concepts, including money management, financial planning, compound interest, inflation, and risk diversification. Research has demonstrated a positive correlation between financial literacy and attitudes toward FinTech adoption and user innovation (Nugraha et al., 2022). Furthermore, personal financial knowledge has been found to significantly influence the intention to adopt FinTech services (Setiawan et al., 2021).

In the context of women, financial knowledge plays a mediating role in their intention to use FinTech services. Studies indicate that as women acquire more financial knowledge, their likelihood of adopting FinTech services increases (Igamo et al., 2024).

2.8. Brand image

Brand image is a crucial asset for organizations, contributing to the creation of intangible economic value. It shapes users’ perceptions and influences their trust in financial services, thereby playing a key role in fostering engagement among individuals with planned financial objectives (Hu et al., 2019). Comprising elements such as names, symbols, signs, and designs, brand image differentiates financial services from competitors. Research indicates that brand image exerts a substantial influence on the adoption of FinTech, with individuals who prioritize brand reputation demonstrating higher adoption intentions (Suprapto & Farida, 2022). Moreover, studies have identified a direct relationship between brand image and the intention to adopt FinTech services among female demographics. A robust and reputable brand fosters heightened trust, thereby amplifying the probability of adoption (Setiawan et al., 2023).

2.9. Perceived usefulness

Perceived usefulness has been identified as a pivotal factor influencing customers’ attitudes toward novel technologies (Davis, 1989). Research has demonstrated its impact on the adoption of mobile banking, with individuals demonstrating a propensity to adopt financial technologies when they perceive these tools to enhance their performance (Hasan et al., 2021). When users perceive a FinTech system as beneficial, their intention to adopt it is found to increase (Chuang et al., 2016). The extant literature suggests a positive relationship between perceived usefulness and FinTech adoption, indicating that the higher the perceived usefulness, the greater the actual use of these services (Singh et al., 2020).

Regarding women, research has found that perceived usefulness significantly influences their intention to adopt FinTech services, reinforcing its role as a determinant in financial technology adoption (Setiawan et al., 2023).

2.10. Attitude

Attitude has also been identified in the literature as a key factor in human behavioral intentions as postulated by (Davis, 1989). Thus, it is explained that when a person has a good experience with the use of FinTech products and services, their disposition to use them will increase considerably (Tat Huei et al., 2018). It has also been said that customers can have positive feelings about technological financial products and services if they believe that they are easy to use. In that sense, the attitude towards the use of FinTech could have a positive impact on a person’s behavioral intention (Shahzad et al., 2022). With respect to women, (Igamo et al., 2024) stated that given the increase in favorability on women’s attitude towards FinTech services, their intention to adopt them also increased.

3.1. Participants

A 36-question questionnaire was applied in person and online via Google Forms to 547 women selected through a non-probabilistic sampling at the convenience of the study. The participants were students from three university institutions in Medellín, Colombia, and one in Chiclayo, Peru. Socio-demographic characteristics indicated that the predominant age group was 18 to 22 years old (51%), followed by the group of 23 to 27 years old (25%), 28 to 32 years old (14%), and over 32 years old (10%). As for educational level, most of the participants attainment was secondary education (32%), followed by vocational training (25%), technical (21%), technological (18%), and graduate (5%). In addition, university students were asked if they were aware of FinTech services; the result was 54% affirmative answers and 46% were not aware of them.

They were then explained that FinTech are companies that use technology to improve or automate financial services, products and processes, and were asked about their perception of the importance of these services; 42% considered them important, 41% perceived them as very important, and 13% had a neutral position. As for the services they would access through FinTech, digital payments ranked first with 29.27%, digital loans ranked second with 18.03%, followed by neobanks or digital banks with 16.74%, and personal finance apps scored 14.51%. The crowdfunding or collaborative financing aroused the interest of 3.86%, while the trading or stock trading platforms reached 4.64%. Insurtech (digital insurance) and RegTech (artificial intelligence solutions) services achieved 5.06% each. Finally, 2.83% of the respondents opted for blockchain and cryptocurrencies.

3.2. Instrument

Regarding the designed questionnaire, the first section focused on multiple-choice and dichotomous questions about the socio-demographic characteristics of university students such as age and educational attainment. The next section inquired about their knowledge and how important financial innovations are for university women. In addition, they were asked about which FinTech services they use most frequently. The third section of the survey included nine dimensions made up of thirty statements to evaluate the use of FinTech services by female students. To do this, the Likert scale was used, which measured the degree of agreement of the surveys with the statements about the use of these financial technologies. The scale consisted of the options (1) “Strongly disagree”, (2) “Disagree”, (3) “Neither agree nor disagree”, (4) “Agree” and (5) “Strongly agree”. The constructs Intention to adopt FinTech, financial literacy, perceived ease of use, perceived usefulness, perceived trust, perceived security, brand image, user innovation and attitude, and affirmations have been previously validated in other studies on the adoption of financial technology and all questionnaire was developed by the authors based on the literature reviewed as presented in Table 1.

The information was collected during the first quarter of 2024. Before completing the survey, participants were informed about the purpose of the study, clarifying that their participation was voluntary and anonymous, and that the data would be used for academic purposes only. Likewise, following the recommendations of (Saunders et al., 2019), the questionnaire was subjected to translation to guarantee the fidelity of its content.

3.3. Processing and analysis of data

In this study, PLS-SEM was chosen because of its broad-spectrum predictive approach, which has significant practical implications for explaining managerial phenomena, especially those related to human behavior (AlNuaimi et al., 2021).

The PLS-SEM estimates the parameters of a set of equations in a structural model by combining path analysis and regression-based significance tests, thus representing several advantages in investigations that use cause-and-effect models to explain or predict a construct (Amora, 2021). The PLS-SEM analysis was developed in two steps: (1) Measurement model (evaluating the validity and reliability of the model); and (2) Structural model and hypothesis test (testing the hypotheses of the proposed model) using the information collected. These analyses were carried out with the SmartPLS 4 statistical software; the most used in partial least squares analysis (PLS-SEM) (J. Hair & Alamer, 2022).

3.4. Ethical guidelines

This study was conducted in accordance with the ethical principles outlined in the Declaration of Helsinki for research involving human participants.

Ethical approval was granted by the Research Ethics Committee of Tecnológico de Antioquia – Institución Universitaria (CEI-TdeA), Medellín, Colombia. The project entitled “Acceptance of FinTech services by university women” was approved during the extraordinary meeting recorded in Minutes No. 09 of the 2024–02 semester, held on September 26, 2024. The study was classified as risk-free research in accordance with Article 11 of Resolution 8430 of the Colombian Ministry of Health (1993).

Participation in the study was voluntary and anonymous. All participants were informed about the objectives of the research, the confidentiality of their responses, and their right to withdraw at any time without consequences.

Verbal informed consent was obtained from all participants prior to completing the questionnaire. The use of verbal consent was approved by the ethics committee because the study involved minimal risk and anonymous survey data collection.

5.1. Comparison with other studies

In comparison with similar studies identified in the literature, (Igamo et al., 2024) present the results of their research on the adoption of FinTech by women in post-COVID-19 Indonesia, where they identify attitude, government support, digital financial literacy, and the value of the status quo as key determinants. In relation to the current study, both approaches use advanced statistical analysis to validate their models, highlighting the importance of psychological and trust factors, such as the perception of usefulness and security in the adoption decision. Similarly, the study by (Setiawan et al., 2023) focuses specifically on Indonesian women and highlights the need for equal participation of women in the creation of FinTech technologies, in addition to the influence of public and government policies in the adoption of these services. However, these two studies differ from the current study in the consideration of specific cultural and economic factors, highlighting the importance of financial support and education in their specific context.

Kedir and Kouame (Kedir & Kouame, 2022) propose a study on FinTech and female entrepreneurship from other geographical and methodological contexts but coincide with the current study in highlighting the role of financial technology, especially the use of mobile money, to promote inclusion and stimulate entrepreneurship among women. They also recognize that improved access to digital financial services can significantly increase opportunities for self-employment and underline the importance of addressing gender disparities in access to formal financial institutions and in the adoption of FinTech. However, they differ in the methods used, as they use qualitative and quantitative data to delve into the challenges and opportunities in the specific context of Burkina Faso and Cameroon. This methodological difference is also reflected in the specific recommendations for policies and practices in their orientation towards practical and local solutions to improve financial and business inclusion among women in those countries.

Likewise, the work of Irimia-Diéguez et al. (Irimia-Diéguez et al., 2023) is known by its specific focus on the adoption of FinTech among women. However, while the present results provide a detailed perspective on how factors such as perceived ease of use, perceived usefulness, security, trust, and financial literacy influence their intention to adopt these technologies, the study conducted by those authors focuses on other factors such as social norms and general attitudes, using the Theory of Planned Behavior and the Theory of Reasoned Action.

5.2. Added value

The study on the adoption of FinTech by women reveals solid and significant results that validate the structure of the proposed model. Although other studies have been carried out on FinTech, these usually address the issue in a general way and are still scarce when it comes specifically to adoption by women. In contrast to those studies, the results presented here focus exclusively on women in the city of Medellín, Colombia, and Chiclayo, Peru, providing detailed results on their behaviors, perceptions, and the specific barriers they face when adopting these technologies in this particular context. While other studies identified are developed in environments such as Africa or Indonesia, where different cultural and political aspects that influence the specific needs of each country are considered. Therefore, this article contributes to diversifying approaches from different geographical perspectives.

5.3. Practical implications

The results of the study offer perspectives to improve both product design and market strategies in this emerging sector, highlighting the importance of perceived ease of use and security as determining factors in the perception of usefulness of FinTech services. This underlines the need for companies to invest in intuitive interfaces and robust security measures, which can not only increase user satisfaction, but also facilitate the adoption of financial technologies. In addition, the construction and maintenance of a solid and reliable brand image is essential to attract women to these platforms, as well as the development of educational programs that improve financial literacy and address the specific barriers that women may face in terms of trust and knowledge of the product.

Furthermore, it is crucial that marketing strategies focus on building user trust and promoting user innovation as a means to increase the acceptance and continuous use of services. This includes not only offering transparency in policies and operations, but also encouraging the participation of users in the development and improvement of products. In addition, adapting products and services to meet the specific needs of women and providing personalized financial advice can be effective strategies to overcome barriers related to trust and the perception of usefulness. Together, these recommendations can help FinTech companies capture and retain a key demographic, thus facilitating greater financial inclusion.