Determinant Factors of Islamic Financial Technology Acceptance Evidence from Indonesia
Main Article Content
Keywords
Islamic Literacy, Financial Technology, TAM, Islamic FinTech
Abstract
The rapid development of the Islamic-based financial industry in Indonesia has not been followed by the development of Islamic Financial Technology (iFinTech). This certainly raises questions about what factors affect iFinTech acceptance in Indonesia. In this study, the Technology Acceptance Model (TAM) was applied to identify the determinant factors of iFinTech acceptance. In this regard, five factors were identified as the determinant factors of iFinTech acceptance, namely perceived ease of use, perceived usefulness, subjective norm, self-efficacy, and customer innovativeness. Using an online questionnaire, this study gathered 526 responses from people who lived in various areas of Indonesia. Data were analyzed by a Structural Equation Model, and it was found that, among the five variables investigated, four variables, which are perceived usefulness, subjective norm, self-efficacy, and customer innovativeness, have significant influence on iFinTech acceptance; while perceive ease of use was found have no effect on iFinTech acceptance. This result is expected to be an input for related parties, such as iFinTech providers and the government, in making policies to encourage the development of the iFinTech industry in Indonesia.
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References
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Cohen, J. (1988). Statistical power analysis for the behavioral sciences. Mahwah, NJ: Lawrence Erlbaum
Darmansyah, Fianto, B. A., Hendratmi, A., & Aziz, P. F. (2020). Factors determining behavioral intentions to use Islamic financial technology: Three competing models. Journal of Islamic Marketing, 12(4), 794–812. https://doi.org/10.1108/JIMA-12-2019-0252
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Ghobakhloo, M., & Tang, S. H. (2013). The role of owner/manager in adoption of electronic commerce in small businesses: The case of developing countries. Journal of Small Business and Enterprise Development, 20(4), 754–787. https://doi.org/10.1108/JSBED-12-2011-0037
Ghozali, I. (2016). Aplikasi analisis multivariate dengan progam IBM SPSS 20. Cetakan ke 8. Semarang. Badan Penerbit Universitas Diponegoro.
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Ho, J. C., Wu, C. G., Lee, C. S., & Pham, T. T. T. (2020). Factors affecting the behavioral intention to adopt mobile banking: An international comparison. Technology in Society, 63(December 2019), 101360. https://doi.org/10.1016/j.techsoc.2020.101360
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption intention of FinTech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3). https://doi.org/10.3390/sym11030340
Hudaefi, F. A. (2020). How does Islamic FinTech promote the SDGs? Qualitative evidence from Indonesia. Qualitative Research in Financial Markets, 12(4), 353–366. https://doi.org/10.1108/QRFM-05-2019-0058
Hudaefi, F. A., Hassan, M. K., & Abduh, M. (2023). Exploring the development of Islamic FinTech ecosystem in Indonesia: a text analytics. Qualitative Research in Financial Markets, 15(3), 514–533. https://doi.org/10.1108/QRFM-04-2022-0058
Hui, H. W., Manaf, A. W. A., & Shakri, A. K. (2019). FinTech and the transformation of the Islamic finance regulatory framework in Malaysia. In Emerald Publishing Limited (Ed.), Emerging Issues in Islamic Finance Law and Practice in Malaysia (pp. 211–222). https://doi.org/10.1108/978-1-78973-545-120191018
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Lada, S., Tanakinjal, G. H., & Amin, H. (2008). Predicting intention to choose halal products using theory of reasoned action. International Journal of Islamic and Middle Eastern Finance and Management, 2(1), 66–76. https://doi.org/10.1108/17538390910946276
Lassar, W., Manolis, C., & Lassar, S. S. (2005). The relationship between consumer innovativeness, personal characteristics, and online banking adoption. International Journal of Bank Marketing, 23(2), 176–199. https://doi.org/10.1108/02652320510584403
Lee, H., Qu, H., & Kim, Y. (2007). A study of the impact of personal innovativeness on online travel shopping behavior – a case study of Korean travelers. Tourism Management, 28(3), 886–897. https://doi.org/10.1016/j.tourman.2006.04.013
Liu, A.-C., & Chou, T.-Y. (2020). An Integrated Technology Acceptance Model to Approach the Behavioral Intention of Smart Home Appliance. The International Journal of Organizational Innovation, 13(2), 96.
Luszczynska, A., Schwarzer, R. (2015). Social Cognitive Theory. In M. Conner & P. Norman (Eds), Predicting and Changing Health Behaviour (2nd Ed., pp. 127–169). Buckingham, UK: Open University Press.
Majid, R. (2021). The Role of Religiosity in Explaining the Intention to use Islamic FinTech Amongst MSME Actors, International Journal of Islamic Economics and Finance, 4(2), 207–232. https://doi.org/10.18196/ijief.v4i2.11833
Marhaini, W., Ahmad, W., & Rahman, A. A. (2005). Riba dan gharar dalam insurans: satu analisis fiqh. Jurnal Fiqh, 2, 97–118. https://doi.org/10.22452/fiqh.vol2no1.5
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Miskam, S., Yaacob, A. M., &, & Rosman, R. (2019). FinTech and its impact on Islamic fund management in Malaysia: a legal viewpoint. Emerging Issues in Islamic Finance Law and Practice in Malaysia. https://doi.org/10.1108/978-1-78973-545-120191019
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Muryanto, Y. T., Kharisma, D. B., & Ciptorukmi Nugraheni, A. S. (2022). Prospects and challenges of Islamic FinTech in Indonesia: a legal viewpoint. International Journal of Law and Management, 64(2), 239–252. https://doi.org/10.1108/IJLMA-07-2021-0162
Nurfadilah, D., & Samidi, S. (2021). How the Covid-19 Crisis Is Affecting Customers’ Intention To Use Islamic FinTech Services: Evidence From Indonesia. Journal of Islamic Monetary Economics and Finance, 7(1), 83–114. https://doi.org/10.21098/jimf.v7i0.1318
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Oliveira, T., & Martins, M. F. (2010). Understanding e-business adoption across industries in European countries. Industrial Management and Data Systems, 110(9), 1337–1354. https://doi.org/10.1108/02635571011087428
Rahayu, R., & Day, J. (2015). Determinant Factors of E-commerce Adoption by SMEs in Developing Country: Evidence from Indonesia. Procedia - Social and Behavioral Sciences, 195, 142–150. https://doi.org/http://dx.doi.org/10.1016/j.sbspro.2015.06.423
Rahayu, R., & Day, J. (2017). E-commerce adoption by SMEs in developing countries: evidence from Indonesia. Eurasian Business Review, 7, 25–41. https://doi.org/10.1007/s40821-016-0044-6
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Mar 27, 2024
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Rahayu, R., Ali, S., Hidayah, R., & Nabila, S. (2024). Determinant Factors of Islamic Financial Technology Acceptance: Evidence from Indonesia. Journal of Telecommunications and the Digital Economy, 12(1), 405–426. https://doi.org/10.18080/jtde.v12n1.790
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Special Issue: Emerging Technologies and Innovation for Digital Economy and Transformation
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