Conceptual Framework for the Adoption of fintech Products and Services in Malaysia

Abstract

In recent years, financial technology or FinTech has gained increasing attention worldwide due to its extraordinary potential to change lives and economies. Fintech can provide a society with secure and efficient access to financial products, simultaneously enhance a country’s economic growth. The aim of this study is to identify factors that influence consumers’ adoption towards FinTech products and services in Malaysia. Based on the literature review done regarding adoption studies, this article suggests and justifies the applicability of Technology Acceptance Model (TAM) in FinTech adoption. From the literature review and conceptual framework, lack of perceived usefulness and ease of use of FinTech products and security concern are great challenges among Malaysian consumers. Therefore, there is a need for financial service providers to incorporate technology in their interaction with Malaysian consumers in order to encourage their participation in FinTech.