Fintech Adoption Factors: A Study on an Educated Romanian Population

Abstract

Even though the literature implies that customers and banking organizations can profit from digital banking in various ways, client adoption of this service is still low, especially in emerging and developing nations. Consumers’ openness to digital services limits their willingness to adopt digital banking, especially mobile banking services. We used a quantitative research method based on a questionnaire sent during August–December 2022 to Romanian individuals and received 118 answers, which we analyzed using the logistic regression model; throughout, we determined the extent of mobile banking use, payments, and banking products needed within the population with tertiary education, as well as new developments that the shift to digitalization brings to users, with new features for existing products, cryptocurrency accounts, and fintech companies now being complementary to traditional banks. Our study presents current customer perceptions of implementing bank digitalization through mobile applications in a developing nation like Romania; here, advantages are counterbalanced by limitations and there are, undoubtedly, difficulties to be overcome in the quest for a more effective e-business framework. We determined the factors that are relevant in making people use fintech accounts using logit analysis.