Investigating the Determinants of Islamic Mobile FinTech Service Acceptance: A Modified UTAUT2 Approach

Abstract

Financial technology (FinTech) is leading a worldwide revolution to increase financial access. Bangladesh’s financial sector is entering a new era of innovation due to the country’s rapid embrace of financial technology. Mobile FinTech service (MFS) providers achieve unattainable economic peaks every year. The growth of conventional banks’ MFS is significant. However, Islamic banks have a good market share but cannot attract more customers to use the Islamic MFS. This study aimed to determine the factors influencing Islamic bank customers to accept the Islamic MFS. This study utilized a modified UTAUT2 model. Data were collected from 310 Islamic bank customers by using online Google Forms. Structural equation modeling was employed to analyze the data by SMART PLS 3.2.9. The results revealed that social influence, facilitating conditions, price, and perceived credibility have a significant positive effect on Islamic MFS acceptance. However, performance expectancy and effort expectancy showed no impact on Islamic MFS acceptance. This research framework is helpful for academicians and researchers to investigate FinTech acceptance in developing countries. Moreover, the study results are beneficial for MFS providers and FinTech firms.