Factors Influencing Behavior Intention in Digital Investment Services of Mutual Fund Distributors Adoption in Thailand

Abstract

There are various types of mutual fund distributors in Thailand that utilize technology to provide investment services to individual investors. These services can be accessed through mobile or internet banking, allowing investors to make transactions and invest in mutual funds at their convenience. This work aims to identify the factors that influence individual investors in Thailand to use digital investment services offered by brokerages. We have developed a conceptual model based on the Technology Acceptance Model (TAM2) and relevant literature on fintech and financial behavior, comprising seven variables and six hypotheses. Our research method involves a questionnaire survey of Thai investors and the use of partial least square structural equation modeling (PLS-SEM) for data analysis. The results show that individual investors’ intention to use digital investment services is significantly impacted by their perception of the usefulness of these services. Additionally, this intention is also influenced by other variables such as convenience, trust, and subjective norm, but not by perceived ease of use. This may be because most of our study’s participants are tech-savvy. Our findings provide insight into the perspectives and perceptions of Thai individual investors who have experiences of mutual fund investment.