Journals Information
Advances in Economics and Business Vol. 12(3), pp. 33 - 41
DOI: 10.13189/aeb.2024.120302
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A Study on the Consumer Risk Perceptions for FinTech Platforms in India
Richa Kalpesh Saxena 1,*, Abhishek Budki 2, Anish Gupta 2
1 Department of Marketing & Operations, Anil Surendra Modi School of Commerce, SVKM's Narsee Monjee Institute of Management Studies (NMIMS) Deemed-to-be-University, Mumbai, India
2 Department - B.SC. Finance: Accounting and Finance, Anil Surendra Modi School of Commerce, SVKM's Narsee Monjee Institute of Management Studies (NMIMS) Deemed-to-be-University, Mumbai, India
ABSTRACT
Financial technology has seen significant growth in providing financial services. This growth, however, is not immune from the emerging risks that can cause a hurdle for FinTech adoption. This study explores the influence of consumer risk perceptions on FinTech platforms with the help of data collected from 200 individuals. For this research, only payment services and trading platforms were included, while crypto and blockchain could have also been meaningful parts to explore in this study. The study developed and tested the hypothesis based on eight independent variables against the risk and benefit perceptions of FinTech platforms using regression. The results indicate that the "Security and Privacy Risk" & "Functional and Regulatory Risk" together explained a significant amount of variance in risk-benefit perceptions of FinTech. Thus, it can be concluded that FinTech companies must divert their efforts to reduce consumer perceptions of safety and functional risks to better appeal to them. Further, the differences between the FinTech platforms were assessed using Tukey's HSD test performed to one-way ANOVA. The results for this test stated that the "Functional and Regulatory Risk" proved GPay to be preferred over PayTM and Other platforms. An independent factor t-test was also conducted, which concluded that the male gender is more sensitive to the "Security and Privacy Risk." Other than providing new directions for future research in the developing FinTech domain, the findings of this research may be crucial to FinTech companies, policy makers, and banks for B2B purposes.
KEYWORDS
FinTech, Perceived Risk, Finance, Technology, Regression, Tukey's HSD
Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Richa Kalpesh Saxena , Abhishek Budki , Anish Gupta , "A Study on the Consumer Risk Perceptions for FinTech Platforms in India," Advances in Economics and Business, Vol. 12, No. 3, pp. 33 - 41, 2024. DOI: 10.13189/aeb.2024.120302.
(b). APA Format:
Richa Kalpesh Saxena , Abhishek Budki , Anish Gupta (2024). A Study on the Consumer Risk Perceptions for FinTech Platforms in India. Advances in Economics and Business, 12(3), 33 - 41. DOI: 10.13189/aeb.2024.120302.