Strategic recommendations for financial technology service development: a comprehensive risk-benefit IPA-Kano analysis

Amalia Suzianti, Fannisa Rahma Haqqi, Safira Nurul Fathia

Research output: Contribution to journalArticlepeer-review

5 Citations (Scopus)


Purpose: This study aims to purpose a strategy for Financial Technology (Fintech) service development to increase user adoption of Fintech services. Design/methodology/approach: A conceptual model based on a risk-benefit approach was adopted based on the theory of reasoned action, the theory of planned behaviour and technology acceptance models. The partial least squares structural equation modelling method was used to test the proposed model and estimate the relationship between constructs. The results are used to develop strategies, which are then categorised based on the integration of an importance-performance analysis and the Kano model. Findings: The results show that trust, economic benefit and convenience significantly influence users to adopt Fintech services, whereas privacy awareness, financial risk and legal risk factors affect user trust. A strategy for consumer protection against security threats and financial losses warrants the highest priority for improvement. Practical implications: The findings of this study can help Fintech product managers classify their service improvements and help regulators make the appropriate policy decisions related to customer security and the adoption of Fintech. Social implications: There are some limitations of this research that should be noted. First, the research target respondents were millennials who have been statistically proven to have the highest affinity in using Fintech services. Second, the Fintech services used in this research were only mobile payments, peer-to-peer lending and crowdfunding. Future research could expand the number of research respondents to improve research validity, including other Fintech services or focus on one Fintech service at a time for targeted results and consider moderation variables, such as customer experience with Fintech services based on age and gender. Originality/value: This study contributes to the development of new frameworks for evaluating Fintech adoption intention based on a risk-benefit approach. It also presents strategy recommendations to be implemented by Indonesian Fintech companies.

Original languageEnglish
Pages (from-to)1481-1503
Number of pages23
JournalJournal of Modelling in Management
Issue number4
Publication statusPublished - 29 Nov 2022


  • Adoption intention
  • Business strategy
  • Fintech
  • IPA-Kano
  • Modelling
  • Partial least square structural equation modelling (PLS-SEM)
  • Risk and benefits framework
  • Statistics


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