Factors affecting university students' decision to use Fintech services in Ho Chi Minh City

Abstract

Society is increasingly moving forward with the remarkable advancements of technology in the new era. The 4.0 era is a fertile ground for the proliferation of many fields, many fields have risen to comprehensive change and led the trend, not to mention the financial sector with the spectacular birth of Fintech - financial technology. In Vietnam, this financial technology sector is also in a period of dynamic development. However, this is not an overarching field that Vietnam can fully grasp. There are still great challenges for the financial technology sector in the Vietnamese market. Therefore, the purpose of this topic is to study: “Factors affecting university students' decision to use Fintech services in Ho Chi Minh City” based on research methods and testing the accuracy of the topic with the desire to find out the influence of factors affecting the decision to use Fintech services to suggest strategic methods. Attracting the participation of customers using this market and the advantages, opportunities, or challenges of Fintech in the future. The research method includes qualitative developed through direct interviews with 10 Fintech service users and quantified through analysis of 300 valuable samples through questionnaires based on TAM and UTAUT2 models. In addition, three additional variables are added: "Perceived Risk", "Brand Trust and Service", "Confidentiality, Privacy". The study uses 7 variables including Perceived usefulness, Perceived Ease of Use, Social influence, Perceived risk, Brand Trust and Service, Confidentiality, Privacy, Effort Expectancy. In which there are two variables "Perception of Usefulness" and "Confidentiality, Privacy" occurs the phenomenon of convergence of variables that do not pass the EFA test and have been included in the remaining variables by the authors. Besides, some factors have been removed due to the failure of the EFA test and some factors are not significant in the model. Through the regression analysis of factors from the UTAUT-2 model that most influenced the decision to use Fintech services is "Effort Expectancy - EE", fintech service providers need to focus more on the techniques of developing, improving services and utilities to bring users to attract a large number of customers, help customers engage with fintech services more strongly and build a friendly service model, close to customers. Finally, the research team tries to make research proposals to contribute to the future research direction of managers to help Fintech capture the Vietnamese market and the sustainable development of Fintech.