Table 1

Important literature on FinTech

FocusStudy typesSourceMain findings
iGen Trust Perspective on FinTechEmpiricalStewart and Jürjens (2018a, b) The prospect of data security risk scares Gen Z into prioritising security when using FinTech
Case StudyAseng, 2020; Kee et al. (2024a, b) Security, usability and social influence are the key sources of trust and satisfaction in FinTech
DescriptiveMemon et al. (2021), Anand and Sharma (2023) Gen Z's FinTech adoption is initially low, it may increase with more financial literacy and awareness of the benefits of FinTech in their digital life
Case StudyVinichenko, Takigawa, Oseev, Rybakova, and Makushkin (2022) iGen use AI-driven financial services with added worries of automation bias and transparency
DescriptiveSundararajan (2020), Yang (2025) Gen Z values FinTech's speed but still trusts traditional banks more
ReportPhuong et al. (2022a, b) Social networks and peer influence drive their digital payment adoption
ConceptualArmansyah, Ardianto, and Rithmaya (2023), Adiputra and Nathaerwin (2024) Gen Z's investment behavior in FinTech highly depends on trust
EmpiricalAlam et al. (2022), Dwi Fortuna and Sutrisno (2024) Easier to use but concerned with data security
ReportAcharya and Poudel (2023) To build trust, financial literacy and transparency is what FinTech firms must market
ConceptualSyakinah (2024) Ethical concerns, corporate responsibility and transparency shape Gen Z's trust in FinTech
DimensionsEmpiricalYousafzai et al. (2009a, b), Stewart and Jürjens (2018a, b), Aldboush and Ferdous (2023a, b, c), Pierson Martha (2023) Security: The protection of financial transactions and personal data through encryption, authentication and fraud prevention
Privacy: The measure that confirms financial data of user is collected, stored and shared unambiguously and safely
Risk: The three major sources of risk in FinTech are perceived uncertainty of financial fraud, cyber threats and possible financial loss from FinTech usage
DescriptivePierson Martha (2023) Transparency: FinTech providers are clear, open and provide fees, terms, conditions and data usage policies
Systematic Review & Meta-AnalysisZarifis and Cheng (2022), Aldboush and Ferdous (2023a, b, c), Margaroli (2023), Pierson Martha (2023) User Experience: FinTech platforms should be easy, efficient and convenient to navigate and interact for User Experience
Cross-SectionalHasan, Jalal Siam, and Haque (2023) Customer Support: Availability and quality of support are provided to the users in case of query or issue
Mixed-MethodStewart and Jürjens (2018a, b), Pierson Martha (2023) Awareness Campaign: The efforts for educating the users on the advantages and risks of FinTech technology and secure it
Reports & Industry StudiesZarifis and Cheng (2022) Social Influence: The impact of peers, online communities and social networks on users' trust and adoption of FinTech
EmpiricalStewart and Jürjens (2018a, b) Attitude: Perception, propensity and preference of users for the FinTech services
Trust and FinTech AdoptionEmpiricalZhang et al. (2023), Singh (2024) Trust and adoption of FinTech services are highly influenced by considerations around data security and privacy, which results in encryption becoming a strong preference for data transfer as well as keeping the information transparent
DescriptiveAnand, Himani, Gautam, and Modi (2024), Acharya and Bhojak (2024) The adoption of Fintech by Gen Z is primarily influenced by digital literacy, compatibility of technology and service and perceived benefits, but a lack of awareness inhibits their engagement
Cross-SectionalArifin, Saputra, Puspitasari, and Bazen (2023), Subhani, Tahir, Naz, Nazir, and Chaudhry (2024) Gen Z's acceptance of FinTech is influenced by social influence and technostress and moderated by their perceived ease of use and financial risk
Mixed-MethodGrandhi, Wibowo, and Wells (2023), Srivastava, Mohta, and Shunmugasundaram (2024) The effect of performance expectancy, effort expectancy and financial literacy on customer's behavioral intention to adopt FinTech is mediated by customer's satisfaction, with financial literacy moderating the effect
Systematic ReviewFirmansyah, Masri, Anshari, and Besar (2022), Maniam (2024) Key determinants of the adoption of FinTech are trust, financial literacy and regulatory frameworks, while UTAUT and TAM are the main theoretical models underlying models finance the adoption
Reports & Industry StudiesKumar (2024), Al hazimeh et al. (2024) Transparency, security and regulatory frameworks reinforce trust in FinTech and ultimately shapes long-term user engagement
Methodological Approaches for scale developmentQuantitativeTrinidad (2018) Pre-Test and Post-Test measuring changes before and after the implementation of intervention; preserves internal validity. Statistical significance thresholds consist of p < 0.05
Scale DevelopmentChoi and You (2017) EFA reduces multiple variables into their factors; it is CFA that confirms the factor structure. Good model is fit indices such as RMSEA <0.08 and CFI >0.9
Scale ValidationLowe, Grumbein, and Raad (2011) Psychometric properties analysis the Reliability. It is evaluated by the use of Cronbach's alpha (>0.7) and stability (>0.8) through test-retest reliability
QuantitativeAb Hamid et al. (2017) Fornell-Larcker Criterion evaluates discriminant validity; AVE should be > 0.5; square root of its value should be greater than the correlation with other variables
QualitativeHung, Liao, & Wang (2021) Penel discussion mainly conduct for the qualitative assessment of the scale content to ensure the face validity
Qualitative using Delphi methodZeng et al. (2023) Expert opinion refines new measurement tools through multiple rounds to ensure content validity and construct clarity
Scale DevelopmentAb Hamid et al. (2017) Validity (discriminant and convergent) Convergent validity: AVE >0.5; Discriminant validity: Square root of AVE > inter-variable correlations
QuantitativeCecen (2023) A Pearson's Correlation analysis r above 0.5 implies strong correlation, while it indicates a high association of variables for numbers near 1
QualitativeLiao, Huang, and Wang (2022) Content validation by a subject expert, and they will identify relevant, clear and necessary items and the average content validity index (CVI) should be > 0.8

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