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A tale of two FinTech solutions: Loyalty in mobile bank applications and initial trust in financial robo-advisors
Mittuniversitetet, Fakulteten för humanvetenskap, Institutionen för ekonomi, geografi, juridik och turism. (Centre for Research on Economic Relations (CER))ORCID-id: 0000-0002-3321-3366
2023 (Engelska)Doktorsavhandling, sammanläggning (Övrigt vetenskapligt)
Abstract [en]

This thesis on financial technology (FinTech) solutions consists of twosuccessive phases, each including two articles. The first phase targets the loyalty of young bank customers (YBCs) to mobile bank applications (MBAs). One of the articles of this phase investigates the relationships between cognitive, affective, and conative antecedents, on one hand, and loyalty on the other. The other article identifies the relationships between usability, responsiveness, reliability, and customer satisfaction, on one hand, and loyalty on the other. Two electronic questionnaires were sent to 500 YBCs in Sweden, 146 responded, and covariance-based structural equation modelling was employed to analyse the data. The resulting model of YBCs’ loyalty to MBAs concludes that three attributes, i.e., memorability, confidentiality, and understandability, along with ease of use, ease of information search, and ease of navigation, determine the satisfaction of the younger generation and their loyalty to MBAs. The second phase focuses on the antecedents of building trust in financial robo-advisors (FRAs) based on the perceptions of young retail investors (YRIs). One of the two articles of this phase investigates building trust in technology through utilizing risk perspectives and the behavioural finance paradigm. The other article targets initial trust from the perspectives of the management discipline and the unified theory of acceptance and use of technology. It tests whether the cultural variable ssuggested by previous studies moderate the relationship between the seantecedents and initial trust. Two electronic questionnaires were sent to YRIs in Sweden and Malaysia, and partial least squares structural equation modelling was employed to analyse the data. The resulting model of YRIs’ initial trust in FRAs emphasizes the essential role of personal attributes (trust propensity and decision style), information, and technological features in addressing initial trust, which in turn determines the behavioural intention to use FRAs. Most findings are similar in the two countries, with some indications of cultural differences in what influences young investors’ initial trust in robo-advisors. For example, price is perceived as more important in Sweden, while social networks seem to be more important in Malaysia. Despite some limitations, the thesis has novel implications for theory and practice. Synthesizing the results suggests that ease of use and cognitive features are highly important to FinTech solutions.

Ort, förlag, år, upplaga, sidor
Sundsvall: Mid Sweden University , 2023. , s. 110
Serie
Mid Sweden University doctoral thesis, ISSN 1652-893X ; 384
Nyckelord [en]
FinTech, loyalty, young bank customers, Mobile bank applications, initial trust, young retail investors, financial robo-advisors
Nationell ämneskategori
Företagsekonomi
Identifikatorer
URN: urn:nbn:se:miun:diva-47497ISBN: 978-91-89341-91-3 (tryckt)OAI: oai:DiVA.org:miun-47497DiVA, id: diva2:1734241
Disputation
2023-02-24, C312, Holmgatan 10, Sundsvall, 13:15 (Engelska)
Opponent
Handledare
Tillgänglig från: 2023-02-06 Skapad: 2023-02-06 Senast uppdaterad: 2023-02-06Bibliografiskt granskad
Delarbeten
1. Mobile bank applications: Antecedents and consequences of young bank customer loyalty
Öppna denna publikation i ny flik eller fönster >>Mobile bank applications: Antecedents and consequences of young bank customer loyalty
2022 (Engelska)Ingår i: International Journal of Management Practice, ISSN 1477-9064, E-ISSN 1741-8143, Vol. 15, nr 1, s. 131-149Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

This study investigates young bank customer (YBC) perceptions of the relationships between cognitive, affective, and conative antecedents, on one hand, and attitudinal and behavioural loyalty to mobile bank applications (MBAs), on the other. The study develops a theoretical framework for customer loyalty to MBAs based on Dick and Basus (1994) conceptual framework of customer loyalty. Based on previous studies and focus group interviews, a questionnaire was developed and sent to 500 YBCs aged 1829 years who have at least one years experience of MBAs. The data were statistically analysed, and the results indicate that YBC loyalty to MBAs combines attitudinal and behavioural loyalty. The results also indicate that cognitive antecedents are directly and significantly related to customer satisfaction, which in turn is significantly related to loyalty. The study contributes by using and developing Dick and Basus (1994) framework in the MBA context, and by suggesting how banks can improve and customize their MBA services, in a way that enables YBCs to utilize their resources in ways that promote economic growth.

Nyckelord
mobile bank application, antecedents of loyalty, consequences of loyalty, attitudinal loyalty, behavioural loyalty, Dick and Basu’s framework, young bank customers, customer satisfaction
Nationell ämneskategori
Företagsekonomi
Identifikatorer
urn:nbn:se:miun:diva-43525 (URN)10.1504/IJMP.2022.119920 (DOI)2-s2.0-85122516311 (Scopus ID)
Tillgänglig från: 2021-10-24 Skapad: 2021-10-24 Senast uppdaterad: 2023-02-08Bibliografiskt granskad
2. Mobile Bank Applications: Loyalty of Young Bank Customers
Öppna denna publikation i ny flik eller fönster >>Mobile Bank Applications: Loyalty of Young Bank Customers
2021 (Engelska)Ingår i: Financial Services Review, ISSN 1057-0810, E-ISSN 1873-5673, Vol. 29, nr 2, s. 147-167Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

The purpose is to investigate the experience of young bank customers (YBCs) with mobile bank applications (MBAs) by employing the concepts of usability, responsiveness, customer satisfaction, reliability, and loyalty. An electronic questionnaire was sent to 500 YBCs in Sweden, 146 of whom completed it. Confirmatory factor analysis was used to test the measurement model, and structural equation modelling to test the hypotheses. The results indicate that usability is a keystone of good MBA experience for YBCs. Usability is significantly and directly related to responsiveness, customer satisfaction, and reliability, and it might indirectly affect loyalty through responsiveness and customer satisfaction. 

Nyckelord
Usability, satisfaction, Loyalty, Mobile bank application, Young bank customers
Nationell ämneskategori
Företagsekonomi
Identifikatorer
urn:nbn:se:miun:diva-38022 (URN)10.2139/ssrn.3786872 (DOI)
Tillgänglig från: 2019-12-12 Skapad: 2019-12-12 Senast uppdaterad: 2023-02-06Bibliografiskt granskad
3. No trust, no use: how young retail investors build initial trust in financial robo-advisors
Öppna denna publikation i ny flik eller fönster >>No trust, no use: how young retail investors build initial trust in financial robo-advisors
2023 (Engelska)Ingår i: Journal of Financial Reporting & Accounting, ISSN 1985-2517, E-ISSN 2042-5856, Vol. 21, nr 1, s. 60-82Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

Purpose: The purpose of this study is to describe and analyse the effect of a set of determinants on initial trust and behavioural intention to use financial robo-advisors (FRAs). Design/methodology/approach: The theory of perceived risk and the behavioural finance paradigm were used to develop a conceptual model of retail investors’ initial trust in FRAs. Data collected from 554 young retail investors (YRIs) from Sweden and Malaysia were analysed using structural equation modelling. Findings: The results of this study indicate that the amount of public information, social media information-seeking and a rational decision style are significantly related to initial trust in FRAs, which in turn is significantly and positively related to the behavioural intention to use this technology. However, none of the risks under study significantly affect the initial trust in FRAs. Practical implications: Information is vital to inducing YRIs to rely on FRAs, so the more public and social media information is available, the higher their intention to use this technology. However, YRIs vary in decision style, and the results suggest implementing a more sophisticated system than the current “one-size-fits-all” approach to YRI behaviour. Originality/value: The empirical-based model enhances the knowledge of the initial phase of trust-building, when YRIs lack sufficient experience of FRAs. By collecting data from two countries, the study’s novel conclusions may help in developing effective FRA services for the youth segment. 

Nyckelord
Behavioural finance paradigm, Decision style, Information, Initial trust, Robo-financial advisors, Social media, Theory of perceived risk, Young retail investors
Nationell ämneskategori
Ekonomi och näringsliv
Identifikatorer
urn:nbn:se:miun:diva-45758 (URN)10.1108/JFRA-12-2021-0451 (DOI)000829830900001 ()2-s2.0-85134567817 (Scopus ID)
Tillgänglig från: 2022-08-03 Skapad: 2022-08-03 Senast uppdaterad: 2023-03-20Bibliografiskt granskad
4. One size does not fit all: Young retail investors’ initial trust in financial robo-advisors
Öppna denna publikation i ny flik eller fönster >>One size does not fit all: Young retail investors’ initial trust in financial robo-advisors
2023 (Engelska)Ingår i: Journal of Business Research, ISSN 0148-2963, E-ISSN 1873-7978, Vol. 156, artikel-id 113470Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

Financial robo-advisors (FRAs) are a cutting-edge financial technology offering automated services that relies on artificial intelligence. However, few studies have investigated how young retail investors (YRIs) build trust in FRAs. Another neglected area is whether FRAs’ universal (“one-size-fit-all”) model will succeed or should take account of cultural dimensions. Based on the initial trust perspective and the unified theory of acceptance and use of technology, this study develops a conceptual model of YRIs’ initial trust in FRAs, testing it in two countries from different parts of the world, i.e., Malaysia and Sweden. The results indicate that trust propensity, performance expectancy, and hedonic motivation address initial trust in FRAs, which in turn drives behavioural intention to use this technology. Although most results are similar in the two countries, there are indications of cultural differences regarding what influences YRIs’ initial trust in FRAs

Nyckelord
Financial robo-advisors, Unified theory of acceptance and use of technology, Cultural moderators, Initial trust, Young retail investors
Nationell ämneskategori
Företagsekonomi
Identifikatorer
urn:nbn:se:miun:diva-46518 (URN)10.1016/j.jbusres.2022.113470 (DOI)000913176900005 ()2-s2.0-85142744732 (Scopus ID)
Tillgänglig från: 2022-11-28 Skapad: 2022-11-28 Senast uppdaterad: 2023-02-23Bibliografiskt granskad

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