Exploring the factors determining fintech adoption among Indian users integrating Theory of Planned Behaviour ( TPB) and Social Learning Theory (SLT)

Abstract

Even though the number of Financial Technology (Fintech) services is on the rise, the behavioural and psychological factors of how the user’s intent remains to a key focus point of research. (In 2020, Rahardjo et al.) This research proposes a comprehensive model for understanding Fintech adoption in India, integrating the Theory of Planned Behaviour (TPB) and Social Learning Theory (SLT). The three TPB constructs, attitude, Subjective norms, and perceived behavioural control (PBC), serve as key determinants of behavioural intention (Gao, Y., & Tang, Y., 2023). Conversely, SLT enhances this paradigm by incorporating elements of social influence, observational learning, and reinforcement mechanisms, thus bringing to light how consumers come to establish confidence and trust in Fintech services. By incorporating various theoretical perspectives, this study aims to provide a comprehensive understanding of the influence of social and individual factors on consumer intentions towards Fintech adoption, as these factors interact in determining behavior. The study is quantitative using survey data from 462 sample responses analysed using Structural Equation Modelling (SEM) through AMOS software. The findings suggest that although social influence and observational learning are key factors influencing user perceptions, both attitude and perceived behavioural control are significantly influential on behavioral intention. Also, intention mediated the relationship between TPB constructs and adoption of Fintech services, while privacy risk moderated the relationship between intention and adoption in digital financial services. These findings emphasize how social learning dynamics, techniques of trust-building are promoting Fintech acceptance among Indian users. This research enhances existing knowledge by incorporating behavioural and psychological viewpoints and is beneficial for financial institutions, legislators, and Fintech firms who seek to promote the usage of digital financial services.