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1. Introduction
Advances in information technology (IT) have led to the rapid expansion of new and innovative financial services, often called financial technology (Fintech), an emerging field that is attracting a significant amount of attention. Fintech is a portmanteau combining the words “financial” and “technology.” According to the Accenture report (Skan et al., 2014), worldwide investment in Fintech companies and start-ups increased dramatically from $4.05 billion (USD) in 2013 to $12.2 billion (USD) in 2014. Fintech provides new opportunities to empower people by increasing transparency, reducing costs, eliminating middlemen, and making financial information accessible (Zavolokina et al., 2016a). Fintech companies are currently expanding their business scope beyond the online platform into the mobile platform (e.g. mobile payment, mobile remittance). The traditional online-banking system, provided by traditional financial institutions, is also changing into innovative and differentiated financial services offered by non-financial providers.
While Fintech has attracted a significant amount of attention, a continuous use of Fintech is still doubtful. Some users are skeptical of continuing to use Fintech because it has considerable risks. More specifically, an investigation conducted in May of 2016 on Lending Club, one of the most famous peer to peer (P2P) lending companies in the world, revealed that the company’s executives sold $22 million in loans to investors, even though they knew that those transactions did not meet the buyers’ criteria. Consequently, Lending Club’s founder and CEO were forced out and Lending Club’s shares plummeted by 35 percent. This scandal raised questions about the P2P lending business model. These unexpected Fintech use risks may negatively affect users’ experience and impede their continuous use. If Fintech companies cannot retain customers and facilitate continuous use, they will not recover these costs and achieve long-term success.
Customers want to determine the expected value of Fintech usage, considering both its benefits and its risks. Customers will use the product or service if its benefits are greater than its risks. Thus, Fintech companies are challenged to increase the potential benefits of Fintech usage, while limiting its potential risks (Chan, 2015). Hence, it is necessary to identify the factors that help determine why people continue to use Fintech.
Previous studies have identified the main drivers influencing user behavioral intentions in the IS literature (Chiang, 2013; Kim et...