Factors Driving the Intention to Use Financial Technology Services at Commercial Banks in Vietnam

Abstract

Purpose: This study aims to identify and measure the factors driving the intention to use financial technology (Fintech) services in the specific context of the Vietnamese commercial banking system. Based on the findings, the study proposes managerial implications to promote the intention to use Fintech services at commercial banks in Vietnam.
Design/methodology/approach: The study employs Bayesian Exploratory Factor Analysis (BEFA) combined with Bayesian regression to overcome the limitations of traditional EFA methods. Data were collected from 367 employees working at commercial banks in Ho Chi Minh City through a questionnaire using a 5-point Likert scale.
Findings: The results reveal that five factors have positive effects on the intention to use Fintech services in descending order: security (SEC, β = 0,477), perceived ease of use (PEOU, β = 0,214), perceived usefulness (PU, β = 0,174), social influence (SI, β = 0,144), and personal innovativeness (PI, β = 0,085). Notably, Facilitating Conditions (FC) exhibited no effect due to a "saturation effect," as technological infrastructure at commercial banks has already reached an adequate level.
Originality/value: The study provides empirical evidence on the factors driving the intention to use Fintech services in the specific context of the Vietnamese banking industry, an emerging market with high Fintech growth rates.