What is it about?

The Covid-19 pandemic has created an environment of uncertainty, stress and financial vulnerability. As countries all over the world adopted preventive strategies ranging from voluntary isolations to stringent lockdowns, people and businesses were required to adjust their dispositions to the new normal resulting in new behaviors. The customer behaviour in financial services was also impacted and especially in developing economies as people were required to move to digital financial platforms at haste. In recent times, Fintech services are on a steady rise globally but their presence in the emerging markets is in a nascent stage and adoption by the low- income segment customers has largely been elusive. Much work is required to understand the needs of this customer cohort to identify factors for product adoption.

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Why is it important?

This study investigates the impact on financial behaviour among low-income segment customers for Fintech services due to the pandemic. By testing a set of hypotheses regarding inclination to adopt Fintech the study presents prominent antecedents such as fear, social influence, awareness and trust that led to positive product adoption. The study discusses the theoretical and managerial implications of the study and presents direction for future research.

Perspectives

FinTech is claiming global consumer markets and across various consumer cohorts. However little research is available on the usage of Fintech with vulnerable and marginalised populations . This study provides the perspective of the challenges that users from a developing country have and thereby makes a contribution to the knowledge of the field of consumer technology adaptation.

Soniya Billore
Linnaeus university,sweden

Read the Original

This page is a summary of: Consumption switch at haste: insights from Indian low-income customers for adopting Fintech services due to the pandemic, TRANSNATIONAL MARKETING JOURNAL, October 2020, Oxbridgepublishinghouse,
DOI: 10.33182/tmj.v8i2.1064.
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