Examining the Modified UTAUT to Predict Factors of Islamic Fintech Usage Among Millennials in Malaysia (Research Square)

Summary

• Among internet users in Malaysia, individuals in their 20s account for 30 percent while those in their 30s make up 25.9 percent.p.12
• Total internet and mobile banking transactions in Malaysia reached a total value of RM 12.8 trillion.p.4
• Out of a total sample of 606 surveyed millennials, 371 respondents reported using Islamic Fintech products and were evaluated.p.13
• Among the evaluated Islamic Fintech users, respondents aged 21 to 25 constituted the largest group at 64.7 percent, followed by those aged 19 to 20 at 29.4 percent.p.15
• The framework's exogenous variables explain 63 percent (0.63) of the variance in behavioral intention to adopt Islamic Fintech.p.21
• Facilitating conditions and behavioral intention combined explain 72 percent (0.72) of the variance in actual user adoption of Islamic Fintech.p.21

Key insights

1. Performance expectancy has a positive and statistically significant relationship with behavioral intention to adopt Islamic Fintech among millennials in Malaysia.p.22
2. Effort expectancy does not have a statistically significant relationship with behavioral intention toward Islamic Fintech adoption.p.22
3. Social influence exerts a positive and statistically significant impact on behavioral intention to use Islamic Fintech.p.23
4. Financial intelligence has a positive and statistically significant effect on behavioral intention to adopt Islamic Fintech products.p.23
5. Spiritual intelligence exhibits an insignificant relationship with behavioral intention regarding Islamic Fintech usage among millennials.p.23
6. Facilitating conditions directly and significantly influence user adoption of Islamic Fintech.p.24
7. Behavioral intention demonstrates a strong, positive, and statistically significant relationship with user adoption of Islamic Fintech.p.24