Threats in adopting financial technologies: Unlocking the role of technological literacy

Authors

Shahbaz Tariq, Hamdard University IslamabadFollow
Najabat Ali Dr., Hamdard University Islamabad and School of Business, Soochow University, Suzhou, ChinaFollow
Muhammad Nauman Sadiq, Hamdard University IslamabadFollow

Author ORCID Identifier

Shahbaz Tariq: 0009-0005-7612-6421

Abstract

Financial technologies have been considered a transformative strategy in the contemporary world, paving the way for high-quality, time-convenient, and affordable financial services to individuals, businesses, and institutions. Despite the increasing security and financial risk, the perception of cyber threats remains unchanged. We conducted this study to analyze the perception of cyber threats, factors related to cybersecurity, and the behavior of customers adopting financial technologies through banking channels. To understand the behavior of individuals and business corporations, we developed a theoretical framework based on the Theory of Planned Behavior and the Technology Acceptance Model. A convenient sampling method was used, and 390 customers who frequently used banking technologies were our ultimate respondents. Firstly, correlation and regression analysis were conducted. The questionnaires were sent to 450 individuals and business enterprises. The response rate was 89%, with 13.8% of respondents being female. The mediator and moderator were tested. The outcomes revealed that personalized digital banking and user-friendly behavior have a positive impact on user perceptions of adopting financial technologies, influencing both intention and decision. Cyber threats, encompassing both financial and security risks, significantly influence the adoption of these technologies. Moreover, the user's perspective significantly influences their intention toward financial technologies, ultimately shaping the decision-making process. However, intention did not have an impact on cyber threats. Additionally, this study confirms that decisions and user perspectives partially mediate the intention of adopting financial technologies. The study found that technological literacy did not mediate the decision or intention to acquire financial technologies. The study has proven beneficial for policymakers, bank service providers, and the government in formulating policies that mitigate cyber threats and facilitate the use of digital banking technologies offered by financial institutions.

Keywords

Financial technologies, cyber threats, user perspective, technological literacy, personalized digital banking

DOI

10.54784/1990-6587.1696

Journal of Economic Literature Subject Codes

G53, Q55

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Recommended Citation

Tariq, S., Ali, N., & Sadiq, M. (2025). Threats in adopting financial technologies: Unlocking the role of technological literacy. Business Review, 20(2), 1-21. Retrieved from 10.54784/1990-6587.1696