Title: Segmenting fintech users using a two-step cluster analysis

Authors: Syadiyah Abdul Shukor

Addresses: Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Malaysia

Abstract: Fintech, the abbreviation for financial technology, is a broad category that refers to the innovative use of technology in the design and delivery of financial services and products. This study aims to identify fintech user segments based on demographic and psychological variables in the adoption of fintech: trust, attitude, perceived ease of use, perceived usefulness and intention to use fintech. Data were collected via a survey questionnaire distributed to Malaysian consumers, aged over 18. A total of 350 responses were received and analysed. A two-step cluster analysis uncovered three groups: 'enthusiast' (32%), 'conservative' (19%) and 'intermediate' (49%). The results of this study show that fintech users can be classified based on demographic and psychological variables in the adoption of fintech. By understanding the fintech user segments, a more effective marketing strategy can be formulated.

Keywords: fintech; segmentation; two-step cluster; Malaysia.

DOI: 10.1504/IJBIS.2024.136409

International Journal of Business Information Systems, 2024 Vol.45 No.2, pp.192 - 205

Received: 14 Jul 2020
Accepted: 14 Feb 2021
Published online: 01 Feb 2024 *

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