Segmenting fintech users using a two-step cluster analysis
by Syadiyah Abdul Shukor
International Journal of Business Information Systems (IJBIS), Vol. 45, No. 2, 2024

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.

Online publication date: Thu, 01-Feb-2024

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