Analyzing the elements which influence the chances of using Fintech in a “new normal” situation regarding the COVID-19 lockdown in Ho Chi Minh city, Vietnam

Abstract

The number of fintech firms has exploded in recent years, particularly those that provide financial services in sectors that have traditionally been dominated by commercial banks, such as payment, deposit, and lending. This study examines the elements that influence the adoption of financial technology (Fintech) services as a new normal habit following the COVID-19 lọckdown. During the social distancing, Fintech services increased the number of users. Unfortunately, enterprises must foresee crucial reasons for consumers to increase their desire to utilize the service and retain current customers in the long run in order to keep their loyal behavior once they have used it. This paper proposes a paradigm for evaluating the components of perceived Fintech usefulness. Customers' attitudes and, as a result, their desire to use are positively influenced by perceived utility, brand image, user innovativeness, and trust, according to the findings. Overall, client trust in Fintech services has increased, and it is now considered the new normal. This research looks at how Fintech firms may strengthen their capabilities and acquire a competitive advantage. Theoretical and practical implications are discussed.