Cognitive factors and actual usage of Fintech innovation: Exploring the UTAUT framework for digital banking

Digital services and innovative solutions often emphasize providing an enhanced Fintech banking experience. This study identifies and examines the cognitive factors influencing the actual usage of Fintech-based digital banking among customers. The Unified Theory of Acceptance and Use of Technology (UTAUT) framework is applied taking behavioral intentions as the mediator of the study. By following purposive sampling, data was collected through a self-administrative survey and analysis made via Structural Equation Modeling (SEM). Findings demonstrate that performance expectancy, facilitating conditions, risk, and trust are significant predictors of digital banking usage. Furthermore, behavioral intentions fully mediate the relationship between these predictors and actual usage. This research holds several practical implications. The identified predictors, can enable providers to enhance their offerings and meet customer expectations, and recognition of behavioral intentions being a mediator highlights the importance of understanding customers' intentions and motivations to encourage favorable usage behavior; financial institutions can better promote the adoption and sustained usage of digital banking services. The originality of this research lies in examining the cognitive factors affecting the actual usage of fintech-based digital banking. This unique approach provides valuable insights into the underlying mechanisms driving customers' usage of digital banking services.