What motivates individuals to use FinTech budgeting applications? Evidence from India during the covid-19 pandemic

Figures & data

Table 1. Characteristics of Respondents

	Term (N = 285)
Gender (%) Male Female	45.4 54.6
Age group (%) Less than 30 years 31–40 years More than 40 years	76.1 21.1 2.8
Educational Qualification (%) Graduate Postgraduate Doctorate/Professional	6.6 64.9 28.5
Annual income per annum (%) Less than USD 1369.87 USD 1369.88 to 6849.37 USD 6849.38 to 13,698.74 More than USD 13698.74	33 31.2 27.5 8.3
Frequency of use per month (%) Less than 5 times 6 to 10 times More than 10 times	50.5 25.2 24.3
Purpose of using FinTech apps (%) Payment of bills Purchase of essential goods at kirana stores All the above and offline/online shopping	28.9 51.4 19.7

Source: Primary Survey

Table 2. Correlation between exogenous variables and usage intentions

	Usage intentions	Trust	Perceived value	Self-efficacy	Usefulness	Ease of Use	VIF
Trust	0.401*	—					1.36
Perceived value	0.335*	0.470*	—				1.58
Self-efficacy	0.409*	0.493*	0.683*	—			1.62
Usefulness	0.391*	0.531*	0.703*	0.700*	—		1.72
Ease of use	0.352*	0.501*	0.609*	0.683*	0.729*	—	1.95
Engagement	0.453*	0.420*	0.238*	0.234*	0.241*	0.287*	1.16

*p < .05

Table 3. Reliability of Items and Constructs

Construct	Indicators	Outer loadings	Composite reliability	AVE
Customer engagement	CE1: I provide feedback about my experiences with the app to the firm	0.741	0.823	0.605
	CE2: I intend to help other customers through my conversations	0.780
	CE3: I love talking about the benefits and positive app experience with other customers on social media	0.776
	CE4: I feel an emotional link with my app	0.850
	CE5: My transactional experiences with the fintech app are positive	0.821
	CE6: I will strongly advice other to use budgeting apps	0.848
Intention to adopt	IB1: I intend to use budgeting apps in the near future	0.735	0.862	0.610
	IB2: I predict I would use budgeting apps soon	0.787
	IB3: I plan to use budgeting apps regularly in the near future	0.841
Perceived ease of use	PEOU1: Learning to operate budgeting apps would be easy for me	0.876	0.898	0.816
	PEOU3: My interaction with budgeting app is clear and understandable	0.869
Perceived usefulness	PU2: Using budgeting apps would enable me to accomplish budgeting tasks more quickly	0.861	0.893	0.736
	PU3: I would find budgeting apps useful to track my spending	0.868
	PU4: Using the budgeting app would make my spending plan easier	0.846
Perceived trust	PT1: budgeting apps are dependable	0.927	0.855	0.607
	PT2: I believe budgeting apps are trustworthy	0.942
	PT3: I trust the information on my spending habits given by budgeting apps.	0.903
Perceived value	PV1: To me, using budgeting apps is very important during COVID times	0.715	0.875	0.703
	PV2: Budgeting apps provides me with good value	0.909
	PV3: In comparison to efforts required, I find that using budgeting apps benefits me	0.887
	PV4: In comparison to the time, I need to invest, I believe that using budgeting apps is worthwhile	0.834
Self-efficacy	SE1: My past experiences increase my confidence in performing tasks for budgeting apps	0.893	0.894	0.737
	SE2: I did not experience any problems in adjusting to this technology	0.801
	SE3: I am capable of using budgeting apps	0.879
	SE4: My technical skills satisfy my expectations of myself	0.807
	SE5: I could manage a more challenging technological innovation than budgeting apps	0.823

Source: Primary Survey

Table 4. Discriminant validity: HTMT Ratio

	CE	IB	PU	PEOU	PV	PT
IB	0.489
PU	0.289	0.494
PEOU	0.352	0.435	0.892
PV	0.281	0.358	0.857	0.760
PT	0.552	0.432	0.649	0.627	0.578
SE	0.283	0.511	0.863	0.864	0.837	0.603

Source: Primary Survey

Note: IB: Intention to use, PEOU: Perceived ease of use, PT: Perceived Trust, PU: Perceived usefulness, SE: Self-efficacy, CE: Customer Engagement, PV: Perceived value

Table 5. Structural evaluation model: Total effects

Relationship Tested	$\beta$	t test value	p value	Results
CE -> IB	0.321	4.856	.00	Supported
PEOU -> IB	−0.056	0.513	.62	Not Supported
SE -> IB	0.304	2.794	.00	Supported
PT -> IB	0.017	0.222	.82	Not supported
PU -> IB	0.229	2.291	.02	Supported
PV -> IB	−0.138	1.433	.15	Not supported

Source: Primary Survey

Note: IB: Intention to use, PEOU: Perceived ease of use, PT: Perceived Trust, PU: Perceived usefulness, SE: Self-efficacy, CE: Customer Engagement, PV: Perceived value

Table 6. F² Results

Constructs	IB
CE	0.117
PEOU	0.002
PT	0.000
PU	0.024
SE	0.047
PV	0.011

Source: Primary Survey

Table 7. Moderator analysis: Conditional effect of purpose of use on usage intention

Model	Interaction coefficient (Variable*W2)	Interaction coefficient (Variable*W3)	Coefficient W1	Coefficient W2	Coefficient W3
CE	0.085	0.297*	0.211*	0.296*	0.509*
PT	0.313	0.234
PU	0.281	0.256
PEOU	0.440	0.895*	−0.371	0.069	0.524***
SE	0.300	0.281
PV	0.027	0.112

*p < .01, **p < .05, *p < 0.1

W1 = Paying for essential expenses, W2: Paying bills, W3: Paying bills, essential goods purchase, and other purposes

Note: IB: Intention to use, PEOU: Perceived ease of use, PT: Perceived Trust, PU: Perceived usefulness, SE: Self-efficacy, CE: Customer Engagement, PV: Perceived value

Table 8. Moderator analysis: Conditional effect of frequency of use on usage intention

Model	Interaction coefficient (Variable*W2)	Interaction coefficient (Variable*W3)	Coefficient W1	Coefficient W2	Coefficient W3
CE	−0.269*	−0.356*	0.461*	0.198*	0.105
PT	−0.151	−0.461**
PU	−0.158	−0.251
PEOU	−0.018	−0.927*	0.199	0.018	−0.728**
SE	−0.437	0.021
PV	0.031	−0.106

*p < .01, **p < .05

Note: W1 = Using an app for less than 5 times a week, W2: Using an app 5–10 times a month, W3: Using an app for more than 10 times a month

IB: Intention to use, PEOU: Perceived ease of use, PT: Perceived Trust, PU: Perceived usefulness, SE: Self-efficacy, CE: Customer Engagement, PV: Perceived value

Table 9. Moderator analysis: Conditional effects of gender on usage intention

Model	Interaction coefficient (Variable*W2)	Coefficient W1	Coefficient W2
CE	−0.163***	0.390*	0.227*
PT	−0.229
PU	−0.156
PEOU	0.074
SE	−0.302***	0.533*	0.231
PV	−0.273**	0.136	−0.137

*p < .01, **p < .05, ***p < 0.1

Note: W1 = Male, W2 = Female; IB: Intention to use, PEOU: Perceived ease of use, PT: Perceived Trust, PU: Perceived usefulness, SE: Self-efficacy, CE: Customer Engagement, PV: Perceived value