Decoding FinTech Uptake: The Interplay of Digital Literacy, Brand Image, Data Security, and Trust

Purpose: This study aims to investigate the factors affecting the uptake of FinTech services in Kuwait, an area that academic and industry experts have not extensively examined, with an overall consumer adoption rate of 15%. Methodology: The research applied the Technology Acceptance Model concepts. Using convenient and snowball sampling methods and self-reported questionnaires, 463 valid responses were gathered and examined using Partial Least Square-Structural Equation Modeling. Findings: The results revealed both direct and indirect effects. Digital literacy and the perception of a brand play crucial roles in building trust and encouraging consumers to adopt FinTech services, whereas data security does not seem to impact these aspects. Enhancing digital literacy is vital for raising awareness, and a strong brand image greatly affects how consumers view a company, bolstering trust and increasing the chances of FinTech adoption. Implications for theory and practice: This study significantly contributes to theory and practice with a new model, filling a research gap in the country and providing recommendations for professionals and regulatory authorities to enhance digital literacy, emphasize brand image, and develop products and services that customers highly value. Originality and value: The uniqueness and significance of this study lie in its examination of the direct and indirect ways that digital literacy and brand image influence trust and the likelihood of adopting FinTech services, addressing a previously identified research gap. Through this investigation, the study contributes to a deeper comprehension of FinTech adoption in Kuwait.