Tap to trust: a scale for understanding iGen's FinTech adoption

Purpose This study aims to develop a psychometrically validated scale to measure iGen's trust in FinTech, addressing the lack of such a scale in the Indian context. Design/methodology/approach The study involved a brief literature analysis, discussion with subject experts, panel discussion and industry professionals to improve the scale. The scale includes the following key dimensions: Security, Privacy & Risk, Financial Transparency, User Experience, Customer Support, Brand Recognition, Awareness Campaign, Social Influence and Attitude. Exploratory Factor Analysis and Confirmatory Factor Analysis have been conducted to ensure the model's validity and 35-items have been chosen that exhibit the reliability, construct validity and content validity. Findings The findings of this paper provide valuable insights toward the factors that shape iGen's trust on financial technology. The final scale comprises 28 items across seven dimensions: security, transparency, usability, credibility, personalization, reliability and user control. In addition, it also provides guidance to the FinTech firms in building trust-enhancing features such as clear transparency policies, better security measures and user experience (UX) improvement to enhance smooth operation and trust among individuals. Research limitations/implications The scale would enable companies to detect trust gaps, enhance UX design and develop effective communication plans. It would also serve as a diagnostic tool for policymakers and educators in assessing the success of financial literacy programs. Originality/value The present study is a novel contribution that develops the scale to measure iGens trust on FinTech.