Drivers of user engagement with FinTech: a cross-country analysis in digitally mature markets

Purpose As FinTech platforms increasingly compete with traditional banks, understanding what drives sustained user engagement becomes strategically critical. This study examines how technology acceptance factors, perceived risk and financial literacy shape post-adoption engagement with a global FinTech app, extending UTAUT to a cross-country context. Design/methodology/approach Using a global FinTech app as a case study, a cross-sectional survey collected 642 valid responses from active users via Prolific. The questionnaire measured knowledge, behavioural constructs and socio-demographics. Data were analysed using PLS-SEM. Perceived risk was modelled as a reflective-reflective higher-order construct, covering financial, privacy, performance, psychological and time dimensions. A PLS multigroup analysis compared structural relationships across Poland, Portugal, UK and USA. Findings Results show that performance expectancy, effort expectancy and social influence significantly enhance engagement, while perceived risk reduces it. Facilitating conditions and financial literacy have no direct global effects. Financial literacy does not moderate relationships involving perceived risk or social influence. Cross-country analysis reveals structural stability across markets, with limited differences: financial literacy exerts divergent effects between Portugal and the UK, and facilitating conditions are more salient in the USA. Overall, engagement drivers appear consistent across the analysed advanced Western economies. Originality/value The study advances FinTech and bank marketing literature by reframing engagement as a multidimensional post-adoption construct and integrating psychological and socio-cognitive factors, and multidimensional risk, within UTAUT. Findings provide actionable insights for financial service providers seeking to strengthen retention, trust and competitive positioning in digitally mature markets. Managerial implications include strategies to enhance inclusivity, promote adoption of premium services and tailor educational initiatives to build trust and retention.