How Does Financial Inclusion Mediate the Impact of Fintech Usage on Consumer Behavior?
DOI:
https://doi.org/10.32497/keunis.v13i2.6423Keywords:
Fintech usage, Financial Inclusion, Consumer BehaviorAbstract
This study explores the impact of financial technology (fintech) adoption on financial inclusion, its influence on consumer behavior, and the mediating role of financial inclusion. Employing a quantitative approach through structural equation modeling, data were collected via surveys to examine both direct and indirect relationships among the variables. The results indicate that fintech usage plays a key role in enhancing financial inclusion. In turn, financial inclusion contributes significantly to shaping consumer behavior. However, the direct influence of fintech usage on consumer behavior is moderate and statistically inconclusive. The findings confirm that financial inclusion mediates the relationship between fintech usage and consumer behavior, supporting greater financial access and fostering new financial habits. The study concludes that financial inclusion is essential in translating fintech adoption into meaningful behavioral shifts, underscoring the importance of broader financial access initiatives to fully realize the potential of fintech.
References
Abis, D., Pia, P., & Limbu, Y. (2025). FinTech and consumers: a systematic review and integrative framework. Management Decision, 63(1), 49–75. https://doi.org/10.1108/MD-07-2023-1136
Adhikari, M., Ghimire, D. M., & Lama, A. D. (2024). FinTech and Financial Inclusion: Exploring the Mediating Role of Digital Financial Literacy in Enhancing Access to Financial Services. Journal of Emerging Management Studies, 1(2), 117–136.
Agarwal, G. (2023). a Study on the Usage of Fintech Services and Its Level of Satisfaction With Special Reference To North Bengal (West Bengal). Interantional Journal of Scientific Research in Engineering and Management, 07(07), 1–11. https://doi.org/10.55041/ijsrem24994
Al-Majali, A. A., Al-Oshaibat, S. D., Al-Sarayreh, A. A., & Al-Manaseer, S. R. (2024). the Effect of Digital Financial Literacy on Financial Development and Governance: Using Panel Vector Autoregressive Model. Journal of Governance and Regulation, 13(2 Special issue), 465–473. https://doi.org/10.22495/jgrv13i2siart21
Al Rubaiai, I. R. S., & Pria, S. (2022). Customer Usage Behavior of FinTech Products in Sultanate of Oman. International Journal of Research in Entrepreneurship & Business Studies, 3(3), 11–24. https://doi.org/10.47259/ijrebs.332
Amnas, M. B., Selvam, M., & Parayitam, S. (2024). FinTech and Financial Inclusion: Exploring the Mediating Role of Digital Financial Literacy and the Moderating Influence of Perceived Regulatory Support. Journal of Risk and Financial Management, 17(3). https://doi.org/10.3390/jrfm17030108
Anggraeni, I. S. K., Sumarmawati, E. D., & Fardani, F. F. (2023). Pengaruh Penggunaan Aplikasi Fintech Pada Perilaku Keuangan Perempuan Pemilik Umkm Di Kota Surakarta. Jurnal Ekonomi Bisnis Manajemen Prima, 4(2), 146–166. https://doi.org/10.34012/jebim.v4i2.3453
Babu, P. V., Agrawal, G., Mohideen, A. S., & Anand, B. (2024). Users’ Perceived Risks and Challenges of FinTech Adoption in India: An Empirical Investigation Assistant Professor of Commerce Hajee Karutha Rowther Howdia College Autonomous Reaccredited with A++ Grade by NAAC Uthamapalayam Theni District Tamilnadu. Journal of Informatics Education and Research, 4(1), 1526–4726. http://jier.org
Çera, G., Khan, K. A., Mlouk, A., & Brabenec, T. (2021). Improving financial capability: the mediating role of financial behaviour. Economic Research-Ekonomska Istrazivanja , 34(1), 1265–1282. https://doi.org/10.1080/1331677X.2020.1820362
Chatterjee, R., Srivastava, T., & Kaur, N. (2023). Evolution, acceptance, and adaptation of Fintech: A road map towards sustainable development. Adhyayan: A Journal of Management Sciences, 13(01), 46–51. https://doi.org/10.21567/adhyayan.v13i1.09
Chipunza, K. J., & Fanta, A. B. (2023). Quality financial inclusion and financial vulnerability. International Journal of Consumer Studies, 47(2), 784–800. https://doi.org/10.1111/ijcs.12871
Corbet, S., Hou, Y. (Greg), Hu, Y., Oxley, L., & Tang, M. (2024). Do financial innovations influence bank performance? Evidence from China. Studies in Economics and Finance, 41(2), 241–267. https://doi.org/10.1108/SEF-02-2022-0119
Darmansyah, D., Fianto, B. A., Hendratmi, A., & Aziz, P. F. (2021). Factors determining behavioral intentions to use Islamic financial technology. Journal of Islamic Marketing, 12(4), 794–812. https://doi.org/10.1108/JIMA-12-2019-0252
Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. European Journal of Finance, 28(1), 86–107. https://doi.org/10.1080/1351847X.2020.1772335
Deng, L., Yang, M., & Marcoulides, K. M. (2018). Structural equation modeling with many variables: A systematic review of issues and developments. Frontiers in Psychology, 9(APR). https://doi.org/10.3389/fpsyg.2018.00580
Dhanraj, N., Kaur, R., Ibrahim, B. M., & Gurunathan, K. B. (2024). Role of Fintech Adoption on Effective Functioning of Financial Institutions: An Empirical Study. European Economic Letters, 4(1), 85–91. https://doi.org/10.52783/jier.v4i1.523
Dong, S., Xu, L., & McIver, R. (2021). China’s financial sector sustainability and “green finance” disclosures. Sustainability Accounting, Management and Policy Journal, 12(2), 353–384. https://doi.org/10.1108/SAMPJ-10-2018-0273
Esteves, G. P., Swinton, P., Sale, C., Gualano, B., Roschel, H., & Dolan, E. (2023). Use of factor analysis to model relationships between bone mass and physical, dietary, and metabolic factors in frail and pre-frail older adults. Journal of Applied Physiology, 135(1), 146–153. https://doi.org/10.1152/japplphysiol.00129.2023
Fajri, H., Mariana, M., Kusumo, Y. W., Abral, E., & Alfianti, J. (2025). The Influence Of Financial Literacy On The Quality Of Economic Decision Making Among Urban Communities. Jurnal Ekonomi Pendidikan Dan Kewirausahaan, 13(1), 147–164. https://doi.org/10.26740/jepk.v13n1.p147-164
Feghali, K., Daher, L., & Nassif, P. (2024). The influence of Fintech on Financial Inclusion: An International Study. Indonesian Management and Accounting Research, 23(1), 65–86. https://doi.org/10.25105/imar.v23i1.18312
Firdaus, A., Mariana, M., Diana, D., Alfianti, J., Saputra, R., & Aztari, A. M. (2025). Pengaruh GCG dan CSR dalam Meningkatkan Kinerja. Owner: Riset & Jurnal Akuntansi, 9(2), 666–677.
Glushchenko, M., Hodasevich, N., & Kaufman, N. (2019). Innovative financial technologies as a factor of competitiveness in the banking. SHS Web of Conferences, 69, 00043. https://doi.org/10.1051/shsconf/20196900043
Gupta, U., Agarwal, B., & Nautiyal, N. (2022). Financial Technology Adoption — A Case of Indian MSMEs. Finance: Theory and Practice, 26(6), 192–211. https://doi.org/10.26794/2587-5671-2022-26-6-192-211
Hair, J. F., Hult, G. T., Ringle, C., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) - Joseph F. Hair, Jr., G. Tomas M. Hult, Christian Ringle, Marko Sarstedt. In Sage.
Herispon, H. (2018). The Effect of Bank Behavior, Financial Literacy on Financial Inclusion and Debt Behavior In Household Consumption. Proceedings of the First International Conference on Social Sciences, Humanities, Economics and Law. https://doi.org/10.4108/eai.5-9-2018.2281280
Hidayat-ur-Rehman, I., & Hossain, M. N. (2024). The impacts of Fintech adoption, green finance and competitiveness on banks’ sustainable performance: digital transformation as moderator. Asia-Pacific Journal of Business Administration, ahead-of-p(ahead-of-print). https://doi.org/10.1108/APJBA-10-2023-0497
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model. Symmetry, 11(3). https://doi.org/10.3390/sym11030340
Huda, M., Ajizah, N., Nuzil, N. R., & Fachruddin, W. (2024). The Influence of Financial Inclusion and Financial Technology on the Intention to Use Online Loans: Financial Behavior as An Intervening Variable. Journal of Ecohumanism, 3(8), 180–189. https://doi.org/10.62754/joe.v3i8.4722
İltas, Y., & Demirgunes, K. (2020). Asset Tangibility and Financial Performance: A Time Series Evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 345–364. https://doi.org/10.31592/aeusbed.731079
Irfan, M., Khalid, R. A., Kaka Khel, S. S. U. H., Maqsoom, A., & Sherani, I. K. (2023). Impact of work–life balance with the role of organizational support and job burnout on project performance. Engineering, Construction and Architectural Management, 30(1), 154–171. https://doi.org/10.1108/ECAM-04-2021-0316
Irimia-Diéguez, A., Velicia-Martín, F., & Aguayo-Camacho, M. (2023). Predicting Fintech Innovation Adoption: the Mediator Role of Social Norms and Attitudes. Financial Innovation, 9(1). https://doi.org/10.1186/s40854-022-00434-6
Islam, M. A., Iffat, W., Imam, S., Shakeel, S., Rasheed, A., & Naqvi, A. A. (2023). Translation and validation of the Sindhi version of the general medication adherence scale in patients with chronic diseases. Frontiers in Pharmacology, 14(September), 1–6. https://doi.org/10.3389/fphar.2023.1235032
Kharisma, D. B. (2021). Urgency of financial technology (Fintech) laws in Indonesia. International Journal of Law and Management, 63(3), 320–331. https://doi.org/10.1108/IJLMA-08-2020-0233
Kristanto, H. (2021). The Impact of Bank Behavior, Financial Literacy on Investment Decisions, Mediation of Financial Inclusion and Debt Behavior. Study on Working Capital and Investment Debtors at Regional Development Bank Yogyakarta Indonesia. Technium Social Sciences Journal, 23(September), 626–635.
Lee, Y. K. (2021). Impacts of digital technostress and digital technology self-efficacy on fintech usage intention of Chinese gen Z consumers. Sustainability (Switzerland), 13(9). https://doi.org/10.3390/su13095077
Liu, C.-W., & Deng, C. (2019). Stated preferences of Taiwanese investors for financial products. Qualitative Research in Financial Markets, 11(4), 411–428. https://doi.org/10.1108/QRFM-06-2018-0079
López-Lemus, J. A., Carranza, M. T. de la G., Schmitt-Revilla, M., & López-Lemus, J. G. (2024). The Role of Social Media and Innovation in Mexican Industrial Entrepreneurship. Innovar, 34(92), 1–21. https://doi.org/10.15446/innovar.v34n92.98533
Mahrizal, M., Judijanto, L., Indrapraja, R., Alfiana, & Pujianto, D. (2023). The Influence of QRIS Digitalization, Technology and Digitalization Lifestyle, Digital Financial Literacy, and Financial Inclusion On Bank Customers Decision. Jurnal Informasi Dan Teknologi, 5(4), 124–129. https://doi.org/10.60083/jidt.v5i4.426
Mariana, M., Ramadana, S. W., & Rahmaniar, R. (2024). Pertumbuhan Ekonomi: Pengaruh Pembiayaan dan Aset Tetap. Jurnal Point Equilibrium Manajemen Dan Akuntansi, 6(1), 1–14. https://doi.org/https://doi.org/10.59963/jpema.v6i1.289
Marini, M., Linawati, L., & Putra, R. E. (2020). Peran Fintech terhadap Inklusi Keuangan pada UMKM Tangerang Selatan. Keberlanjutan : Jurnal Manajemen Dan Jurnal Akuntansi, 5(2), 91. https://doi.org/10.32493/keberlanjutan.v5i2.y2020.p91-104
Maulana, R., Murniningsih, R., & Prasetya, W. A. (2022). Pengaruh Literasi Keuangan, Inklusi Keuangan, Dan Fintech Terhadap Keberlangsungan Bisnis Umkm. Procuratio : Jurnal Ilmiah Manajemen, 10(4), 440–452. https://doi.org/10.35145/procuratio.v10i4.2700
Nanda, S., & Yunus, Y. A. (2024). Understanding Financial Inclusion Through Fintech: A Qualitative Inquiry into the Role of Technology in Shaping Financial Landscapes. Golden Ratio of Finance Management, 4(1), 14–23. https://doi.org/10.52970/grfm.v4i1.428
Nangin, M. A., Barus, I. R. G., & Wahyoedi, S. (2020). The Effects of Perceived Ease of Use, Security, and Promotion on Trust and Its Implications on Fintech Adoption. Journal of Consumer Sciences, 5(2), 124–138. https://doi.org/10.29244/jcs.5.2.124-138
Odei-Appiah, S., Wiredu, G., & Adjei, J. K. (2022). Fintech use, digital divide and financial inclusion. Digital Policy, Regulation and Governance, 24(5), 435–448. https://doi.org/10.1108/DPRG-09-2021-0111
Ozili, P. K., Mhlanga, D., Ammar, R., & Fersi, M. (2024). Information Effect of Fintech and Digital Finance on Financial Inclusion during the COVID-19 Pandemic: Global Evidence. FinTech, 3(1), 66–82. https://doi.org/10.3390/fintech3010005
Panda, R., & Kapoor, D. (2017). Relationship Between Information Systems Integration, Innovation and Consumerbased Commitment Practices for Knowledge Sharing in Creating Power Brands Tt - Odnos Izmeðu Integracije Informacijskih Sustava, Inovacija I Praksi Utemeljenih Na Predanosti Potr. Trziste = Market, 29(1), 59–74. https://search.proquest.com/docview/1926952341?accountid=10297%0Ahttp://resolver.ebscohost.com/openurl?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&rfr_id=info:sid/ProQ%3Aabiglobal&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.jtitle=Tr
Putriani, S., & Apriani, R. (2022). Impacts Of Digital Technostress And Digital Technology Self-Efficacy On Intentions To Use Fintech In Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 12(1), 210–227. https://doi.org/10.22219/jrak.v12i1.20801
Qi, J., Chatterjee, S., Worthy, S., Herndon, K., & Wojdynski, B. (2024). Using an extended post-acceptance framework to examine consumer adoption of fintech. International Journal of Bank Marketing, 42(3), 642–668. https://doi.org/10.1108/IJBM-10-2022-0448
Rahmadhani, S., Praptitorini, M. D., Shobandiyah, S., & Laila, N. R. (2025). Innovation’s Mediating Contribution To The Relationship Between Financial Flexibility And Sustainability Performance Authors Sari Rahmadhani Sekolah Tinggi Ilmu Ekonomi Totalwin Mirna Dyah Praptitorini Sekolah Tinggi Ilmu Ekonomi Totalwin Siti Shobandiyah. Keunis, 13(1), 30–43.
Rehman, S. ur. (2023). Impact of Financial Technology, Banking Access on Financial Inclusion with mediating role of Financial Literacy. Journal of Development and Social Sciences, 4(II). https://doi.org/10.47205/jdss.2023(4-ii)68
Reyes-Carreto, R., Godinez-Jaimes, F., & Guzmán-Martínez, M. (2022). The Basics of Structural Equations in Medicine and Health Sciences. Recent Advances in Medical Statistics, 1–19. https://doi.org/10.5772/intechopen.104957
Safeer, A. A., He, Y., Lin, Y., Abrar, M., & Nawaz, Z. (2023). Impact of perceived brand authenticity on consumer behavior: an evidence from generation Y in Asian perspective. International Journal of Emerging Markets, 18(3), 685–704. https://doi.org/10.1108/IJOEM-09-2020-1128
Senyo, P. K., Karanasios, S., Gozman, D., & Baba, M. (2022). FinTech ecosystem practices shaping financial inclusion: the case of mobile money in Ghana. European Journal of Information Systems, 31(1), 112–127. https://doi.org/10.1080/0960085X.2021.1978342
Solihati, G. P., Anah, S., & Anggraini, W. (2025). Fintech User Satisfaction as an Intermediary: Analysis of The Influence of Financial Literacy, Ease of Use, and Trust on User Loyalty in MSMEs. Keunis, 13(1), 1–17.
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security, 26(1), 109–128. https://doi.org/10.1108/ICS-06-2017-0039
Suhardi, D., Gunawan, W. H., & Watulandi, M. (2025). THE IMPACT OF FINTECH , ONLINE MARKETING , AND FINANCIAL INCLUSION ON THE DEVELOPMENT OF MSME ENTERPRISES IN KUNINGAN REGENCY , WEST JAVA. International Journal of Economics, Bussiness and Accounting Research (IJEBAR), 2025(1), 143–149.
Suryanto, S., Rusdin, R., & Dai, R. M. (2020). Fintech As a Catalyst for Growth of Micro, Small and Medium Enterprises in Indonesia. Academy of Strategic Management Journal, 19(5), 1–12.
Świecka, B., Terefenko, P., Wiśniewski, T., & Xiao, J. (2021). Consumer financial knowledge and cashless payment behavior for sustainable development in poland. Sustainability (Switzerland), 13(11), 1–18. https://doi.org/10.3390/su13116401
Tan, G. K. S. (2022). The “fintech revolution” is here! The disruptive impact of fintech on retail financial practices. Finance and Society, 8(2), 129–148. https://doi.org/10.2218/finsoc.7763
Wang, Z. A., & Loh, E. B. (2023). Enhancing Financial Literacy and Decision-Making Through Gamified Learning: An Empirical Investigation of User Engagement, Effectiveness, and Feedback. Computer Science & Information Technology (CS & IT), 185–196. https://doi.org/10.5121/csit.2023.131717
Wicaksana, D. Y. (2023). Fintech for Sdgs: Driving Economic Development Through Financial Innovation. Journal of Digital Business and Innovation Management, 2(2), 126–138. https://doi.org/10.26740/jdbim.v2i2.57960
XU, D., & XU, D. (2020). Concealed Risks of FinTech and Goal-Oriented Responsive Regulation: China’s Background and Global Perspective. Asian Journal of Law and Society, 7(2), 305–324. https://doi.org/DOI: 10.1017/als.2019.29
Xu, Y., Bao, H., Zhang, W., & Zhang, S. (2021). Which financial earmarking policy is more effective in promoting FinTech innovation and regulation? Industrial Management & Data Systems, 121(10), 2181–2206. https://doi.org/10.1108/IMDS-11-2020-0656
Yilmaz, O., Bahçekapili, H. G., Harma, M., & Sevi, B. (2020). Intergroup tolerance leads to subjective morality, which in turn is associated with (but does not lead to) reduced religiosity. Archive for the Psychology of Religion, 42(2), 232–243. https://doi.org/10.1177/0084672419883349
Yuliyanti, P., & Pramesti, D. A. (2021). Tercapainya Inklusi Keuangan Mampukah Dengan Literasi Keuangan Dan Financial Technology? Kajian Bisnis Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha, 29(2), 57–70. https://doi.org/10.32477/jkb.v29i2.292
Zhang, E., Economy, D., & Mechanisms, R. (2024). Discussion on financial technology innovation and regulatory mechanism in the digital economy environment. Financial Engineering and Risk Management, 7(2), 14–20. https://doi.org/10.23977/ferm.2024.070203
Downloads
Published
Issue
Section
License
Copyright (c) 2025 The Author(s)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
KEUNIS is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
