Data Security and Consumer Trust in Fintech Innovations using Technology Adoption Method

This study investigates the interplay between data security and consumer trust in the context of fintech innovation, employing the Technology Adoption Model (TAM) as the theoretical framework. Fintech, characterized by its rapid technological advancements, has revolutionized traditional financial services, offering convenience and efficiency. However, concerns about data security and privacy have emerged as significant barriers to consumer adoption and trust. The research methodology involves a comprehensive literature review to establish the theoretical foundation and empirical analysis of consumer perceptions through surveys and interviews. The TAM framework, which examines users' attitudes and behaviors towards technology adoption, serves as a lens to understand how data security measures influence consumer trust in fintech platforms. Results indicate that consumers prioritize data security and privacy when evaluating fintech services, with perceptions of security significantly impacting trust levels. Factors such as encryption protocols, authentication mechanisms, and regulatory compliance play crucial roles in shaping consumer perceptions of data security. Additionally, transparency and communication regarding data handling practices enhance trust and mitigate concerns. The study identifies the role of user experience design in fostering trust, as intuitive interfaces and clear privacy policies contribute to perceived security. The findings underscore the importance of proactive measures by fintech companies to address data security concerns, including robust cybersecurity protocols, regulatory compliance, and transparent communication strategies. The study highlights the intricate relationship between data security and consumer trust in fintech innovation, emphasizing the need for comprehensive approaches to mitigate risks and build consumer confidence. By understanding and addressing consumer perceptions and concerns, fintech companies can enhance trust and drive widespread adoption of innovative financial technologies. Keywords: fintech, adoption, security, trust, inclusion, investment, payment, insurance, technology, efficiency, innovation.