Factors Affecting Fintech Adoption in Bangladesh: Central Bankers' Insights

Financial Technology (FinTech) has become a remarkable mechanism for ensuring financial inclusion nowadays. A developing country like Bangladesh can utilize these technological solutions to offer different financial services to attract more people to banking. Therefore, it is essential to understand the key drivers behind FinTech adoption. This study aimed to investigate the specific factors impacting the uptake of FinTech among central bankers in Bangladesh. 241 responses were collected from the central bankers in Bangladesh using a structured questionnaire distributed through Google Forms. This study employed an extended version of the unified theory of acceptance and use of technology (UTAUT) model by incorporating two additional variables: perceived innovativeness (PI) and perceived security (PS). This study employed structured equation modeling (SEM) and confirmatory factor analysis (CFA) to evaluate the hypotheses and assess the reliability and validity of the data. The data was coded and tested for reliability using IBM SPSS version 29. Furthermore, IBM SPSS Amos version 29 was used to build a measurement model and SEM. Findings show that performance expectancy (PE), effort expectancy (EE), and facilitating condition (FC) do not impact the central banker's intention to use FinTech, whereas perceived innovativeness (PI), perceived security (PS), and social influence (SI) have a significant impact on central bankers' decision to use FinTech. This research provides a guideline for the authority of the central bank as well as other banks in Bangladesh to understand what factors could drive their employees to adopt FinTech.