Technology Acceptance of Neo-Broker Applications: An Empirical Investigation

Marius Arved Fortagne, Riccardo Reith, Khanh Nguyen and Bettina Lis
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Marius Arved Fortagne: University of Bayreuth, Bayreuth, Germany
Riccardo Reith: University of Bayreuth, Bayreuth, Germany
Khanh Nguyen: University of Bayreuth, Bayreuth, Germany
Bettina Lis: University of Bayreuth, Bayreuth, Germany

International Journal of Innovation and Technology Management (IJITM), 2023, vol. 20, issue 05, 1-28

Abstract: Disruptive neo-broker applications (NBAs) enable users to access financial markets easily and have attracted millions of investors worldwide. As a gamified implementation for financial services, NBAs provide a unique research setting in which to examine the determinants of NBA acceptance among investors, some of whom are wholly inexperienced in financial products. We propose a research model specifically designed to explain the usage intention of NBAs by drawing on established factors from technology acceptance and financial behavior research. We validated the research model empirically with structural equation modeling (NÂ =Â 653) and found significant drivers of NBA acceptance. Distinct from previous finance technologies, we confirmed consumption-oriented factors, including performance expectancy, hedonic motivation, price value, and habit as antecedents of NBA usage intention. From the financial perspective, initial trust and overconfidence were identified as further drivers, while overconfidence in turn is shaped by risk aversion and subjective financial knowledge, indicating a mediated effect on NBA acceptance. Thereby, we present the first NBA-tailored acceptance model that links technology characteristics and financial behavior. Correspondingly, we provide implications for theory and practice.

Keywords: Neo-broker applications; mobile investing; technology acceptance; unified theory of acceptance and use of technology 2 (UTAUT2); financial behavior (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1142/S0219877023500293

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