Exploring individual perspectives on Financial Technology (Fintech) usage and its impact: a Malaysian perspective

Rapid advancements brought forth by the Industrial Revolution 4.0 have revolutionized many aspects of daily life, particularly in financial technology (Fintech). Despite its benefits, such as time efficiency, transaction flexibility, and service convenience, mobile application security risks remain a major concern for Fintech users and innovators. The growing, tech-savvy population further drives the need for secure digital financial solutions. Advanced encryption technologies and increased usage of mobile apps and digital wallets enhance the security and trustworthiness of online transactions. This study aims to identify key factors influencing Fintech usage from individuals’ perspectives. It highlights how Fintech aids daily life activities, focusing on a youthful, tech-savvy population in Klang Valley, Malaysia. Using causal research, data was collected online via Google Forms from 300 respondents and analyzed with SPSS (Version 27) through descriptive and multiple regression methods. Results indicate that security, innovativeness, and benefits factors significantly predict Fintech usage in Klang Valley, Malaysia. These findings suggest that financial institutions are crucial in promoting digital literacy and encouraging Fintech adoption. Additionally, the government should accelerate ICT infrastructure improvements, expand mobile broadband, support Fintech start-ups, provide regulatory sandboxes, and encourage financial institutions to innovate for the unbanked population. This research provides valuable insights for regulators, policymakers, financial institutions, and the public on Fintech's role in daily life.