Vol. 2 No. 3 (2023): December Special Issue of The QUEST: Journal of Multidisciplinary Research and Development
Articles

Factors Affecting the Adoption of Online Financial Products: Basis for Strategic Plan

  • Zhang Xuehong,
  • Ma. Germina Santos
Zhang Xuehong
Shanxi Cultural Industry Investment Co., LTD, Shanxi Province, China
Ma. Germina Santos
Nueva Ecija University of Science and Technology
DOI: https://doi.org/10.60008/thequest.v2i3.144

Published 12/30/2023

Keywords

  • Adoption; Digital financial landscape; Online financial products; Perception; Strategic plan

How to Cite

Xuehong, Z., & Santos, M. G. (2023). Factors Affecting the Adoption of Online Financial Products: Basis for Strategic Plan. The QUEST: Journal of Multidisciplinary Research and Development, 2(3). https://doi.org/10.60008/thequest.v2i3.144

Copyright (c) 2023 The QUEST: Journal of Multidisciplinary Research and Development

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Abstract

The study "Factors Affecting the Adoption of Online Financial Products: Basis for Strategic Plan" conducted in Hangzhou, China, delved into the factors influencing potential users' adoption of online financial products. The study employed a quantitative descriptive research design, the study surveyed respondents to understand their profiles, perceptions of online financial products, and the factors influencing their intention to purchase such products. Findings revealed a balanced representation of male and female participants, predominantly working-age individuals with bachelor's degrees and falling within the middle-income range. While savings accounts and credit cards were the most commonly used financial products, newer options like personal loans and mortgages showed promising adoption rates. Respondents generally held a fair perception of online financial products, indicating moderate levels of agreement on accessibility, usability, and security aspects. The study identified several factors influencing purchase intentions, including technological know-how, orientation, peer influence, adaptability, perceived benefits, and credibility of product providers. Based on these insights, the study proposed a strategic plan focusing on innovation, customer-centricity, and adaptability to market trends to enhance adoption rates and customer satisfaction in the digital financial landscape of Hangzhou, China.

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