Building Consumer Trust in Fintech: The Influence of Digital Risk, Technology Dependence, and Cybersecurity

Abstract

The growth of fintech services in emerging markets has accelerated financial inclusion while simultaneously introducing digital risks that may compromise consumer trust. This study investigates how perceived digital risks, technology dependence, and cybersecurity perceptions influence user trust in fintech platforms. Drawing from the Technology Acceptance Model (TAM) and Perceived Risk Theory, the research analyses responses from Indonesian fintech users using Structural Equation Modelling (SEM) via AMOS. The data were collected in May 2025 through an online survey. Out of 300 questionnaires distributed, 284 were returned and 250 were valid for analysis. The findings indicate that emerging risks and technology dependence significantly shape both cybersecurity perceptions and trust in digital financial platforms. Additionally, cybersecurity itself exerts a direct and statistically significant influence on consumer trust. Hypothesis testing results confirm that all proposed hypotheses (H1–H7) are supported, indicating that trust in fintech is simultaneously shaped by user perceptions of risk, technology dependence, and cybersecurity. These results suggest that trust in fintech is driven by both user perceptions of risk and the perceived strength of platform-level security systems. Practically, the study urges fintech providers to adopt transparent and user-centric security strategies, and encourages regulators to prioritize digital literacy and robust cybersecurity governance in the rapidly evolving fintech landscape.