High-tech, high-trust: Pathways to sustainable fintech growth revealed

The rapid digital transformation of the financial industry is reshaping how consumers interact with financial technologies (fintech) worldwide. In a new study published in Sustainability, Hyun-Sun Ryu of Hongik University examines the complex drivers behind this shift, offering a roadmap for more targeted, efficient Fintech adoption strategies.

Titled “From Innovation to Use: Configurational Pathways to High Fintech Use Across User Groups,” the study analyzes 254 active users in South Korea, applying fuzzy-set qualitative comparative analysis (fsQCA) to decode the intricate interplay of innovation, trust, and technology in driving adoption and sustained use.

Understanding the core drivers of fintech adoption

According to the research, fintech use is not driven by a single factor but by complex configurations of attributes spanning three key dimensions: innovation, financial services, and information technology. These dimensions include seven core attributes, relative advantage, meaningfulness, perceived risk, structural assurance, trust in transactions, system quality, and information quality.

By integrating the diffusion of innovation theory with the information systems success model, the paper reveals that high adoption rates emerge from synergistic effects, not isolated features. This multidimensional approach reflects the evolving role of Fintech in delivering faster, more personalized, and innovative financial services - a trend particularly evident in markets like South Korea, where platforms such as Kakao Pay, Toss, and Naver Pay dominate daily transactions.

The findings also show that while IT quality is indispensable, its influence varies by user type and context. High-performing systems and accurate, timely information enhance engagement but cannot independently drive usage without meaningful experiences and strong trust signals.

Diverse user segments, distinct engagement pathways

The study segments users into four groups, Infrequent Users, Lurkers, Task-Driven Users, and Power Users, based on usage period and frequency. Each group displays unique behavioral patterns and responds to different combinations of Fintech attributes.

• Infrequent Users show limited interaction and higher risk sensitivity. For this group, structural assurance and trustworthy transactions are paramount. By reinforcing robust legal safeguards and reliable operations, Fintech providers can build confidence and encourage deeper engagement.

• Task-Driven Users, who use Fintech frequently but over a shorter adoption period, prioritize meaningfulness and IT performance. These users are highly motivated by financial utility and rely on platforms that deliver seamless, risk-free experiences backed by superior system and information quality.

• Power Users, with long-term and high-frequency usage patterns, demand a comprehensive service ecosystem. For these users, high engagement correlates with the integration of innovation, trust mechanisms, and advanced IT systems, positioning them as the most loyal and profitable segment.

• Lurkers, in contrast, exhibit minimal interaction despite familiarity with Fintech platforms. The absence of a clear adoption configuration for this group highlights a gap in industry engagement strategies.

The study underscores that a one-size-fits-all approach fails in Fintech adoption. Instead, companies should design context-specific strategies that align platform features with the needs and expectations of each user group, ultimately fostering sustainable growth and deeper financial inclusion.

Strategic insights and implications

From a strategic standpoint, the research offers actionable insights for both industry leaders and policymakers. High-quality IT infrastructure, while essential, needs to be harmonized with innovation and trust attributes to create a cohesive, user-centric ecosystem.

For high-risk environments, reinforcing structural assurance and reliable transactions is critical. On the other hand, in low-risk contexts, superior system and information quality alone can sustain engagement. Across all scenarios, the concept of meaningfulness, the perceived value and relevance of the service, remains a non-negotiable driver of adoption.

Moreover, the paper highlights the multifaceted role of IT. While system and information quality feature in nearly every high-use configuration, their impact ranges from enabling adoption to strengthening loyalty, depending on the presence of other complementary factors. This finding suggests that Fintech innovation requires a holistic, integrated approach, balancing technology excellence with trust and user relevance.

Importantly, the research aligns fintech adoption pathways with broader sustainability and inclusion goals. By lowering barriers to financial services and enabling secure, efficient transactions, Fintech platforms can enhance financial literacy, accessibility, and systemic stability. The study further highlights the potential of fintech in driving ESG-aligned strategies, such as green finance and responsible resource allocation, reinforcing its role as both a technological disruptor and a driver of equitable growth.