| Abstract [eng] |
The research was conducted to study the factors influencing trust recovery post-data breach. For these purposes, an extended version of the Technology Acceptance Model (TAM) was employed. The Model consisted of core TAM elements along with other variables, which were identified via theoretical review, based on current studies. Those variables were transparency, cash culture, regulatory challenges, cybersecurity awareness, perceived risk, and core TAM elements, i.e, perceived usefulness and perceived ease of use. For the research, a quantitative research methodology was used, and victims of cybercrime from the Pakistani FinTech market were presented with a questionnaire. A total of 187 valid responses were received, shedding light on factors that either positively or negatively impact trust recovery in FinTech. The study revealed that transparency, security, and cash culture were the most significant predictors of trust recovery post-data breach. An ever deeper analysis revealed that among these three predictors, transparency was the most impactful factor, followed by perceived security and cash preference. This proves that post-data breach consumers prefer the FinTech firms to be transparent about the incident, and would like to stay abreast of the prevailing scams and frauds. The analysis also showed that consumers preferred visible security features, which also highlights the importance of effective communication. Cash preference negatively impacts the trust recovery, but also requires a deeper qualitative analysis for a better understanding. The analysis showed that core elements of TAM, such as perceived usefulness and ease of use, which are very important in the initial trust development phase, failed to make a significant impact on trust recovery post-data breach. Similarly, cybersecurity awareness, regulatory challenges, and perceived risk were also found statistically not significant. It means that conventional factors aren't sufficient to define trust recovery in FinTech. However, these results do not lower the theoretical importance of these factors in FinTech adoption and trust development. Finally, the research highlights the importance of effective communication, transparency, visible security updates, and the need to discourage cash culture. Since core TAM factors failed to encapsulate the trust recovery idea, there is a need to extend the model beyond the conventional variables to emotional and cultural dimensions as well. These findings can be valuable for policymakers and FinTech companies. Lithiania, being at the forefront of financial innovation, can utilise this study to expand their market reach ot emerging markets like Pakistan. |
