Title: Effects of perceived risk on intention to use biometrics in financial products: evidence from a developing country

Authors: Laura Lorena Soto-Beltrán; Oscar Javier Robayo-Pinzón; Sandra Patricia Rojas-Berrio

Addresses: Institución Universitaria Politécnico Grancolombiano, School of Marketing and Branding, Calle 57 No 3-00 Este, Bogotá, 110231, Colombia ' Institución Universitaria Politécnico Grancolombiano, School of Marketing and Branding, Calle 57 No 3-00 Este, Bogotá, 110231, Colombia ' Facultad de Ciencias Económicas, Escuela de Administración y Contaduría Pública, Grupo de Investigación Management & Marketing (m&m), Universidad Nacional de Colombia Sede Bogotá, Carrera 45 # 26-85, Bogotá, 111321, Colombia

Abstract: To establish if the usefulness and benefits of biometrics exceed consumers' perceived risk, this research assessed the impact of perceived risks on the intention to use biometric technology by consumers of financial products in Bogota, Colombia, adapting the technology acceptance model (TAM). The design includes, first, a qualitative stage with ten in-depth interviews. Second, a survey was applied to a sample of 410 participants. Results showed users are willing to adopt biometrics in banking if they find it useful and if they have a positive perception regarding the capacity to guarantee transactions and to positively identify the user in the system (risk-free), which are mostly time, convenience and social risks. The findings-conclusions have marketing implications for academic researchers, financial services companies and professionals that take part in the design of this technology, who may propose improvements to the products and streamline management and communication processes aimed at the consumer.

Keywords: biometric technology; consumer behaviour; financial sector; intention to use; perceived risk; technology acceptance model; TAM.

DOI: 10.1504/IJBIS.2022.121432

International Journal of Business Information Systems, 2022 Vol.39 No.2, pp.170 - 192

Received: 07 Jun 2019
Accepted: 15 Jun 2019

Published online: 14 Mar 2022 *

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