Exploring a Potential Capability–Adoption Gap in Digital Financial Adoption Intentions: Evidence from a Fragile Post-Crisis Economy

Vollständiger Abstract

Worum geht es in dieser Arbeit?

Digital finance research generally assumes that greater financial and technological capabilities lead to higher adoption of digital financial services. However, this assumption has rarely been examined in fragile economies where institutional trust and financial system stability have been severely disrupted. This study investigates whether capability-based explanations of digital financial adoption remain valid in a post-crisis environment. Drawing on a capability–behaviour–intention framework, the study examines the effects of Perceived Digital Financial Literacy (DFL), Perceived AI Literacy (AIL), and Financial Inclusion (FI) on Digital Financial Adoption Orientation (DFAO), while assessing the mediating role of Financial Behaviour (FB) and the moderating influence of banking reintegration and bank stability concerns. The study analyzed questionnaire responses from 164 participants using partial least squares structural equation modelling (PLS-SEM) in SmartPLS 4. The findings provide mixed support for the proposed framework. AIL and FI were positively associated with FB, whereas the direct relationships of DFL, AIL, and FI with DFAO were not statistically significant. FB was not significantly associated with DFAO, and the specific indirect effects through FB were not statistically supported. Fresh USD account ownership significantly moderated the relationship between FI and DFAO, whereas the remaining proposed moderation effects were not statistically significant. The observed pattern provides limited support for the hypothesised capability–behaviour–adoption relationships in this sample and suggests the possibility of boundary conditions affecting capability-based explanations of digital financial adoption. Further research using larger and more diverse samples is required to determine whether these relationships vary across contexts.