Digital Transformation of SMEs Financial Behavior in the New Normal Era

Gendro Wiyono, Kusuma Chandra Kirana

Abstract


This study aims to determine whether there has been a digital transformation of financial behavior in the use of fintech by micro, small and medium enterprises (SMEs) in Indonesia with the Covid-19 Pandemic. The study used a population of SMEs in all provinces, while the sample collected was 84 SMEs from 19 provinces in Indonesia. Data analysis using variance-based SEM with SmartPLS 3.2.9 software tools. The results show that the Covid-19 pandemic has an effect on SMEs (old behavioral intention) in using fintech, and this is a strengthening of the influence on new behavior in using fintech (new behavioral intention). Meanwhile, the New Normal policy also has a positive and significant effect on the current behavior of using fintech (new behavioral intention). As for the new normal as a moderating variable, old behavioral intention to new behavioral intention has no significant role, this is because before the new normal, many SMEs used fintech. Suggestions for SMEs to continue to take advantage of fintech in carrying out their business activities to avoid the impact of Covid-19 and the smooth running of their business.

DOI: https://doi.org/10.26905/jkdp.v25i1.4954

 


Keywords


The Covid-19 Pandemic; Old Intention Behavior; New Normal; New Intention Behavior

Full Text:

PDF

References


Abdurrahman, F. T. (2020). Dampak Covid-19 Terhadap Umkm Di Indonesia. Jurnal Brand, 2(1), 147–153. https://www.academia.edu/ 42672824/DampakCovid-19_Terhadap_ UMKM _ di_Indonesia

Agus, S. (2020). Prospek Ekonomi Digital di Era New Normal. https://investor.id/opinion/prospek-ekonomi-digital-di-era-new-normal

Ahlstrom, D., Arregle, J., & Hitt, M. A. (2020). Managing Technological , Sociopolitical , and Institutional Change in the New Managing Technological , Sociopolitical , and Institutional Change in the New Normal. April. https://doi.org/10.1111/joms.12569

Benuf, K. (2020). Urgensi Kebijakan Perlindungan Hukum Terhadap Konsumen Fintech Peer To Peer Lending Akibat Penyebaran Covid-19. Jurnal Rechts Vinding: Media Pembinaan Hukum Nasional, 9(2), 203. https://doi.org/ 10.33331/rechtsvinding.v9i2.427

Chang, C.-L., McAleer, M., & Wong, W.-K. (2020). Risk and Financial Management of Covid-19 in Business, Economics and Finance. Journal of Risk and Financial Management, 13(5), 102. https://doi.org/10.3390/jrfm13050102

Churry. (2020). The New Normal dari Kacamata Keuangan Digital. ItWorks. https:// www.itworks.id/28439/the-new-normal-dari-kacamata-keuangan-digital.html

Cindy, M. A., & Agung, J. (2020). Efek Positif Pandemi, Konsumen & UMKM Jadi Terbiasa Transaksi Digital. https://doi.org/10.11693 /hyhz20181000233

Dijkstra, T. K., & Henseler, J. (2017). Consistent and Asymptotically Normal PLS Estimators for Linear Structural Equations. Computational Statistics & Data Analysis, 81(1), 10–23.

Dubey, V., Sonar, R., & Mohanty, A. (2020). FinTech, RegTech and Contactless Payments Through the Lens of COVID 19 Times. International Journal of Advanced Science and Technology, 29(6), 3727–3734. https://doi.org/https:// www. researchgate.net/publication/342663514

Fu, J., & Mishra, M. (2020). Fintech in the Time of COVID-19: Trust and Technological Adoption During Crises. Swiss Finance Institute. https://doi.org/https://dx.doi.org/10.2139/ssrn.3588453

Gendro, W., & Kusuma, C. K. (2020). Efek Impresi Fintech Terhadap Perilaku Keuangan SMES. Jurnal Ilmiah Manajemen Dan Bisnis, 21(April), 69–81.

Giese, J., & Haldane, A. (2020). Covid-19 and the financial system: a tale of two crises. Oxford Review of Economic Policy, 36(Supplement_1), S200–S214. https://doi.org/10.1093/oxrep/ graa035

Hair et al. (2017). A Primer on Partial Least Square Structural Equation Modeling (PLS-SEM) 2th Edition, Los Angeles, London, New Delhi, Singapore, Washington DC, Melbourne: SAGE

Javed, A. (2020). Impact of Covid- 19 on Pakistan ’ s services sector. Jurnal Inovasi Ekonomi, 05(03), 107–116. https://doi.org/https://doi.org/10.22 219/jiko.v5i03.12194

Juminto, M. S. (2020). Adaptasi UMKM saat New Normal. https://www.jawapos.com/opini /24/06 /2020/adaptasi-umkm-saat-new-normal/%0 A PANDEMI

Kasradze, T. (2020). Challenges Facing Financial Inclusion Due to the Covid-19 Pandemic. 8659(August), 63–74. https://doi.org/https:// dx.doi.org/10.26417/ejme.v3i2.p63-74

Knight, E., & Wójcik, D. (2020). FinTech, economy and space: Introduction to the special issue. Environment and Planning A, 52(March 2007), 1490–1497. https://doi.org/10.1177/0308518 X20946334

Liang, T. (2020). Handbook of Covid-19 Prevention and Treatment. (T. Liang, Ed.) Hangzhou: Alibaba Foundation

Meita, F. (2020). Dukung UMKM Menuju Digital untuk Hadapi Tantangan New Normal. https://m.fimela.com/lifestyle-relationship/read /4280092/dukung-umkm-menuju-digital-untuk- hadapi-tantangan-new-normal

Ozili, P. K. (2020). Financial Inclusion and Fintech during COVID-19 Crisis: Policy Solutions. SSRN Electronic Journal, July. https://doi.org/ 10.2139/ssrn.3585662

Putri Rusadi, F. A. R., & Benuf, K. (2020). Fintech peer to peer lending as a financing alternative for the development MSMEs in Indonesia. Legality : Jurnal Ilmiah Hukum, 28(2), 232–244. https://doi.org/10.22219/ljih.v28i2.12865

Ratna, Sahay. Ulrick, E. Amina, L. Purva,K. Sumiko. Majid. Kim, B. (2020). The Promise of Fintech. International Monetary Fund. No.20/09. Publication Services P.O. Box 92780, Washington

Relman, E. (2020). Business insider Singapore. Cited Jan 28th 2020. Available on:https://www. businessinsider.sg/deadly-china-wuhan-virus spreading- human-to-human-officials-confirm-2020- 1/?r=US&IR=T.

Sekaran, U., & Bougie, R. (2017). Metode Penelitian untuk Bisnis: Pendekatan Pengembangan-Keahlian (6th ed.). Salemba Empat.

Smeets, K., & Zeisberger, S. (2020). How FinTech Can Help Latin America to Deal with Economic Challenges and the Covid-19 Crisis. SSRN Electronic Journal, 1–22. https://doi.org/ 10.2139/ssrn.3673240

Sulistiyo, B. (2020). New Normal dan Digitalisasi UMKM. Harian Kontan. ttps://analisis. kontan.co.id/news/new-normal-dan-digitalisasi-umkm New

Tut, D. (2020). Munich Personal RePEc Archive FinTech and the Covid-19 Pandemic : Evidence from Electronic Payment Systems FinTech and the Covid-19 Pandemic : Evidence from Electronic Payment Systems. 102401. https://doi.org/https://dx.doi.org/10.2139/ssrn.3660987

Wan, L. H. (2020). Strategi Bertahan UMKM di Tengah Pandemi Covid-19. Jurnal Akuntansi & Ekonomika, 2(1), 20–42.

WHO. (2020). WHO Director-General’s remarks at the media briefing on 2019-nCov on 11 February 2020. Cited Feb 13rd 2020. Avalaible on: https://www.who.int/dg/speeches/detail/ who-director-generals-remarks-atr-the-media-briefing-on-2019-ncov-on-11-february-2020. (Feb 12th 2020).

Wiyono, G. (2020). Merancang Penelitian Bisnis dengan alat analisis SPSS 17.0 & SmartPLS 2.0 (Kedua). UPP STIM YKPN.

Wójcik, D. (2020). Geographies of finance I: Exploring FinTech – Maps and concepts. Progress in Human Geography. https://doi.org/10.1177/ 0309132520952865

Yan, S. (2015). A Theoretical Framework of Competitve Advantage for Smes in China Under New Normal Economy. European Scientific Journal, 11(34), 1–12. file:///C:/Users/user /Downloads/6717-19562-1-PB.pdf%0Ahttps: //eujournal.org/index.php/esj/article/download/.../6443




DOI: https://doi.org/10.26905/jkdp.v25i1.4954

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: +62 813-3180-1534
Email: jkp@unmer.ac.id

This work is licensed under a Creative
Commons Attribution-ShareAlike 4.0