The Impediment Factors of Customers Intentions to Borrow in Peer to Peer Lending Apps

Khairul Ikhsan, Nurhayani Nurhayani

Abstract


In the last decade, Indonesia's fintech trend are supported by the growth of Internet users. A recent report by OJK in 2021 shows that online loan services continue to increase by the millennial generation's dominance. It's because online loan services are easier to gain rather than conventional loan services. Unfortunately, its service provides several potential threats to its users. Moreover, religious values play a critical role in shaping consumers' attitudes and behavior towards products or services. The purpose of this study is to analyze the role of perceived risk: security risks and privacy risks, and religiosity in predicting customers' intention to borrow in P2P Lending apps. The research approach is quantitative, with a random sampling technique, and the research sample is 86 respondents. The data were analyzed by using multiple linear regression with IBM SPSS 23. Based on the study results, it can be concluded that security risk has a negative and significant effect in predicting the intention to borrow in P2P Lending apps, but no relationship between privacy risk and religiosity on the intention to borrow. As a managerial implication, our findings can help the company to focus on providing highly secure apps and promoting and campaigning the confidentiality of users' personal information.


Keywords


Privacy Risk, P2P Lending, Religiosity, Security Risk

Full Text:

PDF

References


Aji, H. M., Berakon, I., & Riza, A. F. (2021). The effects of subjective norm and knowledge about riba on intention to use e-money in Indonesia. Journal of Islamic Marketing, 12(6), 1180–1196.

https://doi.org/10.1108/JIMA-10-2019-0203

APJII. (2020). Laporan Survei Internet APJII 2019 – 2020 (Q2). Asosiasi Penyelenggara Jasa Internet Indonesia, 1–146. https://apjii.or.id/survei

Ariffin, S. K., Mohan, T., & Goh, Y.-N. (2018). Influence of consumers’ perceived risk on consumers’ online purchase intention. Journal of Research in Interactive Marketing, 12(3), 309–327. https://doi.org/10.1108/JRIM-11-2017-0100

Bananuka, J., Mukyala, V., Tumwebaze, Z., Ssekakubo, J., Kasera, M., & Najjuma, M. S. (2020). The intention to adopt Islamic financing in emerging economies: evidence from Uganda. Journal of Islamic Accounting and Business Research, 11(3), 610–628. https://doi.org/10.1108/JIABR-07-2017-0108

Berakon, I., Wibowo, M. G., Nurdany, A., & Aji, H. M. (2021). An expansion of the technology acceptance model applied to the halal tourism sector. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-03-2021-0064

Bugshan, H., & Attar, R. W. (2020). Social commerce information sharing and their impact on consumers. Technological Forecasting and Social Change, 153. https://doi.org/10.1016/j.techfore.2019.119875

Charag, A. H., Fazili, A. I., & Bashir, I. (2020). Determinants of consumer’s readiness to adopt Islamic banking in Kashmir. Journal of Islamic Marketing, 11(5), 1125–1154.

https://doi.org/10.1108/JIMA-10-2018-0182

Chopdar, P. K., Korfiatis, N., Sivakumar, V. J., & Lytras, M. D. (2018). Mobile shopping apps adoption and perceived risks: A cross-country perspective utilizing the Unified Theory of Acceptance and Use of Technology. Computers in Human Behavior, 86, 109–128. https://doi.org/10.1016/j.chb.2018.04.017

Cox, D. F., & Rich, S. U. (1964). Perceived risk and consumer decision-making: the case of telephone shopping. Journal of Marketing Research, 1(4), 32–39.

https://doi.org/10.2307/3150375

Cunningham, L. F., Gerlach, J. H., Harper, M. D., & Young, C. E. (2005). Perceived risk and the customer buying process: Internet airline reservations. International Journal of Service Industry Management, 16(4), 357–372.

D’Alessandro, S., Girardi, A., & Tiangsoongnern, L. (2012). Perceived risk and trust as antecedents of online purchasing behavior in the USA gemstone industry. Asia Pacific Journal of Marketing and Logistics, 24(3), 433–460.

Destiana, W. (2021, November 21). Terdampak Covid-19 dan kebutuhan hidup, alasan milenial pinjam uang ke pinjol. IDX Channel.

https://www.idxchannel.com/milenomic/terdampak-covid-19-dan-kebutuhan-hidup-alasan-milenial-pinjam-uang-ke-pinjol

Dholakia, U. M. (1997). An investigation of the relationship between perceived risk and product involvement. Advances in Consumer Research, 24(1), 159–167.

Dowling, G. R. (1986). Perceived risk: The concept and its measurement. Psychology & Marketing, 3(3), 193–210. https://doi.org/10.1002/mar.4220030307

Eid, R., & El-Gohary, H. (2015). The role of Islamic religiosity on the relationship between perceived value and tourist satisfaction. Tourism Management, 46, 477–488.

https://doi.org/10.1016/j.tourman.2014.08.003

Featherman, M. S., & Hajli, N. (2016). Self-service technologies and e-services risks in social commerce era. Journal of Business Ethics, 139(2), 251–269. https://doi.org/10.1007/s10551-015-2614-4

FH UII. (2021, July 8). Pertumbuhan ekonomi dan investasi digital di Indonesia dalam perspetif hukum. FH UII. https://law.uii.ac.id/blog/2021/07/08/pertumbuhan-ekonomi-dan-investasi-digital-di-indonesia-dalam-perspetif-hukum/

Forsythe, S. M., & Shi, B. (2003). Consumer patronage and risk perceptions in Internet shopping. Journal of Business Research, 56(11), 867–875. https://doi.org/10.1016/S0148-2963(01)00273-9

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM Spss 25. Badan Penerbit Universitas Diponegoro.

Hoover, R. J., Green, R. T., Saegert, J., Hoover, R. J., Green, R. T., & Saegert, J. (1978). A cross-national study of perceived risk: Does perceived risk have the same effect on consumers in a foreign country as in the United States? Journal of Marketing, 42(3), 102–108.

Huang, D., Liu, X., Lai, D., & Li, Z. (2019). Users and non-users of P2P accommodation: Differences in perceived risks and behavioral intentions. Journal of Hospitality and Tourism Technology, 10(3), 399–412. https://doi.org/10.1108/JHTT-06-2017-0037

Ikhsan, K., & Sunaryo, D. (2020). Technology acceptance model, social influence and perceived risk in using mobile applications: Empirical evidence in online transportation in Indonesia. Jurnal Dinamika Manajemen, 11(2), 127–138.

https://doi.org/10.15294/jdm.v11i2.23309

Jia, J., Dyer, J. S., & Butler, J. C. (1999). Measures of perceived risk. Management Science, 45(4), 519–532. https://doi.org/10.1287/mnsc.45.4.519

Kemenkeu RI. (2021). Ekonomi digital Indonesia diprediksi tumbuh delapan kali lipat di tahun 2030. Kemenkue RI.

https://www.kemenkeu.go.id/publikasi/berita/ekonomi-digital-indonesia-diprediksi-tumbuh-delapan-kali-lipat-di-tahun-2030/

Kominfo RI. (2021, September 29). Jadi pendorong ekonomi, Menkominfo: fintech perluas jangkauan ekonomi digital. Kominfo RI.

https://kominfo.go.id/content/detail/37256/siaran-pers-no-354hmkominfo092021-tentang-jadi-pendorong-ekonomi-menkominfo-fintech-perluas-jangkauan-ekonomi-digital/0/siaran_pers

Mansour, I. H. F., & Diab, D. M. E. (2016). The relationship between celebrities’ credibility and advertising effectiveness: The mediation role of religiosity. Journal of Islamic Marketing, 7(2), 148–166. https://doi.org/10.1108/JIMA-05-2013-0036

Meiria, E. (2020). Sikap dan perilaku generasi Z terhadap perbankan syariah Indonesia dengan importance-performance analysis. Jurnal Inspirasi Bisnis dan Manajemen, 4(2).

http://jurnal.unswagati.ac.id/index.php/jibm

Mitchell, V. (1999). Consumer perceived risk: conceptualisations and models. European Journal of Marketing, 33(1/2), 163–195.

https://doi.org/10.1108/03090569910249229

PWC. (2019). Indonesia’s Fintech Lending: (Issue June). https://www.pwc.com/id/en/fintech/PwC_FintechLendingThoughtLeadership_ExecutiveSummary.pdf

Rahmi, S., Ilyas, G. B., Tamsah, H., & Munir, A. R. (2022). Perceived risk and its role in the influence of brand awareness on purchase intention: study of Shopee users. Jurnal Siasat Bisnis, 26(1), 97–109. https://doi.org/10.20885/jsb.vol26.iss1.art7

Savitri, A., Syahputra, A., Hayati, H., & Rofizar, H. (2021). Analisis pengaruh kualitas pelayanan terhadap kepuasan pelanggan. Jurnal Ekonomi Manajemen Dan Bisnis, 22(2), 116–124.

Sekaran, U., & Bougie, R. (2016). Research methods for business: a skill-building approach (7th Edition.). Wiley & Sons Ltd.

Singh, J., Singh, G., Kumar, S., & Mathur, A. N. (2021). Religious influences in unrestrained consumer behaviour. Journal of Retailing and Consumer Services, 58. https://doi.org/10.1016/j.jretconser.2020.102262

Soltanpanah, H., Shafe’ei, R., & Mirani, V. (2012). A review of the literature of perceived risk and identifying its various facets in e- commerce by customers: Focusing on developing countries. African Journal of Business Management, 6(8), 2888–2896. https://doi.org/10.5897/ajbm11.1409

Stone, R. N., & Grønhaug, K. (1993). Perceived risk: Further considerations for the marketing discipline. European Journal of Marketing, 27(3), 39–50. https://doi.org/10.1179/str.2004.51.4.006

Suhartanto, D. (2019). Predicting behavioural intention toward Islamic bank: a multi-group analysis approach. Journal of Islamic Marketing, 10(4), 1091–1103. https://doi.org/10.1108/JIMA-02-2018-0041

Suhartanto, D., Dean, D., Ismail, T. A. T., & Sundari, R. (2020). Mobile banking adoption in Islamic banks: Integrating TAM model and religiosity-intention model. Journal of Islamic Marketing, 11(6), 1405–1418. https://doi.org/10.1108/JIMA-05-2019-0096

Suhartanto, D., Farhani, N. H., Muflih, M., & Setiawan. (2018). Loyalty intention towards Islamic Bank: The role of religiosity, image, and trust. International Journal of Economics and Management, 12(1), 137–151. http://www.ijem.upm.edu.my

Taylor, J. W. (1974). The role of risk in consumer behavior. Journal of Marketing, 38(2), 54.

https://doi.org/10.2307/1250198

Trinh, H. N., Tran, H. H., & Vuong, D. H. Q. (2020). Determinants of consumers’ intention to use credit card: a perspective of multifaceted perceived risk. Asian Journal of Economics and Banking, 4(3), 105–120.https://doi.org/10.1108/ajeb-06-2020-0018

UNICEF. (2020). Our lives online: Use of social media by children and adolescents in East Asia- opportunities, risks and harms.

www.unicef.org/eap/

Veloutsou, C., & Bian, X. (2008). A cross-national examination of consumer perceived risk in the context of non-deceptive counterfeit brands. Journal of Consumer Behaviour, 7(Jan-Feb), 3–20. https://doi.org/10.1002/cb

Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS Quarterly, 36(1), 157–178.

Wasiuzzaman, S., Chong, L. L., & Ong, H. B. (2022). Influence of perceived risks on the decision to invest in equity crowdfunding: a study of Malaysian investors. Journal of Entrepreneurship in Emerging Economies, 14(2), 208–230.

https://doi.org/10.1108/JEEE-11-2020-0431

Yang, L., Liu, Y., Li, H., & Yu, B. (2015). Understanding perceived risks in mobile payment acceptance. Industrial Management & Data System, 115(2), 253–269.




DOI: https://doi.org/10.26905/jmdk.v11i1.9417

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Jurnal Manajemen dan Kewirausahaan



Indexing by:

width="150" crossref
width=150;SINTA - Science and Technology Index

 

Index Copernicus International (ICI)

Tools:

TurnitinMendeley - Library 101 Citation Management Tools - Research guides at  University of Toronto

 

In Collaboration with:


 


Jurnal Manajemen dan Kewirausahaan

Management Department Faculty of Economics

University of Merdeka Malang

MAILING ADDRESS
Terusan Dieng Street 62-64, Sukun, Malang City, East Java, 65146, Indonesia
Phone: 081332569864
Email: jmdk@unmer.ac.id


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