Trust in Finance and Consumer Fintech Adoption

Abstract

We study the impact of trust in traditional finance on the consumer adoption of various fintech products, including cryptocurrencies, peer-to-peer lending, other crowdfunding, roboadvisors, and alternative payment solutions. Using a representative survey of Dutch households, an experiment on Amazon's MTurk and an experiment on an investment website, we nd no consistent evidence that trust in finance affects fintech adoption in any product category. Our results suggest that consumers consider fintech products to be distinct from traditional financial products.