User’s Acceptance and Intention of Blockchain Technology with UTAUT 3 Model: Beneficial or Detrimental in the Indonesian Banking Industry

Abstract

The rapid development of technology has resulted in new technological innovations that continue to emerge and affect all aspects of life. Blockchain is a new technology that has attracted attention as it is considered an innovation that claims to be able to change the future of the banking side. Currently, banks have big data on the transactions that have taken place so far. Therefore, bankers also require technology to balance their job’s complexity. Here, blockchain technology is put forth as a way for bankers to stay current with changes during the industrial revolution, especially in the era of Banking 4.0. Therefore, in this study, we aim to predict the level of acceptance and intention of bankers in the Indonesian banking industry (Top ten banks in Indonesia based on Indonesia Stock Exchange (IDX) survey 2022) towards the use of blockchain technology using 8 factors in UTAUT 3 as our grand theory. This study employs quantitative methods by utilizing primary data by distributing questionnaires to accountants in the banking sector and testing hypotheses using SMARTPLS software. Based on the results of data processing, performance expectancy, social influence, habit, and personal innovativeness have a significant influence on behavioral intention. Meanwhile, effort expectancy, facilitating condition, hedonic motivation, and price value do not have a significant influence on behavioral intention. Bankers must be aware of the four variables that directly influence behavioral intention in using blockchain, including the need for increased knowledge and habits regarding the use of blockchain technology so that the adoption process will be better, in line with the benefits obtained from using blockchain technology.