A Study On The Factors Influencing Purchase Intention Of Internet Financial Products

With the development of information and communication technologies,the convergence of the financial industry and the Internet technology has created a new pattern of financial services which is known as Internet finance.In June 2013,Yuebao gathered a large number of users and funds within a short time by providing users with low starting point of investment,which attracted people's attention to the Internet financial products.Although there is a huge development space for Internet financial market,the phenomenon of product homogenization is too serious.Therefore,how to attract and keep users' retention has become an urgent problem to be solved.The previous researches on Internet financial products mainly focus on legal supervision,risk prevention and control,while studys on users' purchase intention of Internet financial products is rare.Therefore,this paper attempts to supplement this field through empirical research.Firstly,this paper introduces the background and significance of the research,expounds the overall research ideas and the framework,and sorts out the Internet financial and Internet financial products literature in domestic and international research.Based on the Unified Theory of Acceptance and Use of Technology(UTAUT),we integrated the Behavioral Finance Theory,Perceived Risk Theory and Trust Theory.Assumptions are put forward according to 6 variables indexes and the theoretical model of the factors influencing users' purchase intention of the Internet financial products is set up.By combining previous scholarly research scale with the characteristics of the Internet financial products,the questionnaire is designed and distributed through online and offline channels,from which 230 valid questionnaires are collected.These valid questionnaires are tested by SPSS20.0 for data processing,including reliability and validity testing,and the theoretical model is tested and modified by AMOS21.0.Through the empirical research,we get the following conclusions:trust,performance expectancy and expected revenue have a significant positive impact on the purchase intention of users' Internet financial products,and social impact has a positive impact on users' purchasing intention by influencing performance expectancy.Based on the analysis of the research results,this paper puts forward the following suggestions for the improvement of the products of internet financial enterprises:Firstly,improve the platform design and optimize users' experience,including simplifying the operation steps of platform and extending product's compatibility on multiple terminals.Secondly,focus on customer's needs and provide high quality financial services,including providing customized financial products portfolio by mining user transactions behavior data and maximizing user revenue.Establish a clear enterprise market positioning by providing featured product and enhance users' dependence and loyalty to the platform and the competitive ability of the enterprise.Thirdly,expand the brand influence and enhance users' trust,including building brand image,protecting the platform reputation and making the product risk information transparent.To ensure the security and stability of the system,enterprises should increase investment on the research and development of security technology,strengthen risk management of the platform and control business activities strictly.The contribution of this paper is as follows:a)With empirical research method,the analysis of the affecting factors that influencing users' purchase intention of the Internet financial products has supplemented the empirical research on the new products such as Internet financial products.b)Based on the UTAUT model,we integrated the theory of behavioral finance,perceived risk theory and trust theory to build our research model which is used to examine the factors influencing users'purchase intention of Internet financial products.This model has more comprehensive explanatory power.c)This study has obtained valuable research conclusions through practical research data.According to the conclusion of the research,this paper puts forward the feasible suggestions for the Internet financial enterprises.