Financial Information Transparency and Data Security on Building User Trust in Peer-to-Peer Lending Platforms in Indonesia
DOI:
https://doi.org/10.58812/wsis.v4i05.2878Keywords:
Financial Transparency, Data Security, User Trust, Peer-to-Peer Lending, Fintech IndonesiaAbstract
This study examines the influence of financial transparency and data security on user trust in peer-to-peer (P2P) lending platforms in Indonesia. The rapid growth of fintech services has increased public adoption of digital lending platforms; however, concerns regarding transparency and cybersecurity remain significant challenges affecting consumer confidence. This research employed a quantitative approach using a survey method involving 250 respondents who had experience using P2P lending platforms in Indonesia. Data were collected through structured questionnaires using a five-point Likert scale and analyzed using SPSS version 25. The results indicate that financial transparency has a positive and significant effect on user trust, demonstrating that clear and accessible financial information enhances perceptions of platform reliability and accountability. Data security was also found to positively and significantly influence user trust, indicating that strong protection of personal and financial information increases confidence in digital transactions. Simultaneously, financial transparency and data security significantly influence user trust in P2P lending services. The findings suggest that fintech companies should strengthen transparent financial communication and cybersecurity systems to maintain public trust and support the sustainable development of digital financial services in Indonesia.
References
[1] Kamaruddin, N. Bin Sapa, H. Hasbiullah, and T. Trimulato, “Integrasi Perbankan Syariah dan Fintech Syariah Pengembangan UMKM,” Al-Buhuts, vol. 17, no. 2, pp. 177–197, 2021, doi: 10.30603/ab.v17i2.2325.
[2] N. R. Verghese, J. Barrenetxea, Y. Bhargava, S. Agrawal, and E. A. Finkelstein, “Government pharmaceutical pricing strategies in the Asia-Pacific region: an overview,” J. Mark. Access Heal. Policy, vol. 7, no. 1, p. 1601060, 2019, doi: 10.1080/20016689.2019.1601060.
[3] F. Ahmed and C. Harrison, “Entrepreneurial leadership development in teams: A conceptual model,” Int. J. Entrep. Innov., p. 14657503221143976, Dec. 2022, doi: 10.1177/14657503221143977.
[4] S. Huang, H. Qu, and X. Wang, “Impact of green marketing on peer-to-peer accommodation platform users’ repurchase intention and positive word-of-mouth: mediation of trust and consumer identification,” Int. J. Contemp. Hosp. Manag., 2023.
[5] D. Boreiko, “SMEs and StarttUps Financing: From Governmental Support to ICOs and Token Sales,” SSRN Electron. J., no. December, pp. 1–28, 2018, doi: 10.2139/ssrn.3108677.
[6] G. Klein, Z. Shtudiner, and M. Zwilling, “Why do peer-to-peer (P2P) lending platforms fail? The gap between P2P lenders’ preferences and the platforms’ intentions,” Electron. Commer. Res., vol. 23, no. 2, pp. 709–738, 2023, doi: 10.1007/s10660-021-09489-6.
[7] B. Y. Alkhawaldeh et al., “The effect of financial technology on financial performance in Jordanian SMEs: The role of financial satisfaction,” Uncertain Supply Chain Manag., vol. 11, no. 3, pp. 1019–1030, 2023, doi: 10.5267/j.uscm.2023.4.020.
[8] V. K. Yuwono, F. Leoparjo, D. Irtanto, K. A. Nugraha, and O. H. Wibowo, “Diversifikasi Ekonomi di Pulau Bali dalam Perspektif Pariwisata,” Indo-Fintech Intellectuals J. Econ. Bus., vol. 4, no. 3, pp. 1128–1144, 2024.
[9] T. A. Kaddumi, H. Baker, M. D. Nassar, and Q. A-Kilani, “Does Financial Technology Adoption Influence Bank’s Financial Performance: The Case of Jordan,” Journal of Risk and Financial Management, vol. 16, no. 9. 2023. doi: 10.3390/jrfm16090413.
[10] E. Junarsin et al., “Can technological innovation spur economic development? The case of Indonesia,” J. Sci. Technol. Policy Manag., vol. 14, no. 1, pp. 25–52, Jan. 2023, doi: 10.1108/JSTPM-12-2020-0169.
[11] G. Festa, S. Elbahri, M. Cuomo, M. Ossorio, and M. Rossi, “FinTech ecosystem as influencer of young entrepreneurial intentions: empirical findings from Tunisia,” J. Intellect. Cap., vol. 24, Apr. 2022, doi: 10.1108/JIC-08-2021-0220.
[12] A. Sharma, A. Mohan, A. Johri, and M. Asif, “Determinants of fintech adoption in agrarian economy: Study of UTAUT extension model in reference to developing economies,” J. Open Innov. Technol. Mark. Complex., vol. 10, no. 2, p. 100273, 2024.
[13] H. Ma and S. Guo, “Spatio-temporal evolution and convergence characteristics of urban digitalization efficiency in China: A perspective on regional coordinated development,” Technol. Anal. &Strategic Manag., 2023, doi: 10.1080/09537325.2023.2271105.
[14] I. Kamil, S. Mareta, and E. Suryadi, “The Effect of Indonesian Digital Service Tax, Financial Capability on Tax Evasion,” KnE Soc. Sci., pp. 149–156, 2023.
[15] M. Rosavina, R. A. Rahadi, M. L. Kitri, S. Nuraeni, and L. Mayangsari, “P2P lending adoption by SMEs in Indonesia,” Qual. Res. Financ. Mark., vol. 11, no. 2, pp. 260–279, Jan. 2019, doi: 10.1108/QRFM-09-2018-0103.
[16] J. I. C. Goni and A. Van Looy, “Process innovation capability in less-structured business processes: a systematic literature review,” Bus. Process Manag. J., vol. 28, no. 3, pp. 557–584, Jan. 2022, doi: 10.1108/BPMJ-07-2021-0487.
[17] T. Padmavathi, “Does Sustainable Work Environment Influence Work Engagement, Job Satisfaction and Employee Retention? Perspectives From E-Commerce Industry,” Rev. Gest. Soc. e Ambient., vol. 17, no. 4, pp. 1–13, 2023, doi: 10.24857/rgsa.v17n4-002.
[18] E. A. Atatsi, J. Stoffers, and A. Kil, “Factors affecting employee performance: a systematic literature review,” J. Adv. Manag. Res., vol. 16, no. 3, pp. 329–351, 2019, doi: 10.1108/JAMR-06-2018-0052.
[19] J. Billanes and P. Enevoldsen, “A critical analysis of ten influential factors to energy technology acceptance and adoption,” Energy Reports, vol. 7, pp. 6899–6907, 2021, doi: https://doi.org/10.1016/j.egyr.2021.09.118.
[20] D. Kala, D. S. Chaubey, R. K. Meet, and A. S. Al-Adwan, “Impact of user satisfaction with e-government services on continuance use intention and citizen trust using TAM-ISSM framework,” Interdiscip. J. Information, Knowledge, Manag., vol. 19, p. 1, 2024.
[21] A. L. GHOFAR, R. N. P. PUTRA, and S. N. HAMIDAH, “Implementation Of Gateway Technology (Go-Pay) In Increasing Transaction Efficiency In MSMEs Dapur Restu,” J. Inf. Syst. Digit. Bus., vol. 1, no. 1, pp. 08–14, 2022, doi: 10.38142/jisdb.v1i1.651.
[22] S. Hossaion, M. Bairagi, J. Aktar, U. Honey, and S. A. Mithy, “The Evolution of Bitcoin: A Historical Analysis and Future Prospects,” iRASD J. Econ., vol. 5, no. 2 SE-Articles, pp. 241–252, Jun. 2023, doi: 10.52131/joe.2023.0502.0124.
[23] D. A. Zetsche, R. P. Buckley, D. W. Arner, and J. N. Barberis, “From FinTech to TechFin: the regulatory challenges of data-driven finance,” NYUJL &Bus., 2017.
[24] B. Alareeni and A. Hamdan, “Financial Technology (FinTech), Entrepreneurship, and Business Development,” Springer, doi: 10.1007/978-3-031-08087-6.
[25] N. Singh, “Data Security and Consumer Trust in Fintech Innovations using Technology Adoption Method,” INTERANTIONAL J. Sci. Res. Eng. Manag., 2024.
[26] S. H. Lim, D. J. Kim, Y. Hur, and K. Park, “An empirical study of the impacts of perceived security and knowledge on continuous intention to use mobile fintech payment services,” Int. J. Human–Computer Interact., vol. 35, no. 10, pp. 886–898, 2019.
[27] S. Vyas, “Corporate Governance Practices in India: Problems & Importance,” Int. J. Multidiscip. Res., vol. 5, no. 3, pp. 1–9, 2023, doi: 10.36948/ijfmr.2023.v05i03.2801.
[28] P. F. Zhang and G. Shailer, “Changes in audit effort and changes in auditors’ disclosures of risks of material misstatement,” Br. Account. Rev., 2021.
[29] P. Terrones, “Powering Innovation with TBM,” … J. Gov. Financ. Manag., 2020.
[30] M. Á. Alcaide González, E. De La Poza Plaza, and N. Guadalajara Olmeda, “The impact of corporate social responsibility transparency on the financial performance, brand value, and sustainability level of IT companies,” Corp. Soc. Responsib. Environ. Manag., vol. 27, no. 2, pp. 642–654, 2020.
[31] S. M. Yong, “4th Industry Revolution Digital Marketing Adoption Challenges in SMEs and its Effect on Customer Responsiveness,” Inf. Manag. Bus. Rev., vol. 15, no. 2(I)SI SE-Research Paper, Jun. 2023, doi: 10.22610/imbr.v15i2(I)SI.3429.
[32] Y. Sun, Y. Shi, and Z. Zhang, “Finance big data: management, analysis, and applications,” Int. J. Electron. …, 2019, doi: 10.1080/10864415.2018.1512270.
[33] O. Korniienko, “Investment of Intellectual Capital in the Innovative Development of the Enterprise,” Intellect XXІ, no. 1, 2023, pp. 43–46, 2023, doi: 10.32782/2415-8801/2023-1.8.
[34] F. A. Al-Dalabih, “The impact of the use of accounting information systems on the quality of financial data,” International Business Research. pdfs.semanticscholar.org, 2018.
[35] O. Mandych, A. Mykytas, M. Melnyk, O. Girzheva, and ..., “Financial condition of the development of the market of renewable energy sources,” … , Technol. Innov. …, 2019, doi: 10.1007/978-3-030-13888-2_90.
[36] I. Ghozali, “Multivariate Analysis Application with the IBM SPSS 25 Program. Semarang,” Semarang Diponegoro Univ. Publ. Agency, 2018.
[37] F. Reitzug and S. Heitmann, Digital Financial Services and the Business of Managing Cash: Using Data-Driven Insights to Address the Agent Liquidity Challenge. policycommons.net, 2020.
[38] J. McCallig, A. Robb, and F. Rohde, “Establishing the representational faithfulness of financial accounting information using multiparty security, network analysis and a blockchain,” … J. Account. Inf. Syst., 2019.
[39] M. Shahbaz, A. Sinha, C. Raghutla, and X. V Vo, “Decomposing scale and technique effects of financial development and foreign direct investment on renewable energy consumption,” Energy, 2022.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Meiske Wenno, Muhamad Ammar Muhtadi, Rully Fildansyah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Facebook 
Instagram 
Twitter 
Youtube 
westscience.journals@gmail.com