Blockchain Financial Transaction model for Customer Perception using UTAUT Model

Abstract

The paper examines blockchain adoption and integration into the financial ecosystem, a predominant phenomenon across the banking sector for a long time.  The financial disruption and possible shifts in consumer mindset post-COVID-19 have changed how post-millennials bank. Traditional financial transactions dominated retail banking, but COVID-19 exacerbated the problem and encouraged a shift from traditional offline banking to online, digital, paperless, and cashless banking. The traditional financial transactions were product-centric, focused, and niche-specialized. The blockchain-based financial transactions, on the other hand, are customized and derive strength from platform-driven engagement with all customer segments and categories across retail and institutional channels. Blockchain platforms are a combination of technology, smartphone applications, and artificial intelligence-driven algorithms that seem to ease the challenges of sustainable inclusion, deposit mobilization, and allocation across investment avenues. The pace of technology adoption has been observed to strongly stimulate the adoption of novel business models that confuse consumers in the DO-IT-YOURSELF (DIY) theme. The present research results reflect the possibility of incorporating technology-mediated platforms and business models in the banking industry, which is shaping consumer behavior. The literature review demonstrates the constructive and societal role of technology in advancing financial inclusion and seamlessly reaching the unbanked masses. The results clearly establish the role of blockchain technology in fostering a positive consumer mindset towards integrating technology into the financial ecosystem.