The study examines how consumer trust influences the use of digital financial services and the challenges consumers face. It confirms that customer trust and ease of use are central to increased use, but security, control over personal information and customer confidence remain key challenges. The study delves into the factors that encourage or discourage consumers from adopting these technologies. The research combined quantitative methods via a survey distributed across various online and offline channels and was analysed using descriptive statistics, correlation and cross-tabulation. The theories used were the Unified Theory of Acceptance and Use of Technology (UTAUT) and Behavioral Finance.

Statistical analysis showed a remarkable correlation between individuals’ self-perceived digital skills and the ease with which they can navigate digital financial tools. However, it also highlighted a common thread, namely that many consumers have mixed feelings about the reliability and their ability to control personal data when using these services. The study also found that although digital financial services are perceived as easier than traditional banking, many still feel insecure. The main findings highlighted that trust and ease of use act as primary catalysts for the adoption of digital financial services. However, security concerns, a sense of limited control and social influence emerge as important considerations, which differ across demographic groups such as age and gender.

The study suggests that financial service providers should prioritize building trust, streamlining user experiences and tailoring their offerings to meet diverse user needs and address prevailing concerns. It also recommends further research on effective trust-building strategies and the role of social dynamics in the uptake of digital financial services. In essence, the paper sheds light on the complex behaviors shaping the digital financial world and offers actionable recommendations for companies to cultivate trust, improve user experience and promote broader integration of digital financial solutions.