Understanding public perceptions and intentions to adopt traditional versus emerging investment platforms: The effect of message framing and regulatory focus theory on the technology acceptance model

• Published in: Telematics and Informatics Reports Vol. 8; p. 100024
• Main Authors: Lee, Edmund Wei Jian, Lim, Vera S.H., Ng, Clement J.K.
• Format: Journal Article
• Language: English
• Published: Elsevier B.V 01.12.2022; Elsevier
• Subjects: Asset tokenization; Gamification; Health data; Message framing; Regulatory focus theory; Technology acceptance model; Message framing; Technology acceptance model; Health data; Asset tokenization; Gamification; Regulatory focus theory
• ISSN: 2772-5030; 2772-5030
• DOI: 10.1016/j.teler.2022.100024

•Higher regulatory fit (when messages matched individuals’ risk orientation) lowered perceived risk of investment platforms.•Message framing had an effect on users’ risk perception of investment platforms, while gamification had an effect on users’ perceived ease of use.•Users with higher risk propensity perceived gamified investment platform as easier to use and more useful than a non-gamified platform. With the rise of blockchain technology, asset tokenisation – issuing blockchain tokens to represent asset ownership – is expected to become more prevalent. This study uniquely proposes that tokenised health data could serve as a digital currency for the purchase of tokenised financial assets, and draws upon technology acceptance model, framing, and gamification to examine the Singapore public's acceptance of such emerging platforms compared to traditional investment platforms. We test how message framing (through promotion-prevention message frames and gamification) influence perceived ease of use and perceived usefulness of traditional investment versus asset tokenisation platforms, and how regulatory fit and risk propensity moderates these main effects. Using a 2 (promotion-focused versus prevention-focused message frame) × 2 (gamification versus non-gamification) × 2 (traditional investment versus asset tokenisation platform) between-subject factorial design, results showed that when users’ regulatory orientation and the message frame matched, the investment platform's perceived risk was lowered. Risk-taking users perceived gamified investment platforms as easier to use and useful, and vice versa for risk-averse participants. Gamified platforms were perceived as easier to use. Prevention-frame messages led to higher perceived risk than promotion-frame. The findings provide future direction in tailoring more effective messaging to influence attitudes and intentions towards investment platforms.