Intellectual Intelligence Moderation on the Influence of Fintech

Transformation and Fintech Innovation on Women's Financial

Literacy Capacity

Sihar Tambun and Fitri Nurwanti

Universitas 17 August 1945 Jakarta, Indonesia

Keywords: Fintech Transformation, Fintech Innovation, Intellectual Intelligence, Women's Financial Literacy Capacity

Abstract: This study provides empirical evidence regarding the effect of fintech transformation and fintech innovation

on women's financial literacy capacity with intellectual intelligence as a moderating variable. The results of

this study indicate that fintech transformation has a positive effect on women's financial literacy capacity.

Where fintech transformation creates convenience for individuals, especially women, in digitally transacting,

the convenience created by fintech transformation has a significant effect on women's financial literacy

capacity. Fintech innovation has a significant effect on women's financial literacy capacity. Innovation fintech

provides convenience by adopting cashless payments that provide a safer mode of payment for individuals,

the ease of digital transactions has a significant influence on women's financial literacy capacity. 425

respondents from among women in Indonesia were sampled in this study. Data analysis using structural

equation modeling partial least squares (PLS-SEM). Based on the results of the study, shows that fintech

transformation has a significant effect on women's financial literacy capacity which is moderated by

intellectual intelligence, and fintech innovation has a positive effect on women's financial literacy capacity

which is moderated by intellectual intelligence. The results of this study recommend for women that the

existence of fintech transformation and fintech innovation can facilitate women in financial matters. Digital

transactions make financial activities more effective and efficient. In addition to the convenience provided by

fintech, women must have intellectual intelligence to minimize the risks that may occur from fintech, and

with intellectual intelligence, women are expected to be able to use fintech as well as possible. The existence

of fintech transformation and fintech innovation moderated by intellectual intelligence is believed to be able

to help increase the capacity of financial literacy and financial inclusion for women in Indonesia.

1 INTRODUCTION

Now, Indonesian is entering the era of “society 5.0”

characterized by high competition in various sectors

that are in direct contact with needs, because at this

time every individual, especially 'women', is required

to live side by side with technology and be able to

master and utilize technology as well as possible.

Today's increasingly sophisticated digital technology

is making big changes to the world, with innovations

and transformations in the digital world making it

easier for every individual to access information in

many ways, and can enjoy the facilities of digital

technology freely and in control. According to

(IInternational Telecomunication Union

Development sector, 2022) The number of internet

users in the world has now reached 5 billion. This

figure represents 63% of the world's population

which is now estimated at 7.93 billion people.

Globally, internet use consists by 62% of men and

57% of women. In Indonesia, based on data from the

Association of Indonesian Internet Service Providers

(APJI, 2022) the number of internet network users in

Indonesia reaches 210 million people. The internet

penetration rate in Indonesia grew by 77.02%, from a

total of 275.77 million Indonesians. Furthermore, the

results of the APJI survey also show that the

penetration rate based on gender in internet use in

Indonesia is 77.5% for men and 76.48% for women.

With the growth of the internet in society, which is

increasing every year, it can create attractive digital

innovations for the community, which in principle is

carried out to provide services that are can the

expectations and needs of the community.

Tambun, S. and Nurwanti, F.

Intellectual Intelligence Moderation on the Inﬂuence of Fintech Transformation and Fintech Innovation on Women’s Financial Literacy Capacity.

DOI: 10.5220/0011864900003582

In Proceedings of the 3rd International Seminar and Call for Paper (ISCP) UTA â

Z45 Jakarta (ISCP UTA’45 Jakarta 2022), pages 22-31

ISBN: 978-989-758-654-5; ISSN: 2828-853X

 2023 by SCITEPRESS – Science and Technology Publications, Lda. Under CC license (CC BY-NC-ND 4.0)

Currently, technology in Indonesia has brought

Indonesia towards a large-scale digital transformation

of most economic sectors, especially in the financial

sector by being able to produce software, web, and

financial services which are the gateway to the

industrial revolution called fintech transformation.

(Barroso & Laborda, 2022). In addition, the existence

of financial technology innovations that have been

present in the financial world has also spurred

transactions to become more cashless and provide

high-efficiency values for the business world which

we can call fintech innovation (Zhao et al., 2022).

With the existence of fintech innovation, it can play a

big role in increasing financial literacy capacity,

especially for women (women's financial literacy

capacity). (Luo et al., 2022) . Financial literacy itself

is a skill or ability in terms of managing finances,

women who aspire to be prosperous, happy, and

independent, must increase their capacity in

managing finances so that their future is as expected

(Darriet et al., 2021). Based on the results of the

National Financial Literacy and Inclusion Survey

(SNLIK) conducted by (Otoritas Jasa Keuangan,

2019) Yesterday, the level of financial literacy and

financial inclusion in 2019 reached 38.03% and

76.19%, respectively. This figure shows a significant

increase from the previous survey in 2016 where

there was an increase in public financial

understanding by 8.33% and an increase in access to

financial products and services by 8.39%.

Furthermore, the results of the OJK survey also show

that based on gender, the level of male financial

literacy and inclusion is 39.94% and 77.24%,

relatively higher than women at 36.13% and 75.15%,

respectively. Based on the findings of the

phenomenon above, examining the relationship

between fintech transformation, fintech innovation

and women's financial literacy capacity is an

interesting focus to discuss, whether the existence of

fintech innovation and fintech transformation

moderated by intellectual intelligence will encourage

Indonesian women to be able to increase women's

financial literacy capacity. so that the gender gap in

financial literacy and financial inclusion can be

equalized.

Previous researchers have proven that fintech

transformation has been women’s financial literacy

capacity (Prete, 2022; Zarifis & Cheng, 2022 ; Lyons

et al., 2022). Fintech innovation has been studied

about women's financial literacy capacity (Ioannou &

Wójcik, 2022 ; Sun & Tang, 2022 ; Tay et al., 2022).

Intellectual intelligence has been investigated in

women's financial literacy capacity (Lin & Bates,

2022 ; Martins et al., 2022 ; Schoofs, 2022).

However, no research places intellectual intelligence

as a moderating variable on the effect of fintech

transformation on women's financial literacy

capacity. Furthermore, another recent finding from

this study lies in the intellectual intelligence variable

as a moderating variable that moderates the fintech

innovation variable on the variable of women's

financial literacy capacity. This will be discussed in

this study and become evidence to fill the gaps in

previous research.

2 LITERATURE REVIEW

2.1 Theory Technology Acceptance

Model & Theory of Planned

Behavior

Technology Acceptance Model (TAM) is a theory

introduced by (Davis, 1985) The purpose of the

Technology Acceptance Model describes the

determinants of acceptance of a technology which

will then explain user behavior on various end-user

computing technologies by testing perceived

usefulness and perceived ease of use. Another theory

that explains the acceptance of individuals in using

technology is the Theory of Planned Behavior (TPB)

is a theory introduced by (Ajzen, 1991)this theory can

explain that trust and risk can influence individuals to

be interested or have a desire to use technology. TPB

has the advantage of being able to analyze situations

when individuals cannot control their behavior. By

using this two theory approach, the research model is

studied systematically to see the fintech

transformation that will affect women's financial

literacy capacity. Financial literacy capacity is

influenced by fintech transformation and fintech

innovation and is moderated by intellectual

intelligence as a moderating variable. Thus, fintech

transformation and fintech innovation have the ability

to affect women's financial literacy capacity, which is

moderated by intellectual intelligence. Based on these

arguments, the results of previous studies were traced

and a research hypothesis was formed.

2.2 The Effect of Fintech

Transformation on Women's

Financial Literacy Capacity

With the existence of fintech transformation, it can

make it easier for individuals, especially women, to

use digital payment tools and platforms, this can be

one way to increase financial literacy capacity (Prete,

Intellectual Intelligence Moderation on the Inﬂuence of Fintech Transformation and Fintech Innovation on Women’s Financial Literacy

Capacity

2022) High financial literacy capacity can also foster

a high sense of individual trust in the use of fintech,

both of which have an important role to play (Zarifis

& Cheng, 2022). Fintech transformation is proven to

make it easier for individuals to save, borrow, and

send money digitally. The existence of fintech that

continues to transform is believed to be able to

increase the number of financial inclusion which is

part of financial literacy (Lyons et al., 2022). Thus,

fintech transformation has the potential to have an

important influence on women's financial literacy

capacity. This is certainly an important thing and has

the ability to form a positive perception for every

woman. According to the previous research statement

and the arguments above, hypothesis H1: Fintech

transformation has the potential to have a positive

effect on women's financial literacy capacity.

2.3 The Effect of Fintech Innovation on

Women's Financial Literacy

Capacity

Fintech innovation is believed to be able to increase

the profit potential in the financial sector of each

country, fintech innovation can be a ladder to increase

the number of financial inclusion and financial

literacy (Ioannou & Wójcik, 2022). In addition,

fintech is the most effective digital financial inclusion

in encouraging sustainable economic growth by

increasing loans from financial institutions, the

amount of citizen savings, and the quantity of citizen

consumption (Sun & Tang, 2022). Therefore, with the

existence of fintech innovation, the community must

continue to be encouraged to adopt cashless payments

that provide a safer mode of payment (Tay et al.,

2022). Thus, fintech innovation has the potential to

have an important influence on women's financial

literacy capacity. This is certainly an important thing

and has the ability to form a positive perception for

every woman. According to the previous research

statement and the arguments above, hypothesis H2:

Fintech innovation has the potential to have a positive

effect on women's financial literacy capacity.

2.4 Influence of Intellectual

Intelligence on Women's Financial

Literacy Capacity

Women with high intellectual intelligence have a

greater awareness of the function of the economy and

increase the use of economic information that can

increase financial literacy capacity to achieve lifelong

financial prosperity (Lin & Bates, 2022). The ability

of women's intelligence related to financial literacy

can measure how well a person understands and uses

information related to their finances (Martins et al.,

2022). Likewise, intelligence in terms of better

financial understanding will encourage women to use

digital financial services that are convenient and easy

for women to transact (Schoofs, 2022). Thus,

intellectual intelligence has the potential to have an

important influence on women's financial literacy

capacity. This is certainly an important thing and has

the potential to form a positive perception for every

woman. According to the previous research statement

and the arguments above, hypothesis H3: Intellectual

intelligence has the ability to have a positive effect on

women's financial literacy capacity.

2.5 Moderation of Intellectual

Intelligence on the Effect of Fintech

Transformation on Women's

Financial Literacy Capacity

Individuals with a high level of intellectual

intelligence have greater potential in using fintech

transformation such as buying an item online and

make payments digitally (Isaia & Oggero, 2022). The

current fintech transformation has many positive

effects on its users, especially women, the unlimited

transactions offered by fintech make it easier for

individuals to transact anywhere and anytime

(Sumardi et al., 2022). The fintech transformation

also has a positive impact on women entrepreneurs,

with the fintech transformation being able to facilitate

digital business transactions (Karim et al., 2022). By

the previous research statement and the arguments

above, hypothesis H4 is determined: Intellectual

intelligence has the potential to influence and

moderate the influence of fintech transformation on

women's financial literacy capacity.

2.6 Moderation of Intellectual

Intelligence on the Effect of Fintech

Innovation on Women's Financial

Literacy Capacity

Fintech includes many innovative technology-based

financial services, fintech innovation makes the

financial system grow better and affects all financial

aspects including financial literacy capacity (Huarng

& Yu, 2022). Fintech innovation provides efficiency

for all users, especially in the current digital era

(Yang & Wang, 2022). In addition, after the

convenience provided by fintech to its users, a risk

will be created, understanding the risks needs to be

known so that payments with fintech can still take

ISCP UTA’45 Jakarta 2022 - International Seminar and Call for Paper Universitas 17 Agustus 1945 Jakarta

place more securely, therefore each individual must

use his intelligence to know the risks of fintech (Xia

et al. ., 2022). By the previous research statement and

the arguments above, hypothesis H5 is determined:

Intellectual intelligence has the potential to influence

and moderate the influence of fintech innovation on

women's financial literacy capacity.

3 METHODS

This study used research samples from women with a

selected sample of 425 female respondents in

Indonesia. 15 variable indicators studied in this study.

There are four variables in this study. First, the fintech

transformation variable is an independent variable.

Fintech transformation is a large-scale digital

transformation of most economic sectors, especially

in the financial sector by being able to produce

software, web, and financial services that are the

gateway to the industrial revolution. The fintech

transformation variable consists of three indicators,

namely technology that accelerates and facilitates

transaction processes, technology that provides

functionality for users, and technology that provides

flexibility for users. (Barroso & Laborda, 2022).

Second, is the fintech innovation variable. Fintech

innovation is a financial technology innovation that

has been present in the financial world and has

spurred transactions to become more cashless and

provide high-efficiency values for the business world.

The fintech innovation variable consists of five

indicators, namely maintaining monetary stability,

maintaining financial system stability, efficient

payment system, smooth payment system, and secure

payment system. (Zhao et al., 2022). Third, the

variable of women's financial literacy capacity is the

dependent variable. Financial literacy can be

interpreted as skills or abilities in terms of managing

finances, women who aspire to be prosperous, happy,

and independent, must increase their capacity in

managing finances so that their future is as expected.

The financial literacy variable consists of four

indicators, namely the ability to read finance, analyze

finances, manage finances, and communicate about

personal financial conditions that affect material

welfare. (Darriet et al., 2021). Fourth, the intellectual

intelligence variable is a moderating variable.

Intellectual intelligence is a person's ability to explain

basic abilities, such as the ability to reason, plan,

solve problems, think abstractly, understand ideas,

use language, capture power, and learn. The

intellectual intelligence variable consists of three

indicators, namely figure ability, verbal ability, and

numerical ability (Mulatningsih et al., 2022). The

data for this study were taken using the statements in

the questionnaire in Google Form that uses a Likert

scale of 1 to 5. All statements in the research

questionnaire follow the indicators of each variable

being studied. Respondents' answers collected were

recapitulated to be analyzed using partial least

squares structural equation (PLS-SEM). The

SmartPLS (Partial Least Square) software that is used

to prove the hypothesis of this study uses the

bootstrapping method. The PLS-SEM analysis

consists of two sub-models, namely the measurement

model or outer model and the structural model or

inner model. The outer model test uses the MultiTrait-

MultiMethod or MTMM approach by testing the

convergent and discriminant validity. While the

reliability test was carried out in two ways, namely

with Cronbach's Alpha and Construct Reliability

(Hair & Alamer, 2022). Convergent Validity value >

70 is considered high, a loading factor value of 0.50

to 0.60 is interpreted as still acceptable (Hair &

Alamer, 2022). Discriminant validity, which is

comparing the square root of the average variance

extracted (√AVE), AVE > 0.50 is considered good

(Hair & Alamer, 2022). Reliability test is declared

reliable if the value of construct reliability and

Cronbach alpha > 0.70 (Hair & Alamer, 2022). Test

structural models or inner models in showing the

relationship or strength of estimates between latent

variables or constructs based on substantive theory.

Reliability is measured using 3 criteria, namely R-

Square, F-Square, and Estimate for Path Coefficients.

R-Square which is the goodness-fit test of the model,

if the R-Square value is 0.75, it is considered that the

model is strong, 0.50 is considered to be a moderate

model and 0.25 is considered to be a weak model

(Golzarri-Arroyo et al., 2022). If the F-square value

of 0.02 is interpreted as having a weak influence on

the latent variable, 0.15 is interpreted as having a

medium effect on the latent variable and 0.35 is

interpreted as having a large weak influence on the

structural level (Golzarri-Arroyo et al., 2022).

Estimate For Path Coefficients looks at the

significance of the effect between variables by

looking at the parameter coefficient values and the T

statistical significance value, namely through the

bootstrapping method (Golzarri-Arroyo et al., 2022).

Intellectual Intelligence Moderation on the Inﬂuence of Fintech Transformation and Fintech Innovation on Women’s Financial Literacy

Capacity

Table 1: Operationalization of Research Variables.

Variable Indicator Rating Size Items

Fintech Transformation (X1)

Financial technology

transformation is a large-scale

digital transformation of most

economic sectors, especially in the

financial sector by being able to

produce software, web, and

financial services that are the

gateway to the industrial revolution

(Barroso & Laborda, 2022).

Technology that speeds up and

facilitates the transaction process

1. fintech transformation has

accelerated and simplified your financial

transactions.

2. Fintech transformation helps you

become more efficient and economical in

terms of buying and selling transactions

and payment systems.

Technology that provides

functionality for its users

1. With the fintech transformation, it

helps you to maximize the business you

have.

Technology that provides

flexibility for users

1. flexibility of fintech makes it easier

for you to run a business.

2. The use of technology, software, and

data collected by fintech can be used as

art of a risk analysis of your business.

Fintech Innovation (X2)

Financial technology innovation is

a financial technology innovation

that has been present in the

financial world and has spurred

transactions to become more

cashless and provide high-

efficiency values for the business

world (Zhao et al., 2022).

Maintaining monetary stability

1. Fintech innovations have made your

financial system better and more stable.

Maintaining financial system

stability

1. Innovation in fintech makes your

financial system grows sustainably on an

ongoing basis.

Efficient payment system 1. Innovation in fintech makes your

financial system grows sustainably and

stably on an ongoing basis.

Smooth payment system

1. With fintech innovation, you feel

that financial transactions can be carried

out more smoothly.

secure payment system 1. With fintech innovation in the

disruptive era, it will have a good impact

on you because financial technology is

safer.

Women's Financial Literacy

Capacity (Y)

Financial literacy can be

interpreted as skills or abilities in

terms of managing finances,

women who aspire to be

prosperous, happy, and

independent, must increase their

capacity in managing finances so

that their future is as expected

(Darriet et al., 2021).

Financial reading skills. 1. As a woman you can read finances

intelligently, wisely, and reliably in,

managing

inances.

Analyzing finances. 1. You can analyze or check the

financial health you have.

Manage finances. 1. Before managing finances, you have

learned how to manage finances properly

and correctly.

2. You can manage finances well to

financial welfare goals.

Communicate about personal

financial conditions that affect

material well-being.

1. At the end of every month you

always evaluate your financial statements

for that month so that your financial

condition is guaranteed to be stable.

Intellectual intelligence (Z)

Intellectual intelligence is a

person's ability to explain basic

abilities, such as the ability to

reason, plan, solve problems, think

abstractly, understand ideas, use

language, capture power, and learn.

(Mulatningsih et al., 2022). .

Figure ability. 1. It is very important and necessary for

you to equip yourself with financial

literacy, especially related to critical

reasoning skills to avoid forms of fraud.

Verbal ability. 1. You can analyze if there are

problems with the financial statements you

have.

2. Verbally you can read financial

statements either personal or belonging to

the organization.

Numerical ability. 1. You can read the data in the financial

statements carefully.

2. You can calculate quickly and

precisely calculate the financial statements

you have.

ISCP UTA’45 Jakarta 2022 - International Seminar and Call for Paper Universitas 17 Agustus 1945 Jakarta

4 RESULTS AND DISCUSSION

The results of the data in this study were obtained

from questionnaires distributed to respondents using

Google Forms. The questionnaire in this study

contains statement items related to research variables

as shown in Table 1. Operationalization of Research

Variable. The sample in this study used as many as

425 respondents among women in Indonesia. The

criteria for respondents with a minimum age of 18

years with the latest education, among others consist

of SMA/K which are filled by 29.3% women,

Diploma is filled by women as many as 13.9%

women, Strata 1 is filled by women as many as 53.1%

women, and from Strata 2 the rest is filled by 3.7%

women. The descriptive statistics of the respondents'

answers are presented as follows:

Table 2: Descriptive Statistics.

Variables N Min Max Mean

Std.

Deviation

FT 425 3.00 5.00 4.3948 0.71234

FI 425 3.00 5.00 4.4113 0.70461

WFLC 425 3.00 5.00 4.4334 0.72079

II 425 3.00 5.00 4.4612 0.69759

Source: SPSS Statistics Processed Data

The results of descriptive statistics can be

explained by the achievement of each variable. First,

fintech transformation has a minimum value of 3.00,

a maximum of 5.00, and a mean of 4.3948. The mean

value of 4.3948 out of a maximum of 5 indicates that

the achievement of this fintech transformation is

87.90%. The average score for fintech transformation

is the lowest among the four variables. Both fintech

innovations have a minimum value of 3.00, a

maximum of 5.00, and a mean of 4.4113. The mean

value of 4.4113 out of a maximum of 5 indicates that

the achievement of this fintech innovation is 88.23%.

The three women's financial literacy capacity has a

minimum value of 3.00, a maximum of 5.00, and a

mean of 4.4334. The mean value of 4.4334 out of a

maximum of 5 indicates that the achievement of

women's financial literacy capacity is 88.67%. The

four intellectual intelligence have a min value of 3.00,

a max of 5.00, and a mean of 4.4612. This mean score

is the highest among the other four variables. The

mean value of 4.4612 out of a maximum of 5

indicates that this intellectual intelligence

achievement is 89.22%.

The data quality test in this study used partial least

squares (PLS-SEM) structural equation modeling. By

using software SmartPLS (Partial Least Square). The

reliability value for all variables tested with Rho,

Cronbach's Alpha and Construct Reliability results >

0.70, which means that the reliability test is declared

to meet the criteria with a high value. The average

variance extract (√AVE) value to test the validity has

a result > 50, which means the validity test is

acceptable and considered good. The inner model test

which is measured using 3 criteria, namely R-Square,

F-Square, and Estimate for Path Coefficients has

results for the R-Square value of the dependent

variable of women's financial literacy capacity of

0.94 so that it can be interpreted that the R-Square

value is in the category strong. The F-Square value

for the moderating intellectual intelligent variable is

0.63. It can be concluded that the intellectual

intelligent variable has a moderate influence on the

structural level. The variable loading factor value for

each construct > 0.5 can be interpreted as all valid

data. The results of Estimate for Path Coefficients

used to see the significance of the influence between

variables have significant results for all hypothesis

testing. The following are the results of testing the

research hypothesis:

Table 3: Hypothesis testing.

Hypothesis

Original

Sample

Mean

Standard

Deviation

Statistics

Values

Decision

WFLC

0.256 0.264 0.066 3,909 0.000 Accepted

WFLC

0.106 0.105 0.052 2.036 0.021 Accepted

WFLC

0.589 0.582 0.074 8,010 0.000 Accepted

II * FT

WFLC

0.191 0.193 0.054 3,521 0.000 Accepted

II * FI

WFLC

0.153 0.156 0.052 2,955 0.002 Accepted

Source: SmartPLS Processed Data

Intellectual Intelligence Moderation on the Inﬂuence of Fintech Transformation and Fintech Innovation on Women’s Financial Literacy

Capacity

ISCP UTA’45 Jakarta 2022 - International Seminar and Call for Paper Universitas 17 Agustus 1945 Jakarta

From the results of the hypothesis testing, it can

be described as follows. Evidence of the first

hypothesis, fintech transformation has a significant

effect on women's financial literacy capacity. With

the existence of fintech transformation, it can help

make it easier for women to use digital payment tools

and platforms. The convenience created by fintech

transformation can increase financial literacy

capacity, especially for women. The evidence of this

study supports and complements previous research

conducted by Prete, (2022), Zarifis & Cheng, (2022),

and Lyons et al., (2022). Thus, based on the analysis

and research test results, it can be concluded that

hypothesis H1: Fintech transformation has a

significant effect on women's financial literacy

capacity. Evidence of the second hypothesis, fintech

innovation has a positive effect on women's financial

literacy capacity. With individual fintech

innovations, they will be introduced to safer and more

effective payment modes. Fintech innovation is

believed to be able to increase profit potential in the

financial sector and encourage economic growth in

every country and can increase financial literacy

capacity, especially for women. This research

evidence supports and complements previous

research conducted by Ioannou & Wójcik, (2022),

Sun & Tang, (2022), and Tay et al., 2022). Thus,

based on the analysis and research test results, it can

be concluded that hypothesis H2: Fintech innovation

has a significant effect on women's financial literacy

capacity. Proving the third hypothesis, intellectual

intelligence has a positive effect on women's financial

literacy capacity. Women with high intellectual

intelligence will be able to keep up with the times, one

of which is by being able to use digital financial

services that will make transactions easier. The

intelligence possessed by women in terms of finance

can increase the capacity for financial literacy and

financial inclusion. The evidence of this study

supports and complements previous research

conducted by Lin & Bates, (2022), Martins et al.,

(2022), and Schoofs, (2022). Thus, based on the

analysis and research test results, it can be concluded

that hypothesis H3: Intellectual intelligence has a

significant effect on women's financial literacy

capacity. Proving the fourth hypothesis, intellectual

intelligence has a significant and moderate effect on

the influence of fintech transformation on women's

financial literacy capacity. Individuals with a high

level of intellectual intelligence have a greater

potential in using fintech which will make it easier for

individuals to transact anywhere and anytime. The

convenience provided by the fintech transformation

can increase women's financial literacy capacity. The

evidence of this study supports and complements

previous research conducted by Isaia & Oggero,

(2022), Sumardi et al., (2022), and Karim et al.,

(2022). Thus, based on the analysis and research test

results, it can be concluded that hypothesis H4:

Intellectual intelligence has a positive effect and can

moderate the influence of fintech transformation on

women's financial literacy capacity. Proving the fifth

hypothesis, intellectual intelligence has a significant

and moderate effect on the influence of fintech

innovation on women's financial literacy capacity.

The existence of fintech innovation provides

efficiency for every individual, fintech innovation can

make the financial system grow better and affect all

financial aspects including financial literacy capacity,

in addition to the convenience provided by fintech to

its users there will be risks that arise, these risks can

be minimized with intelligence owned by the

individual. The evidence of this study supports and

complements previous research conducted by

Hzuarng & Yu, (2022), Yang & Wang, (2022), and

Xia et al., (2022). Thus, based on the analysis and

research test results, it can be concluded that

hypothesis H5: Intellectual intelligence has a positive

effect and can moderate the influence of fintech

innovation on women's financial literacy capacity.

5 CONCLUSION

This study provides empirical evidence regarding the

effect of fintech transformation and fintech

innovation on women's financial literacy capacity

with intellectual intelligence as a moderating

variable. The results of the research in this article

indicate that the transformation of fintech has a

positive effect on women's financial literacy capacity.

Where fintech transformation creates convenience for

individuals, especially women, in digitally

transacting, the convenience created by fintech

transformation has a significant effect on women's

financial literacy capacity. Fintech innovation has a

significant effect on women's financial literacy

capacity. Innovation fintech provides convenience by

adopting cashless payments that provide a safer mode

of payment for individuals, the ease of digital

transactions has a significant influence on women's

financial literacy capacity. Intellectual intelligence

has a significant effect on women's financial literacy

capacity. An individual with high intellectual

intelligence can minimize every risk, one of which is

the risk of digitally transacting through fintech.

Intellectual intelligence possessed in terms of finance

can influence the capacity of financial literacy to be

Intellectual Intelligence Moderation on the Inﬂuence of Fintech Transformation and Fintech Innovation on Women’s Financial Literacy

Capacity

better. Moderation of intellectual intelligence can

strengthen the influence of fintech transformation on

women's financial literacy capacity. Individuals with

high intellectual intelligence can follow the

transformation in the current digital era, one of which

is the fintech transformation as well as possible.

Fintech transformation moderated by intellectual

intelligence will have a significant effect on women's

financial literacy capacity. In addition, intellectual

intelligence can strengthen the influence of fintech

innovation on women's financial literacy capacity.

Individuals who have intellectual intelligence can

take advantage of the efficiency created by fintech

innovation, one of which is cashless, individuals will

be facilitated by digital payments anywhere and

anytime. With fintech innovation moderated by

intellectual intelligence, it will have a significant

effect on women's financial literacy capacity. The

results of this study recommend for women that

fintech transformation and fintech innovation can

facilitate women in terms of finance, digital

transactions make financial activities more effective

and efficient, in addition to the convenience provided

by fintech women must have intellectual intelligence

to minimize the risks that may occur from fintech, and

with intellectual intelligence, women are expected to

be able to use fintech as well as possible. There is

fintech transformation and fintech innovation

moderated by intellectual intelligence are believed to

be able to help increase the capacity of financial

literacy and financial inclusion for women in

Indonesia.

In designing and developing this research, there

are still many limitations that still need to be

improved. The limitation of this research is that the

number of respondents who become the sample is

very limited.

For further researchers, the utilization of the

fintech variable can be added as an independent

variable to complete the model that affects women's

financial literacy capacity. Because the utilization of

fintech can encourage the flow of economic turnover

in the digital financial sector to be faster and more

practical. This will affect women's financial literacy

capacity. Therefore, by looking at the utilization of

fintech as an independent variable, the effect will

strengthen the influence of fintech transformation and

fintech innovation on women's financial literacy

capacity. Women will be able to increase their

financial literacy capacity if they have adequate

intellectual intelligence regarding the utilization of

fintech.

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Intellectual Intelligence Moderation on the Inﬂuence of Fintech Transformation and Fintech Innovation on Women’s Financial Literacy

Capacity