Utilization of fintech in selected tourism establishment in Bongabong, Oriental Mindoro

Paper ID: Abstract-IEESCon-2023-002

Abstract

Assessing the role of FinTech in the tourism sector is crucial for creating value and driving economic growth. This study focused on examining the business profile and utilization of FinTech in tourism establishments located in Bongabong, Oriental Mindoro. Employing a descriptive-correlational research design, data were collected through a self-made questionnaire, with participation from a total of 15 tourism establishments. The collected data were analyzed using frequency, weighted mean, and Pearson's r. The findings of the study revealed that the majority of the tourism establishments in Bongabong, Oriental Mindoro were relatively new, and operating with a smaller number of personnel. These establishments offered a combination of services such as food, accommodation, events, and recreation. However, the correlation analysis indicated that there were no significant correlations observed between the business profile and the utilization of FinTech in terms of organization management and customer management within the selected tourism establishments. This suggests that the adoption and utilization of FinTech in these areas may not be strongly influenced by the specific characteristics of the establishments in Bongabong, Oriental Mindoro. These results emphasize the importance of further research and exploration to better understand and enhance the utilization of FinTech in the tourism sector. It is essential to explore alternative factors or strategies that could facilitate the effective integration of FinTech solutions. Future studies could consider investigating other variables that may influence the adoption and utilization of FinTech, such as technological readiness, regulatory environment, or customer preferences. The study's implications highlight the significance of considering the unique characteristics and needs of tourism establishments when implementing FinTech solutions. By understanding the relationship between business profiles and the perception of FinTech, establishments can make informed decisions about adopting and integrating FinTech solutions that align with their specific goals and requirements. This can ultimately lead to improved operational efficiency, enhanced customer experiences, and increased competitiveness in the tourism industry in Bongabong, Oriental Mindoro.