Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

The Influence of Social Influence, Trust, Data

Security and Privacy, Administrative Quality
on Customer Loyalty Fintech Koinworks Mediated
by Customer Satisfaction
Tri Antoro Adi, Dr. Tafiprios, SE., MM
Economics and Business Faculty Mercu Buana University
Jakarta, Indonesia

Abstract:- Fintech is an innovation from the financial 1,600 trillion in terms of funding demand, but only IDR 600
sector that involves a business model that has been trillion can be provided by banking institutions (Basuki and
integrated with technology that can provide Huseuin , 2018). According to data from OJK, until January
intermediary elimination facilities, can change the way 2019, fintech loan disbursement reached IDR 25.92 trillion.
existing companies make and provide products and This number increased by 14.36% from the beginning of
services, can handle privacy issues, regulations, and legal 2018 which was recorded at IDR 22.67 trillion.
challenges, provide opportunities for inclusive growth.
This paper has objective to find factors on customer According to Ardiansyah (2019), Bank Indonesia
loyalty of Koinwork app. This study uses a quantitative categorizes or classifies the types of fintech, namely, among
approach. Research on operational modes using the others, according to Bank Indonesia regulations as follows:
PLS- SEM method with SmartPLS software provides (1) Peer to peer lending and crowdfunding; Bank Indonesia
results that trust, quality administrative services, data combines these two types of fintech in one classification, the
and privacy security and social influence have influence adaptation of the P2P lending and crowdfunding mechanism
on customer loyalty. Meanwhile Data and privacy in Indonesia is running the same as it has been running
security and quality administrative services does not before in the world. Customers apply for loans to lenders,
have influence on customer loyalty. fintech with its platform connecting online lenders and
borrowers. Based on the OJK report as of December 13
Keywords:- Component; formatting; style; styling; insert. 2019, there were as many as twelve fintech peer to peer
(P2P) lending providers who are also members of the
I. INTRODUCTION Indonesian Joint Funding Fintech Association (AFPI)
obtaining business licenses from the Financial Services
Fintech is one of the innovations in the financial sector Authority (OJK) such as Koinworks, Akseleran, Crowdo,
that refers to modern technology (Ansori, 2019). According LoanGo, Akulaku, and so on. Meanwhile, the
to Fitriani (2018), Fintech is an innovation from the financial implementation of crowdfunding in Indonesia is the same,
sector that involves a business model that has been namely fundraising through online platforms. There are
integrated with technology that can provide intermediary three parties involved in the crowdfunding platform, namely
elimination facilities, can change the way existing the project owner, supporters (the public who provide
companies make and provide products and services, can financial support) and platform providers. (2) Market
handle privacy issues, regulations , and legal challenges, Aggregator/Provisioning; In this section, fintech's role is to
provide opportunities for inclusive growth. Internationally, compare various financial products, such as credit cards,
Fintech has developed due to the 2008 economic crisis KTA, mortgages to motor vehicle loans. Fintech is tasked
(Basuki and Huseuin, 2018). In the midst of a crisis of with collecting data and selecting data as a user reference. In
public trust in conventional banking, fintech provides new Indonesia alone, this type of fintech is run by several
innovations in the financial sector by presenting products companies such as Cekaja and Cermati. This type of
that are in line with lifestyle developments. classification arises from the needs of society to compare
The world's technological developments have resulted various financial services and offers provided by several
in many changes in the financial sector, including in companies. (3) Risk and Investment Management; In this
Indonesia. Digital payments are one of the most developed major classification, OJK combines two global fintech
sectors in the fintech industry in Indonesia. The classifications, namely Asset Management and Securities.
development of fintech in Indonesia has also been based on The implementation of the two fintechs in Indonesia is the
the needs of consumers, customers, merchants since 2016 same, namely digital financial planning. Fintech offers
(Basuki and Chen, 2018). According to World Bank data, several investment models that are right for customers,
only 36% of Indonesians are connected to formal financial whether the funds will be channeled to partner investor
institutions. The population of the Indonesian people is managers, or the investment funds will be handled directly
around 250 million people, the middle class is growing and by the fintech company. Examples of startups engaged in
there are still many people who have not been touched by this field are Finansialku, TanamDuit, Bareksa, Cekpremi,
banking products, Indonesia has the potential of up to IDR Rajapremi, e-trading, e-insurance, and other financial

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
services. (4) Payment, Settlement and Clearing. This major (BI-SSSS). Examples of companies that provide this service
classification is the scope of several fintech classifications are GOPAY, OVO, DANA, KartuKu, Doku etc.
globally, namely e-money, payment gateway and remittance,
where fintech provides payment system services both those In the last three years (Figure 1.2), Koinworks has
organized by the banking industry and those carried out by managed to increase its recorded funding graph of 6.6
Bank Indonesia such as Bank Indonesia Real Time Gross Trillion Rupiah in 2019 to 8.8 Trillion Rupiah in 2018 and
Settlement (BI-RTGS). ), the BI National Clearing System 9.6 Trillion Rupiah in 2020. However, even though
(SKNBI) to the BI Scripless Securities Settlement System Koinworks topped the competition, customer loyalty
problems which in this case is a borrower is still a very
serious problem.

Tabel 1: Koinworks Borrower Data

Year Data Borrower Exsisting Data New Borrower Total Borrower Borrowers Exit
2019 142,322 121,546 263,868 44,321
2020 211,587 121,821 333,408 52,281
2021 226,932 123,641 350,573 106,476
Source: Internal Data (2022)

Based on the data shown in table 1 above, it can be attacks, both successful and unsuccessful, in a 3-month
seen that there is an increase in the number of borrowers period, Indonesia has a percentage of 23.54% at risk of
every year. However, there was a decrease in the number of experiencing IT security attacks, followed by China with
existing borrowers. In 2020, there were 211,587 existing 21.26%. The vulnerability to IT attacks is supported by an
borrowers, this figure decreased from the total number of increase in the number of cyber attacks from 2019 to 2020.
borrowers in the previous year, which was 263,868. This Based on data from the National Cyber and Crypto Agency
indicates that there were 52,281 existing borrowers who (BSSN), from January to August 2020, there were nearly
decided to stop using the service. Furthermore, in 2021, 190 million cyber attack attempts in Indonesia, an increase
there were 226,932 existing borrowers, this figure decreased more than four times compared to the same period last year
from the total number of borrowers in the previous year, which was recorded at around 39 million. The highest
which was 333,408. This indicates that there were 106,476 number was recorded in August 2020, where BSSN
existing borrowers who decided to stop using the service. recorded the number of cyber attacks around 63 million, far
For this reason, this study aims to identify the factors that higher than August 2019 which was only around 5 million.
cause customer loyalty. Research conducted by Le (2021)
succeeded in identifying the main factors or determinants of Quality administrative service (QAS) is the next factor
the use and loyalty of users of Fintech services. By adopting after trust and data security and privacy. Quality
the extended TAM, the study identified that trust, data administrative service (QAS) means services relating to
security and privacy, quality administrative service, and contracts, subcontract management, online transactions,
perceived ease of use are a series of factors that can increase solving problems, and other similar services. Although most
the loyalty of Fintech users. Trust is user trust in service or online transactions are based on technological systems,
business reputation (Le, 2019). Trust in digital financial quality administrative service (QAS) is a human-connected
services includes confidentiality, availability, and security of method. Therefore, QAS represents the bank's credibility or
transactions (Hansen et al., 2018). When consumers receive brand image (Chuang et al., 2016). When there is a problem
useful assistance, they will have increased confidence in the with an online transaction such as fraud, wrong amount, etc.,
quality of the system. In particular, Fintech can be the first the user must stop the transaction as soon as possible;
choice when transactions occur online without human quality administrative service (QAS) is the first way users
connection (Singh and Sinha, 2020). will connect. If users face difficulties or have bad
experiences with the service, they will be disappointed and
Furthermore, data security and privacy is one of the look for alternatives (Hu et al., 2019; Razzaque et al., 2020).
key elements for consumers to adopt digital financial In addition, when users stay at home during the Lockdown
services (Chang et al., 2016). By downloading and installing period, they can still use online financial transactions
applications, smartphone users increase the risks associated effectively, quickly, easily and safely (Huei et al., 2018;
with design flaws, malware attacks and data theft. Users Jiwasiddi et al., 2019). This makes users feel more clearly
worry that their personal information and bank accounts will about the perceived usefulness of Fintech which will
be leaked or stolen (Noor et al., 2019). Large sums of money increase the chances of users continuing to use Fintech after
have been stolen due to information leaks or lack of Covid-19 due to the usefulness of this service (Revathy and
financial system protection (Byrnes, 2020; Yang et al., Balaji, 2020).
2018).
Apart from Le (2019), research conducted by
Meanwhile, Indonesia is considered the country most Alkhwaldi et al. (2022) succeeded in identifying factors that
at risk of experiencing IT security attacks. This is proven can increase the use and loyalty of users of Fintech services,
through a survey conducted by Sophos Labs in 2018. Based namely social influence. In addition, Mutlu and Der (2017)
on TER (Threat exposure rate), which is a measurement of argue that the use of a new technology can elevate a person's
the percentage of PCs that have been exposed to malware status in their social environment (social influence).

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Based on the limitations of the problems described many ways either by water, land, air, and so on. Product
above, the problem can be formulated as follows: storage prioritizes maintaining product supply so there is no
 Does social influence affect Koinworks customer loyalty? shortage when needed.
 Does trust affect Koinworks customer loyalty?
 Do data security and privacy affect Koinworks customer C. Intermediary Function
loyalty? To deliver products from the hands of producers to
 Does quality administrative services affect Koinworks consumers can be done through marketing intermediaries
that link exchange activities with physical distribution.
customer loyalty?
Intermediary function activities include risk reduction,
 Does social influence affect Koinworks customer
financing, information retrieval and standardization or
satisfaction?
product classification.
 Does trust affect Koinworks customer satisfaction?
 Do data security and privacy affect Koinworks customer The role of marketing according to Lifia and Hariance
satisfaction? (2018) is currently not only conveying products or services
 Does quality administrative services affect Koinworks to consumers' hands but also how these products or services
customer satisfaction? can provide satisfaction to customers by generating profits.
 Does customer satisfaction affect Koinworks customer The goal of marketing is to attract new customers by
loyalty? promising superior value, set attractive prices, distribute
 Does customer satisfaction mediate the relationship products easily, promote effectively and retain existing
between social influence and Koinworks customer customers while maintaining the principle of customer
loyalty? satisfaction.
 Does customer satisfaction mediate the relationship
between trust and Koinworks customer loyalty? In marketing there are six concepts which are the basis
 Does customer satisfaction mediate the relationship for implementing the marketing activities of an organization,
between data security and privacy to Koinworks customer namely: production concept, product concept, sales concept,
loyalty? marketing concept, social marketing concept, and global
 Does customer satisfaction mediate the relationship marketing concept (Sunyoto, 2014).
between quality administrative services and Koinworks  Production Concept
customer loyalty? The production concept holds that consumers will favor
II. LITERATURE REVIEW products that are widely available and inexpensive. This
concept is oriented towards production by exerting all efforts
The definition of marketing management according to to achieve high product efficiency and wide distribution.
Assauri (2013) is "Marketing management is an activity of Here the task of management is to produce as many goods as
analyzing, planning, implementing, and controlling possible, because consumers are assumed to accept products
programs that are made to form, build, and maintain profits that are widely available with their purchasing power.
from exchanges through target markets in order to achieve
organizational (company) goals in the long term ”. From the  Product Concept
above understanding, it can be explained that marketing The product concept holds that consumers will favor
management is as an art and science to choose target products that offer the most quality, performance and
markets and get them, maintain and add customer value features. Management's task here is to make quality
through creating, delivering and communicating superior products, because consumers are considered to like high-
customer value, the demand for products produced by the quality products in appearance with the best features.
company.  Sales Concept
The marketing management functions according to The selling concept holds that consumers, left alone,
Dwijayanto and Widodo (2020) include consumer research, organizations must undertake aggressive selling and
product development, communication-promotion, promotion efforts.
distribution, pricing and service delivery. All of these  Marketing Concept
activities are carried out to find out, serve, meet and satisfy The marketing concept holds that the key to achieving
consumer needs. The following are the various functions of organizational goals consists of determining the needs and
marketing management, namely: wants of target markets and delivering the desired
A. Exchange Function satisfactions more effectively and efficiently than
With marketing, buyers can buy products from competitors.
manufacturers either by exchanging money for products or  Social Marketing Concept
exchanging products for products (barter) for their own use The social marketing concept holds that the
or for resale. organization's task is to determine the needs, wants and
B. Physical Distribution Function interests of target markets and to provide the desired
The physical distribution of a product is carried out by satisfactions in a more effective and efficient manner than
transporting and storing the product. Products are competitors while preserving or enhancing the consumer's
transported from producers to approach consumer needs in and society's well-being.

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 Global Marketing Concept brands, because there will be very little involvement. If in
In this global marketing concept, executive managers the end they still buy the same product, then the customer
seek to understand all environmental factors that affect manifests his loyalty to the brand, it is a habitual buying
marketing through sound strategic management. the ultimate behavior.
goal is to try to fulfill the wishes of all parties involved in
the company.  Variety Seeking Buying Behavior
Is a model of buying behavior in situations
This model was first introduced by Davis in 1989. characterized by low customer engagement but great
TAM is an information system that creates a model of how perceived discord among brands available in the market. In
users are willing to accept and use technology. This model cases like this, customers often change brands. For example,
proposes that when users are offered to use a new system, a when a customer buys a loaf of bread and buys all the
number of factors influence their decision about how and existing brands so they don't get bored consuming it. And at
when to use the system, particularly in terms of usefulness the time of repurchasing, customers will also buy bread with
(users believe that using this system will improve their a different brand. This brand change occurs because they
performance), ease of use (users sure that using this system want to get variety, not for their own satisfaction (Priansa,
will free him from trouble, in the sense that this system is 2017).
easy to use). Acceptance of information systems is
determined by two factors, namely perceived usefulness and Customer loyalty is an expansion or development of
perceived ease of use. Perceived usefulness is indicated by consumer loyalty which basically has the same meaning,
the extent to which a person believes that using this system namely loyalty, but if loyalty is usually done traditionally or
will improve his performance, while the concept of ease of it can be said to be in direct contact between sellers and
use is shown how someone will believe that using an buyers but customer loyalty uses intermediary media,
information system is easy, does not require much effort namely the internet without having to face each other.
from the user so that the user will tend to use the system directly (Waruwu and Sahir, 2022). A similar definition was
(Aprilia, 2015). Davis in (Alshammari & Rosli, 2022) put forward by Berliana and Sanaji (2022) loyalty is a form
developed the Technology Acceptance Model (TAM) in of one's loyalty to something. e-loyalty is the designation of
studying the determinants of IT use. TAM provides an loyalty in the online context. Consumers are said to be loyal
explanation of determining computer acceptance in general, if consumers have repeated purposes in making transactions
provides an explanation of user behavior or attitudes in a or visiting online sites.
population Davis in (Natasia & Yuyun Tri Wiranti, 2021).
In measuring customer loyalty variables, Kotler &
The types of consumer buying behavior are as follows: Keller (2016) use the following dimensions and indicators:

 Complex Buying Behavior  Repurchase;

There is extensive involvement of customers in  Loyalty to product purchases
choosing the product to be purchased and there are different  Product loyalty
views that are relevant to one brand to another. Customer
linkage illustrates that the product to be purchased is a  Retention;
product that is expensive, rarely purchased, risky and  Resistance to negative influence from competitors
emphasizes self-expression or customer prestige.  Resistance to other offers from competitors

 Dissonance Reducing Buying Behavior  Recommendations;

It is a model of buying behavior in a situation  Totally recommend to others
characterized by high customer engagement but little  Totally inviting others
perceived discord among the brands available in the market.
For example, when a customer buys a shirt and it is known Santana and Keni (2020) state that customer loyalty is
that the price of the shirt is expensive, the customer will a deeply held commitment to repurchase a preferred product
express himself with high involvement because the price is or service in the future even though situational influences
expensive. But customers will ponder that almost all and marketing efforts have the potential to cause switching
clothing brands fall within a certain price range. However, behavior. Awoke and Mekonnen (2015) identify the
when buying these clothes, the customer may feel that they replacement of customer satisfaction and service quality
are not suitable or there are deficiencies in the product, that together, which can be summarized in the following points:
is where the company's communication must provide support continuous maintenance and cultivate loyalty, can
evidence and support to help please the customer's brand create sustainable advantages, reduce costs and attract new
choice. customers, reinforcement of positive words pronounced,
Isolate/remove customers from competition, and reduce the
 Habitual Buying Behavior cost of failure or failure. Paschaloudis (2014) states that
It is a model of buying behavior in a situation customer satisfaction or dissatisfaction using electronic
characterized by low customer engagement but little banking services is the result of a continuous measurement
perceived discord among the brands available in the market. and monitoring process, and is the strongest criterion for
For example, when a customer buys cooking spices, it won't evaluating bank services.
be too much of a headache to think about the existing

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Social influence is the level at which a person  Responsiveness;
considers it important for other people to convince  How responsive is the service?
him/herself in using the new system Nurwahidah & Juanim  How much time is spent
(2022). said that social influences refer to a person's feelings
to feel that people who are important to him think that he  Guarantee;
should use an application.  How good attitude
 How precise is the promised deadline
Traditionally, beliefs are defined as a group of beliefs
that a person holds that derives from his or her perception of The hypothesis of this study are:
certain attributes; In marketing, this involves brand, product  H1 : Social Influence Has a Positive and Significant
or service salespeople, and the establishment of places Impact on Koinworks Customer Loyalty
where these products or services are bought and sold  H2: Social Influence Has a Positive and Significant
(Saputri, Rinenggo, & Suharno, 2021). Impact on Koinworks Customer Satisfaction
 H3 : Trust Has a Positive and Significant Impact on
Security is an issue that is important for customer
Koinworks Customer Loyalty
satisfaction in internet banking services and considers
 H4: Trust has a positive and significant impact on
security and privacy as the main obstacles in the use of
Koinworks customer satisfaction
information technology (Ashsifa, (2020). Information
security is how you can prevent fraud (cheating) or at least  H5 : Data Security and Privacy Has a Positive and
detect fraud, which is called an information-based system, Significant Impact on Koinworks Customer Loyalty
where the information itself has no physical meaning  H6 : Data Security and Privacy Has a Positive and
(Hidayatulloh and Saptadiaji, 2021). Significant Impact on Koinworks Customer Satisfaction
 H7 : Quality Administrative Service Has a Positive and
In measuring data security and privacy variables, Significant Impact on Koinworks Customer Loyalty
Arasu and Viswanathan (2011), use the following  H8 : Quality Administrative Service Has a Positive and
dimensions and indicators: Significant Impact on Koinworks Customer Satisfaction
 H9: Customer Satisfaction Has a Positive and Significant
 Security guarantee; Impact on Koinworks Customer Loyalty
 Safe  H10: Customer Satisfaction Mediates the Relationship
 Guaranteed safety Between Social Influence and Koinworks Customer
 Accurate information Loyalty
 H11: Customer Satisfaction Mediates the Relationship
 Data confidentiality; Between Trust and Koinworks Customer Loyalty
 Safeguard user personal data  H12: Customer Satisfaction Mediates the Relationship
 Protect transactions Between Data Security and Privacy to Koinworks
 Safe and comfortable when transacting Customer Loyalty
 H13: Customer Satisfaction Mediates the Relationship
Service quality as a dynamic condition related to
Between Quality Administrative Service and Koinworks
services/products and people and processes and
Customer Loyalty
environments that meet or exceed expectations (Fitriani &
Wahyuningsih 2019). III. RESEARCH METHODS
In measuring quality administrative service variables, This study uses a quantitative approach, which
Along (2020) uses the following dimensions and indicators: according to Saunders et al. (2020), quantitative research
methods are based on the philosophy of positivism which is
 Reliability;
used to research certain populations or samples and collect
 How reliable data using research instruments. In quantitative research,
 How good is the delivery method data analysis is used to test established hypotheses.
Furthermore, Creswell and Creswell (2018) provide a
definition of quantitative research as a type of research that
tries to explain a phenomenon by collecting numerical data
which is analyzed using a mathematical method approach.

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Table 2: Quantitative research data analysis
Variable Dimensions Indicator Code Scale
Trust Have knowledge and ability TR1 Likert
Ability
Have a good reputation TR2 Likert
Kumala et al., (2020) Keeping promises TR3 Likert
Integrity
Have resilience TR4 Likert
Easy to find anywhere TR5 Likert
Kind
Help problem solving TR6 Likert
Data security and privacy Safe DSP1 Likert
Security
Guaranteed safety DSP2 Likert
guarantee
Arasu & Viswanathan Accurate information DSP3 Likert
(2011), Mulyana (2016) Safeguard user personal data DSP4 Likert
Data
Protect transactions DSP5 Likert
confidentiality
Safe and comfortable when transacting DSP6 Likert
Quality administrative How reliable QAS1 Likert
Reliability
services How good is the delivery method QAS2 Likert
How responsive is the service? QAS3 Likert
Along (2020) Responsiveness
How much time is spent QAS4 Likert
How good attitude QAS5 Likert
Guarantee
How precise is the promised deadline QAS6 Likert
Social influence Following Support from closest friends SI1 Likert
friends Support from loved ones SI2 Likert
Santoso & Purwanti Important people around like parents SI3 Likert
(2014) support in using the service
Family influence
Important people around like brothers and SI4 Likert
sisters support in using the service
Follow the Guarantee proper service function SI5 Likert
environment Impressions of using the application SI6 Likert
Customer Satisfaction Satisfaction with the services provided CS1 Likert
Farob & Hidayatullah Product quality Satisfaction with product quality that CS2 Likert
(2017) meets expectations
Emotional Give inner satisfaction CS3 Likert
Products Provide valuable experience CS4 Likert
Ease of getting products CS5 Likert
Convenience
Ease of finding products CS6 Likert
Customer Loyalty Repeat purchase Loyalty to product purchases CLO1 Likert
Product loyalty CLO2 Likert
Kotler & Keller (2016) Retention Resistance to negative influence from CLO3 Likert
competitors
Resistance to other offers from competitors CLO4 Likert
Recommendation Totally recommend to others CLO5 Likert
Totally inviting others CLO6 Likert

IV. RESULTS AND DISCUSSION Apart from creating an innovative platform,

KoinWorks also has a mission to overcome every obstacle
KoinWorks was founded in 2016 as a Peer-to-Peer with the most advanced technology. KoinWorks believes
Lending company. Currently, KoinWorks has developed that everyone can realize their financial dreams easily.
into the first Super Financial App with more than 2.5 million KoinWorks was created to make financial management
active users. KoinWorks is headquartered in Jakarta and has accessible and affordable for anyone. KoinWorks under the
a branch office in Yogyakarta. KoinWorks creates the latest auspices of PT Lunaria Annua Teknologi is located at Cyber
online platform that can make it easier for various levels of 2 Building, 35th Floor Unit D-E Jl. HR Rasuna Said, Block
society to achieve their financial goals. X5 No 13, Kuningan, Setia Budi, South Jakarta 12950.
Indonesia.

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Table 3: Filter Questions
Filter Questions Yes (Hit Rate) No Total
1. Are you a Borrower/Koinworks customer?? 383 (97.70%) 9 392
2. Are you domiciled in DKI Jakarta Region? 378 (98.69%) 5 383
3. Have you applied for a loan at Koinworks 3 times? 372 (98.41%) 6 378

Table 4: Research Descriptive

Code Statement Mean Median Scale Scale Standard
min max deviation
Social Influence (X1)
SI1 My colleagues and close friends support my idea of 3.785 4 1 5 0.996
using Koinworks services
SI2 Most of the people I admire and influence use 4.239 4 1 5 0.895
Koinworks services
SI3 My parents support me in using Koinworks services 4.167 4 1 5 0.765
SI4 My brothers and sisters support me in using 3.965 4 1 5 0.807
Koinworks services
SI5 Going forward, companies that offer Koinworks 3.901 4 1 5 0.854
services will guarantee their proper functioning
SI6 Using Koinworks services makes me look smart and 3.962 4 1 5 0.845
modern
Trust (X2)
TR1 The services provided by Koinworks can be trusted 3.922 4 1 5 0.856
TR2 The services provided by Koinworks have a good 4.274 4 1 5 0.744
reputation
TR3 Services provided by Koinworks make honest claims 3.965 4 1 5 0.865
TR4 Services provided by Koinworks are long-term in 4.288 4 1 5 0.766
nature
TR5 Koinworks services are always available wherever I 4.199 4 1 5 0.876
need them
TR6 Koinworks service does not let its users have 3.935 4 1 5 0.84
difficulties in using it
Data Privacy And Security (X3)
DSP1 Koinworks is very safe to use 3.914 4 1 5 0.848
DSP2 Koinworks guarantees its safety 3.968 4 1 5 0.864
DSP3 Koinworks guarantees accurate information 3.976 4 1 5 0.777
DSP4 Koinworks protects users' personal data 3.946 4 1 5 0.784
DSP5 Koinworks protects transactions made by users 3.892 4 1 5 0.813
DSP6 Koinworks is safe and comfortable to use 3.903 4 1 5 0.807
Quality Administrative Services (X4)
QAS1 Koinwork service administrators can work 3.892 4 1 5 0.793
professionally
QAS2 Koinwork service administrators use good words 3.844 4 1 5 0.838
QAS3 The Koinwork service administrator provides fast 3.917 4 1 5 0.862
service so you don't have to wait in long queues
QAS4 Koinwork service administrators spare time for users 3.841 4 1 5 0.845
QAS5 Koinworks service administrators are consistently 3.96 4 1 5 0.814
friendly and polite
QAS6 Koinworks service administrators can submit 3.933 4 1 5 0.841
information according to the promised deadline
Customer Satisfaction (Z)
CS1 I am satisfied with the services provided by 4.059 4 1 5 0.853
Koinworks
CS2 I am satisfied with the quality of Koinworks products 3.976 4 1 5 0.878
that meet expectations
CS3 I get inner satisfaction by using services from 4.105 4 1 5 0.914
Koinworks
CS4 I got valuable experience by using services from 3.995 4 1 5 0.936
Koinworks

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
Code Statement Mean Median Scale Scale Standard
min max deviation
CS5 I am satisfied with how easy it is to use services from 3.981 4 1 5 0.853
Koinworks
CS6 I am satisfied with how easy it is to find services 3.817 4 1 5 0.975
from Koinworks
Customer Loyalty (Y)
CLO1 I will use Koinworks service again 4.097 4 1 5 0.871
CLO2 I will use all products from Koinworks 4.091 4 1 5 0.866
CLO3 I will not use other Fintech services besides 4.113 4 1 5 0.844
Koinworks
CLO4 Koinworks is my top fintech choice 4.14 4 1 5 0.828
even though there are offers from other fintechs
CLO5 I will recommend Koinworks to others (friends, 3.839 4 1 5 0.934
friends and relatives)
CLO6 I try to invite other people to use Koinworks services 3.836 4 1 5 1.007
Source: Processed Data SmartPLS 4.0 (2023)

Based on the respondents' answers to the social Based on the respondents' answers to the variable customer
influence variable (X1), the highest mean value was 4,239 satisfaction (Z), the highest mean value was 4,105 (Y2.5)
(SI2) with the statement "Most people I admire and are with the statement "I get inner satisfaction by using services
influenced use Koinworks services" as shown in the table from Koinworks" as shown in the table above. This shows
above. This shows that the respondent shows a good that the respondent shows a good assessment of the
assessment of the statement which belongs to the social statement which is owned in the variable customer
influence variable (X1).Berdasarkan jawaban responden satisfaction (Z).
terhadap variabel trust (X2) diperoleh nilai mean tertinggi
sebesar 4.288 (TR4) dengan pernyataan “Layanan yang Based on the respondents' answers to the customer
diberikan oleh Koinworks memiliki sifat jangka panjang” loyalty variable (Y), the highest mean value was 4.14
seperti yang tertera pada tabel di atas. Hal ini menunjukan (CLO4) with the statement "Koinworks is my main choice
bahwa responden menunjukkan penilaian yang baik terhadap of fintech even though there are offers from other fintechs"
pernyataan tersebut yang dimiliki dalam variabel trust (X2). as shown in the table above. This shows that the respondent
shows a good assessment of this statement which is owned
Based on the respondents' answers to the social in the variable customer loyalty (Y).
influence variable (X1), the highest mean value was 4,239
(SI2) with the statement "Most people I admire and are Evaluation of the measurement model or measurement
influenced use Koinworks services" as shown in the table model is carried out to assess the validity and reliability of
above. This shows that the respondent shows a good the model. The research measurement model in PLS-SEM is
assessment of the statement which belongs to the social the outer model which consists of a set of relationships
influence variable (X1). Based on the respondents' answers between indicators and latent variables (Hair et al., 2016).
to the variable quality administrative services (X4), the According to Hair et al. (2016), to assess convergent
highest mean value was 3.96 (QAS5) with the statement validity, the outer loading value must be more than 0.70.
"Koinworks service administrators are consistently friendly However, according to Henseler et al. (2016), reflective
and polite" as shown in the table above. This shows that the indicator loading can be considered a good measure of latent
respondent shows a good assessment of the statement which variables if it is above 0.50 (loading factor is between 0.50.
is owned in the quality administrative services variable (X4).

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Fig. 1: Processing Results of the PLS-Algorithm Procedure

Source: Processed Data SmartPLS 4.0 (2023)

Table 5: Outer Loadings Significance Value

Original Sample Standard deviation T statistics
P values
sample (O) mean (M) (STDEV) (|O/STDEV|)
CLO1 <- Customer Loyalty 0.910 0.910 0.012 75.601 0.000
CLO2 <- Customer Loyalty 0.891 0.890 0.016 57.343 0.000
CLO3 <- Customer Loyalty 0.905 0.905 0.012 77.902 0.000
CLO4 <- Customer Loyalty 0.816 0.816 0.029 28.486 0.000
CLO5 <- Customer Loyalty 0.832 0.831 0.019 44.861 0.000
CLO6 <- Customer Loyalty 0.830 0.830 0.019 44.081 0.000
CS1 <- Customer Satisfaction 0.780 0.779 0.038 20.585 0.000
CS2 <- Customer Satisfaction 0.849 0.849 0.024 36.094 0.000
CS3 <- Customer Satisfaction 0.853 0.854 0.015 57.888 0.000
CS4 <- Customer Satisfaction 0.847 0.846 0.026 32.498 0.000
CS5 <- Customer Satisfaction 0.858 0.859 0.017 50.671 0.000
CS6 <- Customer Satisfaction 0.791 0.791 0.026 30.543 0.000
DSP1 <- Data and Privacy Security 0.843 0.844 0.019 43.656 0.000
DSP2 <- Data and Privacy Security 0.878 0.878 0.014 62.434 0.000
DSP3 <- Data and Privacy Security 0.923 0.923 0.010 94.317 0.000
DSP4 <- Data and Privacy Security 0.848 0.847 0.023 37.178 0.000
DSP5 <- Data and Privacy Security 0.871 0.870 0.017 51.134 0.000

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Original Sample Standard deviation T statistics
P values
sample (O) mean (M) (STDEV) (|O/STDEV|)
DSP6 <- Data and Privacy Security 0.875 0.874 0.016 53.873 0.000
QAS1 <- Quality Administrative
Services 0.887 0.886 0.016 56.570 0.000
QAS2 <- Quality Administrative
Services 0.911 0.910 0.016 55.443 0.000
QAS3 <- Quality Administrative
Services 0.924 0.924 0.009 99.538 0.000
QAS4 <- Quality Administrative
Services 0.930 0.930 0.009 99.689 0.000
QAS5 <- Quality Administrative
Services 0.941 0.941 0.008 124.878 0.000
QAS6 <- Quality Administrative
Services 0.923 0.923 0.010 90.080 0.000
SI1 <- Social Influence 0.806 0.805 0.024 33.065 0.000
SI2 <- Social Influence 0.806 0.806 0.024 33.857 0.000
SI3 <- Social Influence 0.803 0.802 0.025 32.488 0.000
SI4 <- Social Influence 0.862 0.861 0.017 49.831 0.000
SI5 <- Social Influence 0.806 0.805 0.023 34.570 0.000
SI6 <- Social Influence 0.834 0.833 0.020 41.170 0.000
TR1 <- Trust 0.806 0.806 0.021 37.937 0.000
TR2 <- Trust 0.848 0.847 0.022 39.408 0.000
TR3 <- Trust 0.815 0.815 0.022 37.289 0.000
TR4 <- Trust 0.861 0.860 0.022 39.397 0.000
TR5 <- Trust 0.773 0.772 0.029 26.678 0.000
TR6 <- Trust 0.805 0.804 0.026 30.889 0.000
Source: Processed Data SmartPLS 4.0 (2023)

Based on the test results above, it can be seen that all items have a loading value above 0.7 and a p-value below 0.05

Table 6: HTTP Inference value

Original Sample
2.5% 97.5%
sample (O) mean (M)
Customer Satisfaction -> Customer Loyalty 0.326 0.329 0.202 0.457
Data and Privacy Security -> Customer Loyalty 0.095 0.099 -0.055 0.255
Data and Privacy Security -> Customer Satisfaction 0.237 0.233 0.058 0.402
Quality Administrative Services -> Customer Loyalty 0.087 0.082 -0.059 0.209
Quality Administrative Services -> Customer Satisfaction 0.248 0.252 0.078 0.428
Social Influence -> Customer Loyalty 0.146 0.146 0.037 0.265
Social Influence -> Customer Satisfaction 0.149 0.157 0.028 0.287
Trust -> Customer Loyalty 0.275 0.273 0.115 0.428
Trust -> Customer Satisfaction 0.283 0.278 0.141 0.417
Source: Processed Data SmartPLS 4.0 (2023)

In this study it was found that the confidence interval indicator has no discriminant validity problems.
(CI) value of either 5.0% or 95.0% of each dimension for the Discriminant validity testing, reflective indicators can be
variable value is less than or equal to 1.00 which can be seen seen in the cross-loading between the indicators and their
in the table below, so it is concluded that each supporting constructs.

A. AN INDICATOR IS VALID IF IT HAS A LOADING FACTOR TO OTHER CONSTRUCTS. THEREFORE, THE LATENT
CONSTRUCTS PREDICT INDICATORS IN THEIR BLOCKS BETTER COMPARED TO INDICATORS IN OTHER BLOCKS
(GHOZALI, 2015).

Table 7: VALUES OF CROSS LOADINGS

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DATA AND PRIVACY

SOCIAL INFLUENCE
ADMINISTRATIVE
SATISFACTION
CUSTOMER

CUSTOMER

SECURITY
LOYALTY

SERVICES
QUALITY

TRUST
CLO1 0.910 0.728 0.719 0.703 0.714 0.771

CLO2 0.891 0.700 0.687 0.662 0.679 0.722

CLO3 0.905 0.721 0.667 0.661 0.694 0.724

CLO4 0.816 0.646 0.602 0.597 0.659 0.660

CLO5 0.832 0.684 0.659 0.658 0.567 0.651

CLO6 0.830 0.671 0.664 0.601 0.565 0.667

CS1 0.557 0.780 0.583 0.576 0.480 0.568

CS2 0.675 0.849 0.714 0.683 0.602 0.691

CS3 0.711 0.853 0.683 0.656 0.706 0.723

CS4 0.643 0.847 0.621 0.596 0.631 0.656

CS5 0.765 0.858 0.752 0.721 0.657 0.726

CS6 0.610 0.791 0.622 0.676 0.565 0.624

DSP1 0.642 0.725 0.843 0.735 0.651 0.768

DSP2 0.685 0.709 0.878 0.750 0.638 0.763

DSP3 0.724 0.743 0.923 0.796 0.654 0.772

DSP4 0.637 0.702 0.848 0.733 0.669 0.685

DSP5 0.675 0.697 0.871 0.796 0.612 0.679

DSP6 0.674 0.620 0.875 0.811 0.627 0.702

QAS1 0.642 0.679 0.823 0.887 0.654 0.739

QAS2 0.666 0.678 0.822 0.911 0.622 0.710

QAS3 0.677 0.689 0.790 0.924 0.637 0.721

QAS4 0.678 0.735 0.816 0.930 0.617 0.717

QAS5 0.757 0.787 0.823 0.941 0.684 0.770

QAS6 0.704 0.763 0.792 0.923 0.640 0.733

SI1 0.577 0.534 0.520 0.491 0.806 0.600

SI2 0.624 0.606 0.575 0.540 0.806 0.697

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DATA AND PRIVACY

SOCIAL INFLUENCE
ADMINISTRATIVE
SATISFACTION
CUSTOMER

CUSTOMER

SECURITY
LOYALTY

SERVICES
QUALITY

TRUST
SI3 0.645 0.615 0.584 0.547 0.803 0.690

SI4 0.643 0.653 0.683 0.638 0.862 0.752

SI5 0.586 0.601 0.596 0.540 0.806 0.689

SI6 0.603 0.601 0.645 0.673 0.834 0.704

TR1 0.697 0.659 0.755 0.697 0.692 0.806

TR2 0.693 0.674 0.636 0.651 0.752 0.848

TR3 0.620 0.630 0.695 0.646 0.684 0.815

TR4 0.676 0.682 0.672 0.639 0.705 0.861

TR5 0.610 0.608 0.592 0.569 0.631 0.773

TR6 0.674 0.692 0.743 0.700 0.667 0.805

Source : Data Processed Smartpls 4.0 (2023)

The table above shows that the loading value for each intended construct is greater than the loading value for the other
constructs. It can be concluded that all indicators are valid and there are no problems with discriminant validity.

Tabel 8: Nilai Constructs Reliability

Cronbach's Composite Composite
alpha reliability (rho_a) reliability
(rho_c)
Customer Loyalty 0.932 0.935 0.947
Customer Satisfaction 0.910 0.915 0.930
Data and Privacy Security 0.938 0.939 0.951
Quality Administrative Services 0.963 0.965 0.970
Social Influence 0.902 0.903 0.925
Trust 0.901 0.903 0.924
Source: Processed Data SmartPLS 4.0 (2023)

The table above shows that the results of the reliability test show that all latent variable values have Cronbach's alpha ≥ 0.60
and composite reliability ≥ 0.70. Thus all constructs can be accepted for reliability.

Table 9: VIF Value

VIF
CLO1 4.667
CLO2 3.698
CLO3 4.296
CLO4 2.495
CLO5 2.854
CLO6 2.880
CS1 2.214

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VIF
CS2 2.495
CS3 3.092
CS4 3.060
CS5 2.565
CS6 2.082
DSP1 2.891
DSP2 3.647
DSP3 4.578
DSP4 2.664
DSP5 3.267
DSP6 3.533
QAS1 3.740
QAS2 4.607
QAS3 5.366
QAS4 5.236
QAS5 7.471
QAS6 5.890
SI1 2.465
SI2 2.346
SI3 2.129
SI4 2.805
SI5 2.255
SI6 2.380
TR1 2.313
TR2 2.804
TR3 2.461
TR4 2.880
TR5 2.019
TR6 2.086
Source: Processed Data SmartPLS 4.0 (2023)

Based on the results of the multicollinearity more than 10, so it can be concluded that there is no
assumption test, it was found that the correlation value perfect or large correlation between the independent
between the observed variables (VIF) is not allowed to be variables.

Table 10: Determination Coefficient Value (R-Square)

R-square R-square adjusted
Customer Loyalty 0.732 0.729
Customer Satisfaction 0.723 0.720
Source: Processed Data SmartPLS 4.0 (2023)

From the table above it can be seen that the value of The R-Square value (R2) or the coefficient of
R-Square (R2) or the coefficient of determination of the determination from the Customer Satisfaction (Z) construct
construct Customer Loyalty (Y) is 0.732. These results is 0.723. These results indicate that the endogenous variable
indicate that the endogenous variable Customer Loyalty (Y) Customer Satisfaction (Y) can be explained by exogenous
can be explained by its exogenous variable of 73.2% while variables of 72.3% while the rest is explained by other
the rest is explained by other exogenous variables outside of exogenous variables outside of this study.
this study.

Table 11: PLSPredict Value (Q-Square)

Q²predict RMSE MAE

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Customer Loyalty 0.697 0.556 0.407

Customer Satisfaction 0.713 0.541 0.388
Source: Processed Data SmartPLS 4.0 (2023)

Based on the calculation of predictive relevance standardized root mean square residual (SRMR) and normal
(Q²predict) in Table 11 which shows a value greater than fit index (NFI) proposed by Hu and Bentler (1998) in
zero, it can be concluded that the model has a relevant Ramayah et al. (2017) that the model will be considered to
predictive value. Evaluation of the fit model in this study have good fit if the standardized root mean square residual
was carried out using two test models, including (SRMR) value is below 0.10 (Hair, et al., 2014).

Table 12: Fit Model Value

Saturated model Estimated model
SRMR 0.052 0.052
d_ULS 1.806 1.806
d_G 1.639 1.639
Chi-square 3088.683 3088.683
NFI 0.796 0.796
Source: Processed Data SmartPLS 4.0 (2023)

Based on Table 12, the results show that the model in normal fit index (NFI) value indicates that the model in this
this study has good fit because it has a standardized root research is 79.6% (0.796) better than on null models.
mean square residual (SRMR) value below 0.10 and the

Table 13: Hypothesis Testing

Direct Hypothesis Original T statistics
P values Decision
sample (O) (|O/STDEV|)
H1 Social Influence -> Customer Loyalty 0.146 2.499 0.012 Positive and Significant
H2 Trust -> Customer Loyalty 0.275 3.429 0.001 Positive and Significant
H3 Data and Privacy Security -> Customer 0.095 1.198 0.231 No effect
Loyalty
H4 Quality Administrative Services -> Customer 0.087 1.265 0.206 No effect
Loyalty
H5 Social Influence -> Customer Satisfaction 0.149 2.267 0.023 Positive and Significant
H6 Trust -> Customer Satisfaction 0.283 4.004 0.000 Positif dan Signifikan
H7 Data and Privacy Security -> Customer 0.237 2.712 0.007 Positive and Significant
Satisfaction
H8 Quality Administrative Services -> Customer 0.248 2.770 0.006 Positive and Significant
Satisfaction
H9 Customer Satisfaction -> Customer Loyalty 0.326 5.013 0.000 Positive and Significant
Indirect Hypothesis Original T statistics P values Decision
sample (O) (|O/STDEV|)
H10 Social Influence -> Customer Satisfaction -> mediate
0.049 1.978 0.048
Customer Loyalty
H10 Trust -> Customer Satisfaction -> Customer mediate
0.092 3.236 0.001
Loyalty
H10 Data and Privacy Security -> Customer mediate
0.077 2.504 0.012
Satisfaction -> Customer Loyalty
H10 Quality Administrative Services -> Customer mediate
0.081 2.151 0.032
Satisfaction -> Customer Loyalty
Source: Processed Data SmartPLS 4.0 (2023)

This stage is carried out to find out whether the and the path coefficient values which are -1 indicate a
research hypothesis proposed in the research model is strong negative relationship. While T-Statistics
accepted or rejected. To test the proposed hypothesis, it can (bootsrapping) is used to see the significance value between
be seen from the path coefficients, T-Statistic values constructs. Hair et al. (2017) in Ramayah et al. (2017)
through bootstrapping procedures and p-values. According suggested carrying out the bootstrapping procedure with a
to Hair et al. (2014), the path coefficient values are in the re-sample value of 5,000. The limit for rejecting and
range of values -1 to +1, where the path coefficient values accepting the proposed hypothesis is ±1.96, which if the t-
that are close to +1 represent a strong positive relationship statistic value is in the range of -1.96 and 1.96 then the

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hypothesis is rejected or in other words accepts the null influence from direct effects to indirect paths. There are five
hypothesis (H0). categories to analyze mediation effects according to Hair et
al. (2017) direct-only non-mediation, no-effect non-
The mediation test in this study was carried out by mediation, complementary mediation, competitive
looking at the changes as suggested by Hair et al. (2017), to mediation and indirect-only mediation.
analyze mediating effects it is required to look at changes in

Fig. 2: PLS-Algorithm Bootstrapping Without Moderation

Source: Data processed by Researchers (2023)

A. Social Influence (X1) on Customer Loyalty (Y) from previous studies where Alkhwaldi et al., (2022) and
Social Influence (X1) was found to have a direct Alkhwaldi and Abdulmuhsin (2022) found that social
influence on Customer Loyalty (Y). Where the influence of influence has a significant effect on customer loyalty.
Social Influence (X1) on Customer Loyalty (Y) has a path
coefficient of 0.146 which is close to the +1 value, the T- B. The Effect of Trust (X2) on Customer Loyalty (Y)
Statistic value is 2.499 (> 1.96), and the p-value is 0.012 Trust (X2) is found to have a direct effect on Customer
(<0.05), so it can be concluded that the first hypothesis (H1) Loyalty (Y). Where the influence of Trust (X2) on Trust
is accepted and Social Influence (X1) has a positive and (X2) has a path coefficients value of 0.275 which is close to
significant effect on Customer Loyalty (Y). From these +1 value, a T-Statistic value of 3.429 (> 1.96), and a p-
results it can be concluded that the higher the Social value of 0.001 (> 0.05), so it can be concluded that the
Influence (X1), the Social Influence (X1) increases by hypothesis both (H2) are accepted and Trust (X2) has a
0.146. The results in this study are supported by findings positive and significant effect on Customer Loyalty (Y).
From these results it can be concluded that the higher the

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Trust (X2), the Customer Loyalty (Y) increases by 0.275. F. The Effect of Trust (X2) on Customer Satisfaction (Z)
The results in this study are supported by findings from Trust (X2) is found to have an influence on Customer
previous studies where Chuang et al., (2016), Aksoy Satisfaction (Z). Where the influence of Trust (X2) on
(2017), and Singh and Sinha (2020) found that trust has a Customer Satisfaction (Z) has a path coefficients value of
significant effect on customer loyalty. 0.283 which is close to +1 value, a T-Statistic value of
4.004 (> 1.96), and a p-value of 0.000 (<0.05), so it can be
C. Effect of Data and Privacy Security (X3) on Customer concluded that the sixth hypothesis (H6) is accepted and
Loyalty (Y) Trust (X2) has a positive and significant effect on Customer
Data and Privacy Security (X3) was found to have no Satisfaction (Z). From these results it can be concluded that
effect on Customer Loyalty (Y). Where the influence of if Trust (X2) increases by one unit, then Customer
Data and Privacy Security (X3) on Customer Loyalty (Y) Satisfaction (Z) increases by 0.283. The results in this study
has a path coefficients value of 0.095 which is close to +1, are supported by findings from previous studies where
the T-Statistic value is 1.198 (<1.96), and the p-value is Alkhwaldi et al., (2022) and Alkhwaldi and Abdulmuhsin
0.231 (>0.05), so it can be concluded that the third (2022) found that trust has a significant effect on customer
hypothesis (H3) is rejected and Data and Privacy Security satisfaction.
(X3) has no effect on Customer Loyalty (Y). From these
results it can be concluded that if Data and Privacy Security G. Effect of Data and Privacy Security (X3) on Customer
(X3) increases by one unit, then Customer Loyalty (Y) does Satisfaction (Z)
not increase by 0.095. The results in this study contradict Data and Privacy Security (X3) was found to have an
the findings of previous studies where Byrnes, (2020), influence on Customer Satisfaction (Z). Where the
Yang et al., (2018), and Barth et al., (2019) found that data influence of Data and Privacy Security (X3) on Customer
and privacy security have a significant effect on customer Satisfaction (Z) has a path coefficients value of 0.237 which
loyalty. is close to the +1 value, the T-Statistic value is 2.712 (>
1.96), and the p-value is 0.007 (<0.05), so it can be
D. Effect of Quality Administrative Services (X4) on concluded that the seventh hypothesis (H7) is accepted and
Customer Loyalty (Y) Data and Privacy Security (X3) has a positive and
Quality Administrative Services (X4) was found to have significant effect on Customer Satisfaction (Z). From these
no effect on Customer Loyalty (Y). Where in the influence results it can be concluded that if Data and Privacy Security
of Quality Administrative Services (X4) on Customer (X3) increases by one unit, then Customer Satisfaction (Z)
Loyalty (Y) it has a path coefficients value of 0.087 which increases by 0.237. The results in this study are supported
is close to +1 value, a T-Statistic value of 1.265 (<1.96), by findings from previous studies where Hu et al., (2019)
and a p-value of 0.206 (>0.05), so that it can it can be and Stewart and Jürjens (2018) found that data and privacy
concluded that the fourth hypothesis (H4) is rejected and security have a significant effect on customer satisfaction.
Quality Administrative Services (X4) has no effect on
Customer Loyalty (Y). From these results it can be As an effort to improve marketing performance, based
concluded that if Quality Administrative Services (X4) on descriptive analysis of respondents' answers, several
increases by one unit, then Customer Loyalty (Y) does not priority strategy items can be formulated, including
increase by 0.087. The results in this study contradict the management to focus on selling the Hijab Premium
findings of previous studies where Hu et al., (2019) and business so that it grows in the last 3 months, focusing on
Razzaque et al., (2020) found that quality administrative the benefits of the Hijab Premium business so that it grows
services had a significant effect on customer loyalty. in the last 3 months, focusing on towards increasing the
number of Hijab Premium subscribers to grow in the last 3
E. Effect of Social Influence (X1) on Customer Satisfaction months.
(Z)
Social Influence (X1) was found to have an influence on H. Effect of Quality Administrative Services (X4) on
Customer Satisfaction (Z). Where the influence of Social Customer Satisfaction (Z)
Influence (X1) on Customer Satisfaction (Z) has a path Quality Administrative Services (X4) was found to have
coefficients value of 0.149 which is close to +1 value, a T- an influence on Customer Satisfaction (Z). Where the
Statistic value of 2.267 (> 1.96), and a p-value of 0.023 influence of Quality Administrative Services (X4) on
(<0.05), so it can be concluded that the fifth hypothesis Customer Satisfaction (Z) has a path coefficients value of
(H5) is accepted and Social Influence (X1) has a positive 0.248 which is close to +1, the T-Statistic value is 2.770 (>
and significant effect on Customer Satisfaction (Z). From 1.96), and the p-value is 0.006 (<0.05), so that it can it can
these results it can be concluded that if Social Influence be concluded that the eighth hypothesis (H8) is accepted
(X1) increases by one unit, then Customer Satisfaction (Z) and Quality Administrative Services (X4) has a positive and
increases by 0.149. The results in this study are supported significant effect on Customer Satisfaction (Z). From these
by findings from previous studies where Alkhwaldi et al., results it can be concluded that if Quality Administrative
(2022) and Alkhwaldi and Abdulmuhsin (2022) found that Services (X4) increases by one unit, then Customer
social influence has a significant effect on customer Satisfaction (Z) increases by 0.248. The results in this study
satisfaction. are supported by findings from previous studies where
Chuang et al., (2016), Kim et al., (2016), and Jang et al.,
(2021) found that data and privacy security have a
significant effect on customer satisfaction.

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I. The Effect of Customer Satisfaction (Z) on Customer increasing Customer Loyalty (Y). Where previously it was
Loyalty (Y) found that the Tru factor (X2) had a positive and significant
Customer Satisfaction (Z) was found to have an effect on increasing Customer Loyalty (Y). The results in
influence on Customer Loyalty (Y). Where in the influence this study are supported by findings from previous studies
of Customer Satisfaction (Z) on Customer Loyalty (Y) it where Chuang et al., (2016), Aksoy (2017), Singh and
has a path coefficients value of 0.326 which is close to +1 Sinha (2020), and Le (2021) found that customer
value, a T-Statistic value of 5.013 (> 1.96), and a p-value of satisfaction acts as a mediating variable in the relationship
0.000 (<0.05), so it can be concluded that the ninth between trust and customer loyalty.
hypothesis (H9) is accepted and Customer Satisfaction (Z)
has a positive and significant effect on Customer Loyalty L. The Role of Mediation of Customer Satisfaction (Z) in
(Y). From these results it can be concluded that if Customer the Relationship Between Data and Privacy Security
Satisfaction (Z) increases by one unit, then Customer (X3) Against Customer Loyalty (Y)
Loyalty (Y) increases by 0.326. The results in this study are Customer Satisfaction (Z) was found to have an
supported by findings from previous studies where influence in its role as a full mediation between Data and
Alkhwaldi et al., (2022), Alkhwaldi and Abdulmuhsin, Privacy Security (X3) and Customer Loyalty (Y). Based on
(2022), and Le, (2021) found that customer satisfaction has the test results on the indirect effect of Data and Privacy
a significant effect on customer loyalty. Security (X3) on Customer Loyalty (Y) through Customer
Satisfaction (Z) it has a path coefficients value of 0.077
J. The Role of Mediating Customer Satisfaction (Z) in the which is close to +1, a T-Statistic value of 2.504 (> 1.96),
Relationship Between Social Influence (X1) to and a value p-value 0.012 (<0.05), so it can be concluded
Customer Loyalty (Y) that the twelfth hypothesis (H12) is accepted and Customer
Customer Satisfaction (Z) was found to have influence Satisfaction (Z) mediates the relationship between Data and
in its role as a partial mediation between Social Influence Privacy Security (X3) which has no effect on Customer
(X1) and Customer Loyalty (Y). Based on the test results on Loyalty (Y) in a direct relationship. For this reason, it can
the indirect effect of Social Influence (X1) on Customer be concluded that with the Customer Satisfaction (Z) factor,
Loyalty (Y) through Customer Satisfaction (Z) has a path the Data and Privacy Security (X3) factor will influence
coefficients value of 0.049 which is close to the +1 value, increasing Customer Loyalty (Y). Where previously it was
the T-Statistic value is 1.978 (> 1.96), and the p-value value found that the Data and Privacy Security (X3) factor had no
0.048 (<0.05), so it can be concluded that the tenth effect on increasing Customer Loyalty (Y). The results in
hypothesis (H10) is accepted and Customer Satisfaction (Z) this study are supported by findings from previous studies
mediates the relationship between Social Influence (X1) where Byrnes, (2020), Yang et al., (2018), and Barth et al.,
which has a positive and significant effect on Customer (2019), and Le (2021) found that customer satisfaction
Loyalty (Y) in a direct relationship. For this reason, it can plays a role as a mediating variable in relationship between
be concluded that with the presence or absence of the data and privacy security to customer loyalty.
Customer Satisfaction (Z) factor, the Social Influence factor
(X1) will still have an effect on increasing Customer M. The Role of Mediation of Customer Satisfaction (Z) in
Loyalty (Y). Where previously it was found that the Social the Relationship Between Quality Administrative
Influence factor (X1) had a positive and significant effect Services (X4) Against Customer Loyalty (Y)
on increasing Customer Loyalty (Y). The results in this Customer Satisfaction (Z) was found to have influence
study are supported by findings from previous studies in its role as a full mediation between Quality
where Alkhwaldi et al., (2022), Alkhwaldi and Administrative Services (X4) and Customer Loyalty (Y).
Abdulmuhsin (2022), and Le (2021) found that customer Based on the test results on the indirect effect between
satisfaction acts as a mediating variable in the relationship Quality Administrative Services (X4) on Customer Loyalty
between social influence and customer loyalty. (Y) through Customer Satisfaction (Z) it has a path
coefficients value of 0.081 which is close to +1, a T-
K. The Role of Mediation of Customer Satisfaction (Z) in Statistic value of 2.151 (> 1.96), and a p-value -value 0.032
the Relationship Between Trust (X2) to Customer (<0.05), so it can be concluded that the thirteenth
Loyalty (Y) hypothesis (H13) is accepted and Customer Satisfaction (Z)
Customer Satisfaction (Z) was found to have an mediates the relationship between Quality Administrative
influence in its role as a partial mediation between Trust Services (X4) which has no effect on Customer Loyalty (Y)
(X2) and Customer Loyalty (Y). Based on the test results on in a direct relationship. For this reason, it can be concluded
the indirect effect between Trust (X2) on Customer Loyalty that with the Customer Satisfaction (Z) factor, the Quality
(Y) through Customer Satisfaction (Z) it has a path Administrative Services (X4) factor will have an effect on
coefficients value of 0.092 which is close to +1, a T- increasing Customer Loyalty (Y). Where previously it was
Statistic value of 3.236 (> 1.96), and a p-value 0.001 found that the Quality Administrative Services factor (X4)
(<0.05), so it can be concluded that the eleventh hypothesis had no effect on increasing Customer Loyalty (Y). The
(H11) is accepted and Customer Satisfaction (Z) mediates results in this study are supported by findings from previous
the relationship between Trust (X2) which has a positive studies where Hu et al., (2019) and Razzaque et al., (2020),
and significant effect on Customer Loyalty (Y) in a direct and Le (2021) found that customer satisfaction acts as a
relationship. For this reason, it can be concluded that with mediating variable in the relationship between data and
the presence or absence of the Customer Satisfaction (Z) privacy security on customer loyalty.
factor, the Trust factor (X2) will still have an effect on

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
V. RECOMMENDATION  Social influence drives the achievement of customer
satisfaction. This is because KoinWorks users in general
According to the findings previously described, have been influenced by the social environment where
suggestions can be proposed to increase customer they consider it important for them to use KoinWorks, so
satisfaction and customer loyalty for KoinWorks users. that customers' needs for financing are met and directly
 To increase customer satisfaction, KoinWorks increase KoinWorks user satisfaction.
management can focus on important factors or  Trust drives the achievement of customer satisfaction.
determinants starting from those that have the biggest to This is because KoinWorks users in general already have
the smallest effect sequentially, namely trust, quality beliefs that are held and come from their perceptions
administrative services, data and privacy security and about KoinWorks, so that customers' needs for financing
social influence. It is hoped that by focusing on the are met and directly increase KoinWorks user
above strategies, customer satisfaction will increase. satisfaction.
KoinWorks can build relationships with customers by  Data and privacy security encourages the achievement of
communicating. Find out what the customer needs and customer satisfaction. This is because KoinWorks users
show customers the solutions that KoinWorks can in general feel the security of their data and information
provide. Provide more than what is expected by about KoinWorks, so that customers' needs for financing
customers in terms of services provided. are met and directly increase KoinWorks user
 To increase customer loyalty, KoinWorks management satisfaction.
can focus on important factors or determinants starting  Quality administrative services encourage the
from those that have the biggest to the smallest effect achievement of customer loyalty. This is because
sequentially, namely trust and social influence. It is KoinWorks users generally feel the quality of
hoped that by focusing on the above strategies, customer administrative services from KoinWorks, so that
loyalty will increase. The emergence of competitors customer needs for financing are met and directly
requires KoinWorks to be able to retain its customers to increase KoinWorks user satisfaction.
make them loyal. One of them is by maintaining the  Customer satisfaction encourages the achievement of
quality of service. The most important element in customer loyalty. This is because KoinWorks users
starting a business and building customer trust is service. generally feel a sense of satisfaction after KoinWorks, so
Do the best, friendly service, quality cleanliness and that customers' needs for financing are met and directly
good products, as well as various transaction methods to increase the loyalty of KoinWorks users.
make it easier for customers.
 Social influence encourages the achievement of
After analyzing the research data obtained from the customer loyalty with customer satisfaction which also
results of the questionnaire using the SmartPLS 4 encourages it in its role as a partial mediation. This
application, it can be concluded that: proves that the efforts that have been made by
 Social influence drives the achievement of customer KoinWorks to increase social influence are able to
loyalty. This is because KoinWorks users in general increase customer loyalty for KoinWorks with customer
have been influenced by the social environment where satisfaction playing a role.
they consider it important for them to use KoinWorks, so  Trust encourages the achievement of customer loyalty
that customers' needs for financing are met and directly with customer satisfaction which also encourages its role
increase the loyalty of KoinWorks users. as a partial mediation. This proves that the efforts that
 Trust encourages the achievement of customer loyalty. have been made by KoinWorks to increase trust can
This is because KoinWorks users in general already have increase customer loyalty for KoinWorks with customer
beliefs that are held and come from their perceptions satisfaction playing a role.
about KoinWorks, so that customers' needs for financing  Data and privacy security encourages the achievement of
are met and directly increase the loyalty of KoinWorks customer loyalty with customer satisfaction which also
users. encourages its role as a full mediation. This proves that
 Data and privacy security does not drive customer efforts made by KoinWorks to improve data and privacy
loyalty. This is because KoinWorks users in general do security will not be able to increase customer loyalty for
not feel the security of their personal data and KoinWorks without customer satisfaction playing a role.
information about KoinWorks, so that customers' needs  Quality administrative services encourage the
for financing are not met and do not directly increase achievement of customer loyalty with customer
KoinWorks user loyalty. satisfaction which also encourages its role as a full
 Quality administrative services do not encourage the mediation. This proves that the efforts that have been
achievement of customer loyalty. This is because made by KoinWorks to improve the quality of
KoinWorks users in general do not feel the quality of administrative services will not be able to increase
administrative services from KoinWorks, so that customer loyalty for KoinWorks without customer
customers' needs for financing are not met and do not satisfaction playing a role.
directly increase KoinWorks user loyalty.

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Volume 8, Issue 5, May 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
VI. SUGGESTION B. This study found that the most influential factors in
increasing customer satisfaction were trust and social
This research has several limitations. First, this influence. In conclusion, KoinWorks users are satisfied
research only focuses on social influence, trust, data and with their trust in the company and the social influence
privacy security, and quality administrative services for from around them. Where based on descriptive analysis,
KoinWorks users because the topic chosen is to take an social influence factors can be increased by
approach around customer satisfaction and customer management in the following way (from the highest
loyalty. Second, this study only takes the unit of analysis at mean):
KoinWorks Peer-to-Peer Lending companies with an  Being able to admire someone can be influenced by
unknown number of KoinWorks users as respondents. using Koinworks services
 Can make the closest people such as parents support
For further research, add other models of approaches
users in using Koinworks services
to get even better results. Apart from that, in this study the
respondents from this study only mentioned KoinWorks  Can make the closest people such as brothers and
users without mentioning more specifically, which in sisters from users support the use of Koinworks
further research could be expanded in terms of services
segmentation of KoinWorks users by expanding the  Make users look smart and modern when using
population area. KoinWorks
 Companies that offer Koinworks services will
This study examines aspects of the influence of guarantee their proper functioning in the future
mediation on customer satisfaction, the results found show  Can make the user's colleagues and close friends
satisfactory results because it supports the hypothesis that support the user's idea of using Koinworks services.
has been proposed before, but this also shows how big the
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