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Financial Technology and Digital Marketing on MSMEs and

their Impact on Financial Performance and Business
Sustainability
Noviana Yaniar, Agus Dwi Sasono, Agus Sukoco, Amrun Rosyid
Department of Master Management, Narotama University, Indonesia
[Link]@[Link], [Link]@[Link], [Link]@[Link],
[Link]@[Link]

ABSTRACT

Purpose: This study aims to analyze the effect of financial technology and digital marketing on MSMEs and
their impact on financial performance and business sustainability.
Design/methodology/approach: The research uses an explanatory quantitative approach. The population in
this study were all members of the Metropolia community, amounting to 155 people. The sampling technique
used was purposive Data collection is done using google Forms. The data collected were analyzed using
SEM-PLS.
Findings: Fintech has a positive and significant influence on the financial performance of MSMEs. Digimart
has a significant influence on the financial performance of MSMEs. Fintech has a significant influence on the
business sustainability of MSMEs. Digimart does not have a significant influence on the business
sustainability of MSMEs. Financial performance has a significant positive influence on the business
sustainability of MSMEs.
Paper type: Research paper

Keyword: Business Sustainability, Digital Marketing, Financial Performance, Financial Technology,

Metropolia community, MSMES.
Received : November 10th
Revised : November 13th
Published : November 30th

I. INTRODUCTION
The pandemic condition that entered the beginning of 2020 until now towards the end of 2021 hit all
sub-sectors of the economy (Muhyiddin & Nugroho, 2021). In a position of increasingly sharp business
competition, large, medium, and small scale companies, especially MSMEs, must have more creative energy
for existing businesses (Wignaraja, 2003). In conditions of limited management productivity due to PPKM,
the opportunity that can be done especially to continue to exist in the company's business sustainability is
through IT media.
Medium and large-level business entities stagnate in running their business, then not with small-scale
businesses, namely medium-sized ones. This is because small businesses (MSMEs) do not have the
complexities of implementing production conceptualized with PPKM and working from home (WFH).
MSMEs currently have the financial performance to encourage business creativity, to boost economic growth
both alone and regional economic growth.
The phenomenon of the economic development of the Micro, Small, and Medium Enterprises (MSME)
sector contributes to the Gross Domestic Product (GDP) of 5% of the total GDP in 2019 (Tambunan, 2019).

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Based on this phenomenon, of course, MSMEs are still able to improve their business sustainability to make
a greater contribution. However, along with the limitations of investment, working capital, and social
movements with PPKM, the technology aspect is the keyword to improve business sustainability.
Aspects of technology that indicate that it is very supportive of the economic growth of MSMEs are
aspects of financial technology and digital marketing or via online which are currently very helpful in their
development. Through financial technology (fintech) to collect investment and working capital through
economic transactions as a driving factor to increase production capacity, on the other hand, digital
marketing (online) as a way to increase marketing, which in turn will help the company's financial
sustainability business, namely income (finance). Business sustainability Good finance will be able to
increase business growth and in the process of developing MSME financial sustainability business through
the achievement of profit with a lower cost of production (Adrian, 2019).
Based on the existing conditions, the authors conducted a study to evaluate the financial business
sustainability and also the business sustainability of MSME actors, with the object of the population of the
Indonesian MSME Metropolia community.
There are several factors identified as influencing the business sustainability of MSME, including
financial technology and digital marketing. Many studies have been conducted to support this statement
(Adede et al., 2017; Laskar et al., 2017; Leong et al., 2020; Moro-Visconti et al., 2020; Musabegović et al.,
2019; Pizzi et al., 2021; Santoso, 2020; Saura et al., 2020a, 2020b; Varga, 2018; Vergara & Agudo, 2021).
This study aims to analyze the effect of financial technology and digital marketing on MSMEs and their
impact on financial performance and business sustainability.
The conceptual framework of the research used can be seen in Figure 1.

Fintech
H3
H1

H5
Financial Business
Performance sustainability

H2
H4
Digimart

Figure 1 Research Conceptual Framework

The hypotheses proposed in this study are:

H1: Fintech has a positive and significant influence on the financial performance of MSME
H2: Digimart has a positive and significant influence on the financial performance of MSME
H3: Fintech has a positive and significant influence on the business sustainability of MSME
H4: Digimart has a positive and significant influence on the business sustainability of MSME
H5: Financial performance has a positive and significant influence on the business sustainability of MSME

II. METHODOLOGY
The type of research that will be used is explanatory research. Explanatory research is used to analyze
the relationship between variables through hypothesis testing (Williams, 2007). The population in this study
were all members of the Metropolia community, amounting to 155 people. The sampling technique used was
purposive sampling (Taherdoost, 2016a). The method that will be used in this research is the distribution of
questionnaires directly to employees.
A validity and reliability test is used to test the accuracy of a measuring instrument which in this study
is a questionnaire (Taherdoost, 2016b). One of the data analyses in this study was done using SEM-PLS

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Financial Performance and Business Sustainability
Noviana Yaniar, Agus Dwi Sasono, Agus Sukoco, Amrun Rosyid
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(Gujarati, 2020). The research hypothesis test uses a t-test. A partial test (t-test) aims to show how far the
influence of one variable is individually in explaining variations in weather variables (Gujarati, 2020).
The stages carried out in this research are:
1. Research data collection
The research data collected included MSME data, employee data, and questionnaire data filled out by
MSME actors.

2. Conduct research according to the proposed conceptual framework. The stages include:
a. Constructing the Model
b. Outer Model Evaluation
1) Convergent Validity
2) Discriminant Validity
3) Composite reliability
c. Inner model evaluation
The evaluation of the inner model is carried out by evaluating the goodness-of-fit inner model.
d. Hypothesis test
This study used a significant level (α) = 0.05. The effects discussed in this study are direct and
indirect. The conditions for accepting the hypothesis are as follows:
1) If the value of t-count > t-table, then the research hypothesis is accepted.
2) If the value of t-count < t-table, then the research hypothesis is rejected.

III. RESULT AND DISCUSSION

A. Model
Data analysis in this study used SEM analysis using the PLS program. This analysis technique is
commonly referred to as path analysis or path analysis. The first is to describe the analysis model in PLS.
The results can be seen as follows:

Figure 2 Path Analysis Results

Based on the model above, the following equation can be made:

Z = 0,404X1 + 0,298X2
Y = 0,327X1 + 0,105X2 + 0,303Z
Explanation:
Z = financial performance
Y = business sustainability
X1 = fintech (financial technology)

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X2 = digimart (digital marketing)

Based on the path diagram above, an explanation can be made regarding the numbers on the connecting
line between the independent variable and the dependent variable as follows:
a. The path coefficient value from fintech to the financial performance variable = 0.404. An increase in one
unit of fintech will increase financial performance by 0.404.
b. The path coefficient value from the digimart variable to the financial performance variable = 0.298. An
increase in the one-unit digimart variable will increase financial performance by 0.298.
c. The path coefficient value from the fintech variable to the business sustainability variable = 0.327. An
increase in the fintech variable by one unit will increase business sustainability by 0.327.
d. The path coefficient value from the digimart variable to the business sustainability variable = 0.105. An
increase in the digimart variable by one unit will increase motivation by 0.105.
e. The path coefficient value from the financial performance variable to the Business sustainability variable
= 0.303. An increase in the financial performance variable by one unit will increase business
sustainability by 0.303.

B. Outer Model Evaluation

To ensure that the above model can be used, the following analyzes are carried out first:
a. Convergent Validity
The indicator must have a loading value greater than 0.5. The loading value of each indicator can be seen
in the following table. From table 1 it can be seen that the loading value for each indicator is > 0.5 so it
can be said that the indicator is valid.

Table 1 Cross Loading Value of Research Variables

Financial Business
Item Digimart Fintech
performance sustainability

x11 0,243 0,217 0,081 0,571

x12 0,337 0,288 0,149 0,680

x13 0,326 0,410 0,032 0,580

x14 0,322 0,195 0,076 0,675

x15 0,351 0,405 -0,107 0,773

x16 0,379 0,262 -0,068 0,820

x21 0,184 0,157 0,768 0,103

x22 0,300 0,195 0,860 0,085

x23 0,328 0,106 0,810 0,005

x24 0,163 0,097 0,893 -0,090

x25 0,277 0,175 0,958 -0,021

y1 0,364 0,733 0,165 0,410

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y2 0,217 0,651 0,093 0,300

y3 0,306 0,736 0,216 0,181

y4 0,337 0,792 0,062 0,366

y5 0,309 0,637 0,096 0,288

z1 0,879 0,311 0,186 0,435

z2 0,795 0,282 0,349 0,149

z3 0,917 0,301 0,213 0,373

z4 0,705 0,361 0,149 0,477

z5 0,625 0,475 0,354 0,410

z6 0,917 0,301 0,213 0,373

Source: Data processed, 2021

Table 1 is a cross-loading table for all research variables. The results of the cross-loading show that the
greatest loading for each indicator is in the respective variables and the value is greater than 0.50.
Therefore, it can be said that the indicator can validly measure the measured variable.

b. Discriminant Validity
The measurement of discriminant validity is assessed based on the AVE (Average Variance Extracted)
value where the AVE value must be greater than 0.50. The AVE value of the research variables can be
seen in the following table.

Table 2 Model AVE Value of Research Variable Model

Variable AVE

Financial performance 0,662

Business sustainability 0,507

Digimart 0,739

Fintech 0,575

Source: Data processed, 2021

Table 2 shows the AVE value for each research variable. Existing data shows that for all research
variables that have an AVE value > 0.5, then the indicator is a constituent of the latent variable or a valid
indicator.

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c. Composite Reliability
The accepted limit value for the composite reliability level is 0.60. The composite reliability value for
each research variable in the final model can be seen in the following table:

Table 3 Composite Reliability Value of Research Model Variables

Variable Composite Reliability

Financial performance 0,920

Business sustainability 0,836

Digimart 0,934

Fintech 0,842

Source: Data processed, 2021

Table 3 shows the value of composite reliability for research variables. The data shows that all research
variables in the final model have a composite reliability value > 0.6, so there is internal consistency and
indicators are forming variables or reliable indicators.

d. Hipotesis Test Outer Loading

To test whether the indicator is a measure of the latent variable, the T-statistic value of the outer loading
is used. If the T-statistic is greater than the T-table, the indicator is a measure of the latent variable.

Table 4 Outer Loadings (Mean, STDEV, T-Values)

Original Sample Mean Standard Deviation Standard Error T Statistics

Indikator
Sample (O) (M) (STDEV) (STERR) (|O/STERR|)

x11 <- Fintech 0,179 0,183 0,060 0,060 2,960

x12 <- Fintech 0,243 0,237 0,060 0,060 4,071

x13 <- Fintech 0,284 0,279 0,056 0,056 5,075

x14 <- Fintech 0,202 0,201 0,056 0,056 3,637

x15 <- Fintech 0,293 0,294 0,042 0,042 6,984

x16 <- Fintech 0,250 0,245 0,041 0,041 6,148

x21 <- Digimart 0,191 0,195 0,043 0,043 4,468

x22 <- Digimart 0,287 0,283 0,060 0,060 4,768

x23 <- Digimart 0,271 0,267 0,069 0,069 3,908

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x24 <- Digimart 0,152 0,154 0,045 0,045 3,381

x25 <- Digimart 0,263 0,263 0,029 0,029 9,167

y1 <-BusSustain 0,355 0,349 0,053 0,053 6,725

y2 <-BusSustain 0,237 0,235 0,044 0,044 5,425

y3 <-BusSustain 0,231 0,227 0,069 0,069 3,328

y4 <-BusSustain 0,310 0,309 0,043 0,043 7,255

y5 <-BusSustain 0,267 0,269 0,079 0,079 3,365

z1 <-BusSustain 0,211 0,213 0,017 0,017 12,453

z2 <-BusSustain 0,158 0,158 0,026 0,026 6,108

z3 <-BusSustain 0,197 0,198 0,015 0,015 13,005

z4 <-BusSustain 0,227 0,227 0,039 0,039 5,839

z5 <-BusSustain 0,269 0,268 0,043 0,043 6,268

z6 <-BusSustain 0,197 0,198 0,015 0,015 13,005

Source: Data processed, 2021

The value of the T table used in this study is = 1.68. From the table above, it can be seen that the T
statistic is > 1.68, so it can be concluded that the indicator is a measure of the latent variable.

C. Inner Model Evaluation

Next is the calculation of the R-square. R square shows the financial performance of research variables
in explaining business sustainability (Kuncoro, 2012). Based on data processing with PLS, the resulting
coefficient of determination (R-square) is as follows:

Table 5 Value of R-square Model

Variable R Square

Financial performance 0,318

Business sustainability 0,273

Digimart

Fintech

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Source: Data processed, 2021

The value of R square for financial performance is 0.318. This value means that the percentage of
business sustainability that can be explained by fintech and digimart is 31.8%.
The value of R square for business sustainability is 0.273. This value means that the percentage of
business sustainability that can be explained by fintech, digimart, and financial performance is 27.3%.
The goodness of fit assessment in the PLS model can be seen from the Q2 value. The value of Q2 has
the same meaning as the coefficient of determination (R-square / R2) in the regression analysis. The higher
R2, the model can be said to be more fit with the data. From the table above, it can be seen that the value of
Q2 is as follows:

Q2 = 1 – ((1-0,318) x (1-0,273))
= 1 – (0,682) x (0,727))
= 1 - 0,496
= 0,504
In this research model, the total R-square value produced is 50.4%, meaning that the amount of
diversity of research data that can be explained by the structural model is 50.4%, while the remaining 49.6%
is influenced by other factors.
The last stage in the PLS analysis is to prove the research hypothesis. Partial Least Square analysis also
produces path coefficients in the inner model:

Table 6 Inner Model Results

Standard
Original Sample Standard Error T Statistics
Variable Relationship Deviation
Sample (O) Mean (M) (STERR) (|O/STERR|)
(STDEV)

Financial performance ->

0,256 0,243 0,108 0,108 2,369
Business sustainability

Digimart -> Financial

0,295 0,294 0,068 0,068 4,320
performance

Digimart -> Business

0,088 0,101 0,099 0,099 0,885
sustainability

Fintech -> Financial

0,473 0,483 0,059 0,059 7,956
performance

Fintech -> Business

0,323 0,343 0,106 0,106 3,051
sustainability

Source: Data processed, 2021

The T table value used in this study is = 1.68. From table 6 above, a structural model can be drawn up
to prove the research hypothesis as follows:
a. The influence of fintech on financial performance
Based on the data presented in Table 6, it can be explained that the influence of the fintech variable on
financial performance is 0.473 with a T-statistic value of 7.956 which is greater than 1.68 (Table, = 0.1,
df = 60). This situation shows that fintech has a significant influence on the financial performance of
MSMEs. The influence generated by fintech on financial performance is positive. The positive influence
in this study shows that the higher the fintech showed by the ranks of MSMEs, the better the level of
MSME financial performance will be. Conversely, the lower the fintech shown by MSMEs, the lower
the level of MSME financial performance.
b. The effect of digimart on financial performance

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Based on the data presented in Table 6, it can be explained that the influence of the digimart variable on
financial performance is 0.295 with a T-statistic value of 4.320 which is greater than 1.68. This situation
shows that digimart has a significant influence on the financial performance of SMEs. The influence
given by digimart is positive. An increase or decrease in digimart affects increasing and decreasing the
financial performance of SMEs.
c. The influence of fintech on business sustainability
Based on the data presented in Table 6, it can be explained that the influence of the fintech variable on
business sustainability is 0.323 with a T-statistic value of 3.051 which is greater than 1.68. This situation
shows that fintech has a significant influence on the business sustainability of MSMEs. The influence
generated by fintech on the business sustainability of MSMEs is positive, which means that if fintech is
carried out better by MSMEs, the MSME business sustainability will also be better. On the other hand, if
fintech is not done well, the business sustainability of MSMEs will also be lower.
d. The effect of digimart on business sustainability
Based on the data presented in Table 6, it can be explained that the effect of the digimart variable on
business sustainability is 0.088 with a T-statistic value of 0.885 which is smaller than 1.68. This situation
shows that digimart does not have a significant influence on the business sustainability of MSMEs.
Changes that occur in the leadership of digimart, both increasing and decreasing, do not have much
influence on the business sustainability of MSME work.
e. Effect of financial performance on business sustainability
Based on the data presented in Table 6, it can be explained that the influence of the financial
performance variable on business sustainability is 0.256 with a T-statistic value of 2.369 which is greater
than 1.68. This situation shows that financial performance has a significant influence on the business
sustainability of MSMEs. The effect generated by financial performance on business sustainability is
positive. The positive influence in this study shows that the higher the financial performance of SMEs,
the business sustainability of SMEs will also be better. On the other hand, the lower the MSMEs, the
lower the MSME business sustainability.
The results of testing these seven hypotheses can be summarized in Table 7 below.

Table 7 Summary of Hypothesis Testing Results

Hypothesis Hypothesis Statement T statistic Cut of Kesimpulan

Fintech has a significant positive

Hypothesis
H1 influence on the financial performance of 7,956 1,68
accepted
MSMEs.

Digimart has a significant positive effect Hypothesis

H2 4,320 1,68
on the financial performance of SMEs. accepted

Fintech has a significant positive

Hypothesis
H3 influence on the business sustainability of 3,051 1,68
accepted
MSMEs

Digimart has a significant positive

Hypothesis
H4 influence on the business sustainability of 0,885 1,68
rejected
MSMEs

Financial performance has a significant

Hypothesis
H5 positive influence on the business 2,369 1,68
accepted
sustainability of MSMEs.

Source: Data processed, 2021

The results of this study are expected to be able to make a positive contribution, especially for MSMEs.
The results of the study show that fintech and digimart have a significant influence on the financial

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performance and business sustainability of MSMEs. Therefore, efforts are needed to improve fintech and
digimart.

IV. CONCLUSIONS
The conclusions that can be drawn in this study are:
1. Fintech has a positive and significant influence on the financial performance of SMEs. This is indicated
by the path coefficient value of 0.440 with a T-statistic value of 4.282 which is greater than 1.68 (Table,
= 0.1, df = 60).
2. Digimart has a significant influence on the financial performance of SMEs. This is indicated by the path
coefficient of 0.141 with a T-statistic value of 1.148 which is greater than 1.68.
3. Fintech has a significant influence on the business sustainability of MSMEs. This is indicated by the path
coefficient of 0.250 with a T-statistic value of 1.958 which is greater than 1.68.
4. Digimart does not have a significant influence on the business sustainability of MSMEs. This is
indicated by the path coefficient of 0.012 with a T-statistic value of 0.127 which is smaller than 1.68.
5. Financial performance has a significant positive influence on the business sustainability of MSMEs. This
is indicated by the path coefficient value of 0.365 with a T-statistic value of 3.363 which is greater than
1.68.
Suggestions that can be given are:
1. MSMEs should pay attention to fintech and digimart which have been applied by MSMEs. Among these
two variables, fintech has a greater influence than digimart on the financial performance and business
sustainability of MSMEs. Therefore, every MSME in MSME is always encouraged and allowed to be
able to master fintech.
2. In this study, digimart does not have a direct influence on the business sustainability of MSMEs but has
a positive and significant influence by first passing the moderating variable, namely work financial
performance. Therefore, in providing digimart to MSMEs, MSMEs must prioritize digimart which can
directly improve the financial performance of MSMEs.

V. ACKNOWLEDGEMENT
The researchers thank everyone who participated in this study. We are extremely grateful.

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