The research work was conducted to find out what are the privacy concerns that prospective users have at the decision-making process before starting to use FinTech services and provide suggestions how to mitigate the privacy concerns of prospective users. Fifteen semi-structured interviews were conducted to carry out the research work. The criteria to the population were: subjects from personal networks that had been or are using FinTech services to avoid the privacy paradox phenomenon. The qualitative data was collected and processed with a thematic analysis approach.

The results showed that privacy decisions are highly affected by the value of FinTech services and trust which is influenced by several factors—available information online and offline (friends’ opinion), knowledge about FinTech companies and solutions (what, how and why data is collected and secured), experience with data handling at a user’s workplace, insecurity to handle sensitive information in public places, possibility of theft or loss of a mobile phone and geographic location of a FinTech provider. Furthermore, cooperation with well-known companies and/or banks that have a positive reputation can improve trust. The research suggests that the FinTech companies should inform users about the company (what is its business) and privacy policies (what data is stored, why data is stored, how data is secured), ask reasonable information from users depending on the service provided, inform if a FinTech company operates under regulations, implement and inform about procedures that secure user accounts, provide users with data management tool, take accountability by signing a contract, when possible not to save customer data, educate customers so that users can make better actions and responsible decisions about disclosure of private data instead of advancing technologies to do it for users.