Adoption of FinTech Products: A Systematic Literature Review

Abstract

Financial technology (FinTech) is currently rising due to its essential impact on the economy. The availability of FinTech provides an easier way for consumers to access various financial products through digitalised platforms. Unfortunately, the rate of FinTech adoption in the market is still scant due to various risks and the market perception towards its products. This article aims to develop a systematic literature review on the FinTech product adoptions during the last decades. The article provides a review of various theoretical frameworks used by previous research. As a result, this study outlines the factors that enhance FinTech adoption from the adopters’ (consumers) and innovators’ (firms) standpoint. The article also offers a new theoretical framework to enhance market adoption by highlighting firms’ internal and external focus together with consumers’ internal and external factors. This study highlights the importance of communications between firms and consumers in order for the firms to match their focus with consumers’ factors to enhance the FinTech adoption.

Fintech in islamic finance literature: A review

“…This intensive rise of FinTech at the industry level, especially in major economies such as the US, UK, China, and Germany, motivated researchers to investigate Fin-Tech related topics from different dimensions. From the conventional perspective, the literature is growing at a fast pace, so do various types of reviews (Al-Sartawi et al, 2022;Li and Xu, 2021;Sangwan et al, 2020;Suryono et al, 2020;Utami et al, 2021), in contrast from Islamic perspective the pace is much slower, which motivated us to conduct this study, as few reviews tried to catch up the progress including non-directly related topics e.g (Rabbani et al, 2020). Our study is more comprehensive in nature and scope as it focuses on reviewing all relevant and published articles tackling compliant innovative technological applications concentrating on Islamic financial institutions.…”

Conceptual Development of Factors Driving Fintech Adoption by Farmers

“…Also, the literature lacks consensus on the variables and factors that prominently influence the intention to use fintech. Hence, it is crucial to decipher the driving forces behind increased fintech acceptance among farmers ''''' (Utami et al, 2021). This study gives new insights and future research directions from the extant literature review.…”

“…Fintech segment comprises payments, Insurtech, Regtech, Cybersecurity, Wealthtech and blockchain/ cryptocurrency (KPMG, 2022). Currently, fintech is applied worldwide but unfortunately rate of fintech adoption is not similar across countries (Utami et al, 2021). According to EY (2019), the consumer average fintech adoption rate is 64% worldwide.…”

“…The review also highlighted the significance of prominent factors in fintech adoption by farmers. Although, there are numerous literature reviews available on fintech and fintech products and services adoption (Utami et al, 2021;Agarwal & Zhang, 2020;Sangwan et al, 2020;Karsen et al, 2019;Milian et al, 2019), none of them focus on the adoption of fintech products and services by farmers globally. Also, there is no literature review available on the factors which dominantly influence fintech adoption by farmers.…”

“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents

“…Fintech and related non-traditional banking services may be attractive among low-income parents who value a more convenient and predictable way to obtain services. A secondary theoretical model that informs this work is related to product adoption and uptake, at least from the product adopter viewpoint (Utami et al, 2021 ). The take-up of new products in financial services is driven by knowledge about new services, experiences with services, including experiences of peers or co-workers, as well as the market channels people use to learn about new services.…”