Fintech and financial sector: ADO analysis and future research agenda

This study provides a comprehensive systematic literature review on fintech and adds valuable insights to the growing fintech knowledge. Based on PRISMA, we identified 141 research papers published in A and A* Journal categories from 2008 to 2022. The review shows that the fintech literature could be classified into four major thematic areas: inter-dynamics between banks and fintech, fintech business model, disruptive technology and footprints of fintech. Based on the ADO framework, the antecedents include the key drivers of fintech growth: disruptive technology, transparency, speed, cost-effectiveness, the improved credit assessment, government support, regulatory sandboxes and bank-fintech collaborations. Fintech companies make multifaceted business model decisions involving customer risk profiles, wealth advisory services, balancing tech-driven solutions with risk management, loan rates, investor protection and competitive returns. Fintech's impact extends to financial inclusion, support for consumption and entrepreneurship, risk reduction for SMEs and lower bankruptcy costs. Overall, fintech companies serve as complements and substitutes for traditional finance providers. The study further highlights the need for future research on the drivers of bank-fintech collaboration and mutual value creation and explores fintech's role in sustainable finance practices.