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Revolutionizing finance: The synergy of fintech, digital adoption, and innovation

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  • Rizvi, Syed Kumail Abbas
  • Rahat, Birjees
  • Naqvi, Bushra
  • Umar, Muhammad

Abstract

Amidst the transformative digital age, characterized by groundbreaking innovations and digital integration, this study makes an attempt to explore the multipronged connection between innovation, digital adoption, and fintech. The study employs novel and comprehensive indices, such as the Global Innovation Index, Digital Adoption Index, and the Global FinTech Index to provide a deeper understanding of the intricate relationship between these variables. Through robust exploratory data analysis (EDA), Principal Component Analysis (PCA), and log-linear cross-sectional regressions, the study identifies a strong association of these variables with the income and geographical positioning of the countries and that many themes of digital adoption and innovation are highly complementing in nature. The study also uncovers the bidirectional causality between innovation and digital adoption. However, the linkage of fintech development with these dimensions is less pronounced, particularly when accounting for control variables. Collectively, this research highlights the complexity of these associations in the financial ecosystem, emphasizing their significance for policymaking and fostering economic growth via innovation-driven fintech integration.

Suggested Citation

  • Rizvi, Syed Kumail Abbas & Rahat, Birjees & Naqvi, Bushra & Umar, Muhammad, 2024. "Revolutionizing finance: The synergy of fintech, digital adoption, and innovation," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    • Handle: RePEc:eee:tefoso:v:200:y:2024:i:c:s0040162523007977
    DOI: 10.1016/j.techfore.2023.123112
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    3. Rabbani, Mustafa Raza & Hassan, M. Kabir & Billah, Syed Mabruk & Shaik, Muneer & Halim, Zairihan Abdul, 2025. "Religion vs. ethics: Tail dependence between Sukuk, green bond, Islamic Fintech, and fourth industrial revolution assets," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    4. Naeem, Muhammad Abubakr & Arfaoui, Nadia & Yarovaya, Larisa, 2025. "The contagion effect of artificial intelligence across innovative industries: From blockchain and metaverse to cleantech and beyond," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    5. Budi Setiawan & Dien Triana & Ummu Salma Azizah & Andi Sri Wahyuni & Vijay Victor & Robert Jeyakumar Nathan & Maria Fekete-Farkas, 2025. "Financial technology (Fintech) innovation and financial inclusion: comparative study of urban and rural consumers post-Covid-19 pandemic," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-28, December.
    6. Chotia, Varun & Alghafes, Rsha & Sharma, Mahak & Virmani, Naveen, 2025. "Chronocraft: unveiling enablers and overcoming barriers in Fintech-driven logistics and supply chain management in the digital era," Technological Forecasting and Social Change, Elsevier, vol. 217(C).
    7. Wang, Jialu & Mishra, Shekhar & Sharif, Arshian & Chen, Huangen, 2024. "Dynamic spillover connectedness among green finance and policy uncertainty: Evidence from QVAR network approach," Energy Economics, Elsevier, vol. 131(C).
    8. Liu, Bei & Chen, Ziyi & Wang, Ying & Sun, Xiaolong, 2025. "Fintech empowers enterprises to practice ESG: The role of political background of executives," Energy Economics, Elsevier, vol. 142(C).
    9. Karim, Sitara & Husain, Afzol & Lim, Weng Marc & Chan, Ling-Foon & Tehseen, Shehnaz, 2024. "AI, FinTech and clean minerals: A wavelet analysis and quantile value-at-risk investigation," Resources Policy, Elsevier, vol. 99(C).
    10. Luo, Shuangcheng & Xiong, Zhiqiao & Liu, Jianjiang, 2024. "How does supply chain digitization affect green innovation? Evidence from a quasi-natural experiment in China," Energy Economics, Elsevier, vol. 136(C).

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