IDEAS home Printed from https://ideas.repec.org/a/gam/jadmsc/v14y2024i5p99-d1393360.html

Fintech: Evidence of the Urgent Need to Improve Financial Literacy in Portugal

Author

Listed:
  • Mariana Costa

    (Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, 3810-193 Aveiro, Portugal)

  • Manuel Au-Yong-Oliveira

    (Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, 3810-193 Aveiro, Portugal
    INESC TEC—Institute for Systems and Computer Engineering, Technology and Science, 4200-465 Porto, Portugal
    GOVCOPP—Research Unit on Government, Competitiveness and Public Policies, Campus Universitário de Santiago, University of Aveiro, 3810-193 Aveiro, Portugal)

  • Ana Moreira

    (School of Psychology, ISPA—Instituto Universitário, Rua do Jardim do Tabaco 34, 1149-041 Lisboa, Portugal
    APPsyCI—Applied Psychology Research Center Capabilities and Inclusion, ISPA—Instituto Universitário, Rua Jardim do Tabaco 34, 1149-041 Lisbon, Portugal
    Faculdade de Ciências e Tecnologia, Universidade Europeia, Quinta do Bom Nome, Estr. da Correia 53, 1500-210 Lisboa, Portugal)

Abstract

Fintech has revolutionized the financial sector, providing a new way of providing banking services. Since Fintech can provide the same services as traditional banks but entirely online, it is a competitor. As a result, consumers’ relationships with banking have inevitably changed, and it is therefore relevant to analyze these changes. The main objective of this study is to understand people’s perceptions of Fintech, their level of knowledge about it, and the impact of its emergence on traditional banking. The study sample consisted of 174 participants. A quantitative methodology was used to test the hypotheses formulated. The results show that participants who know about Fintech and perceive it as safe have a greater intention of changing banks. On the other hand, they perceive that supervision and regulation in traditional banks is higher than in Fintech. Among the reasons for becoming a Fintech customer, the most mentioned were lower costs and the fact that they provide greater convenience and ease of use. It will be in Fintech’s interest to continue working with regulators so that the sector makes progress in this area and consumers can recognize greater equality between traditional banks and Fintech in the future.

Suggested Citation

  • Mariana Costa & Manuel Au-Yong-Oliveira & Ana Moreira, 2024. "Fintech: Evidence of the Urgent Need to Improve Financial Literacy in Portugal," Administrative Sciences, MDPI, vol. 14(5), pages 1-20, May.
    • Handle: RePEc:gam:jadmsc:v:14:y:2024:i:5:p:99-:d:1393360
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2076-3387/14/5/99/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2076-3387/14/5/99/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Barry Eichengreen, 2023. "Financial regulation in the age of the platform economy," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(1), pages 40-50, March.
    2. Chen, S. & Doerr, S. & Frost, J. & Gambacorta, L. & Shin, H.S., 2023. "The fintech gender gap," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    3. Muhammad Anshari & Munirah Ajeerah Arine & Norzaidah Nurhidayah & Hidayatul Aziyah & Md Hasnol Alwee Salleh, 2021. "Factors influencing individual in adopting eWallet," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(1), pages 10-23, March.
    4. S.S. Galazova & L.R. Magomaeva, 2019. "The Transformation of Traditional Banking Activity in Digital," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 41-51.
    5. Nicola Del Sarto & Lorenzo Gai & Federica Ielasi, 2024. "Financial Innovation: The Impact Of Blockchain Technologies On Financial Intermediaries," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 12(01), pages 1-21, June.
    6. Christian Haddad & Lars Hornuf, 2019. "The emergence of the global fintech market: economic and technological determinants," Small Business Economics, Springer, vol. 53(1), pages 81-105, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Md Mohan Uddin & Khandker Md Nahin Mamun & Abdul Hannan Chowdhury, 2025. "Understanding pragmatic meanings of fintech among vulnerable consumers in Bangladesh for enhanced customer experience management," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(4), pages 1-17, December.
    2. Shi, Chenchen & Xu, Lei & Li, Bin & Cao, Ruiqing, 2026. "Fintech business and shadow banking practices," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    3. Lucas A. Mariani & Jose Renato Haas Ornelas & Bernardo Ricca, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," Working Papers Series 576, Central Bank of Brazil, Research Department.
    4. Mustafa Raza Rabbani & Shahnawaz Khan & Eleftherios I. Thalassinos, 2020. "FinTech, Blockchain and Islamic Finance: An Extensive Literature Review," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 65-86.
    5. Sujeeth Ungratwar & Dipasha Sharma & Satish Kumar, 2025. "Mapping the digital banking landscape: a multi-dimensional exploration of fintech, digital payments, and e-wallets, with insights into current scenarios and future research," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-22, December.
    6. Cristina Chueca Vergara & Luis Ferruz Agudo, 2021. "Fintech and Sustainability: Do They Affect Each Other?," Sustainability, MDPI, vol. 13(13), pages 1-19, June.
    7. Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025. "Consumer Attitudes towards a Central Bank Digital Currency," CEPR Discussion Papers 19997, Centre for Economic Policy Research.
    8. Birindelli, Giuliana & Chiappini, Helen & Martino, Pierluigi, 2026. "When do alliances with FinTechs pay off for banks? The moderating role of corporate governance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 107(C).
    9. Anastasia Cozarenco & Ariane Szafarz, 2026. "Bias in Mission-Driven Finance: Discrimination or Mission Drift?," Journal of Business Ethics, Springer, vol. 203(1), pages 91-106, January.
    10. Benedetta Montanaro & Annalisa Croce & Elisa Ughetto, 2024. "Venture capital investments in artificial intelligence," Journal of Evolutionary Economics, Springer, vol. 34(1), pages 1-28, January.
    11. Emon Kalyan Chowdhury & Rupam Chowdhury, 2024. "Role of Financial Inclusion in Human Development: Evidence from Bangladesh, India and Pakistan," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 3329-3354, March.
    12. Galeone, Graziana & Ranaldo, Simona & Fusco, Antonio, 2024. "ESG and FinTech: Are they connected?," Research in International Business and Finance, Elsevier, vol. 69(C).
    13. Sumin Hu & Qi Zhu & Xia Zhao & Ziyue Xu, 2023. "Digital Finance and Corporate Sustainability Performance: Promoting or Restricting? Evidence from China’s Listed Companies," Sustainability, MDPI, vol. 15(13), pages 1-16, June.
    14. Baile Lu & Shuai Hao & Michael Pinedo & Yuqian Xu, 2021. "Frontiers in Service Science: Fintech Operations—An Overview of Recent Developments and Future Research Directions," Service Science, INFORMS, vol. 13(1), pages 19-35, March.
    15. Jiamin Liu & Xiaoyu Ma & Bin Zhao & Qi Cui & Sisi Zhang & Jiaoning Zhang, 2023. "Mandatory Environmental Regulation, Enterprise Labor Demand and Green Innovation Transformation: A Quasi-Experiment from China’s New Environmental Protection Law," Sustainability, MDPI, vol. 15(14), pages 1-31, July.
    16. Kyriazis, Nikolaos & Corbet, Shaen, 2024. "Evaluating the dynamic connectedness of financial assets and bank indices during black-swan events: A Quantile-VAR approach," Energy Economics, Elsevier, vol. 131(C).
    17. Doerr, Sebastian & Frost, Jon & Gambacorta, Leonardo & Shreeti, Vatsala, 2023. "Big techs in finance," CEPR Discussion Papers 18665, Centre for Economic Policy Research.
    18. Juan Carlos Martín & Carmen Orden-Cruz & Slimane Zergane, 2020. "Islamic Finance and Halal Tourism: An Unexplored Bridge for Smart Specialization," Sustainability, MDPI, vol. 12(14), pages 1-15, July.
    19. Johannes Treu, 2023. "The Chance of FinTech to be a New General-Purpose Technology," International Business Research, Canadian Center of Science and Education, vol. 16(11), pages 1-22, November.
    20. Xu, Qingwen & Liu, Chun & Gong, Xingyu & Ma, Xiang & Liu, Ding, 2025. "Digital financial inclusion as a safety net: Empowering households against health shocks," Economic Modelling, Elsevier, vol. 151(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jadmsc:v:14:y:2024:i:5:p:99-:d:1393360. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.