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Factors Affecting Fintech Adoption: A Systematic Literature Review

Author

Listed:
  • Egi Arvian Firmansyah

    (School of Business and Economics, Universiti Brunei Darussalam, Jalan Tungku Link, Seri Begawan BE1410, Brunei)

  • Masairol Masri

    (School of Business and Economics, Universiti Brunei Darussalam, Jalan Tungku Link, Seri Begawan BE1410, Brunei)

  • Muhammad Anshari

    (School of Business and Economics, Universiti Brunei Darussalam, Jalan Tungku Link, Seri Begawan BE1410, Brunei)

  • Mohd Hairul Azrin Besar

    (School of Business and Economics, Universiti Brunei Darussalam, Jalan Tungku Link, Seri Begawan BE1410, Brunei)

Abstract

The rise of financial technology (fintech) has been one of the substantial changes in the financial landscape driven by technological advancements and the global financial crisis. This paper employs the systematic literature review (SLR) technique to review recent literature on fintech adoption or acceptance employing the Scopus database (2019–2022). The final reviewed documents are sixteen journal articles published by various journals from different country contexts and theoretical backgrounds. Several inclusion criteria were used to filter those selected documents. One crucial criterion is the journal continuity in the Scopus index, which assures the quality of the published scholarly works. This criterion selection is expected to represent this paper’s novelty. The study reveals various determinants derived from the theories used by the fintech researchers. However, the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) are the most used theoretical foundations. Additionally, trust, financial literacy, and safety are other factors developed by previous researchers and are significant determinants of fintech adoption. Besides, these results suggest that future studies on fintech adoption develop a genuine construct since fintech keeps progressing, and so does the customers’ behavior.

Suggested Citation

  • Egi Arvian Firmansyah & Masairol Masri & Muhammad Anshari & Mohd Hairul Azrin Besar, 2022. "Factors Affecting Fintech Adoption: A Systematic Literature Review," FinTech, MDPI, vol. 2(1), pages 1-13, December.
    • Handle: RePEc:gam:jfinte:v:2:y:2022:i:1:p:2-33:d:1017426
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    References listed on IDEAS

    as
    1. Huarng, Kun-Huang & Yu, Tiffany Hui-Kuang, 2022. "Causal complexity analysis for fintech adoption at the country level," Journal of Business Research, Elsevier, vol. 153(C), pages 228-234.
    2. Hasnan Baber, 2020. "FinTech, Crowdfunding and Customer Retention in Islamic Banks," Vision, , vol. 24(3), pages 260-268, September.
    3. Jünger, Moritz & Mietzner, Mark, 2020. "Banking goes digital: The adoption of FinTech services by German households," Finance Research Letters, Elsevier, vol. 34(C).
    4. Buchak, Greg & Matvos, Gregor & Piskorski, Tomasz & Seru, Amit, 2018. "Fintech, regulatory arbitrage, and the rise of shadow banks," Journal of Financial Economics, Elsevier, vol. 130(3), pages 453-483.
    5. 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.
    6. Darius Young & John Young, 2022. "Technology adoption: impact of FinTech on financial inclusion of low-income households," International Journal of Electronic Finance, Inderscience Enterprises Ltd, vol. 11(3), pages 202-218.
    7. Hasnan Baber, 2019. "Relevance of e-SERVQUAL for determining the quality of FinTech services," International Journal of Electronic Finance, Inderscience Enterprises Ltd, vol. 9(4), pages 257-267.
    8. Lee, In & Shin, Yong Jae, 2018. "Fintech: Ecosystem, business models, investment decisions, and challenges," Business Horizons, Elsevier, vol. 61(1), pages 35-46.
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