Key factors influencing fintech adoption among Saudi banks: a conceptual framework

The adoption of financial technology (fintech) has emerged as a significant phenomenon in the banking industry, driven by technological advancements that have transformed the financial sector. However, previous studies indicate that Saudi banks are in the initial stages of fintech adoption. Therefore, there is an urgent need to explore the critical factors driving its adoption in Saudi Arabia. This study proposes a theoretical model to investigate the relationships between the key factors influencing fintech adoption among Saudi banks. The technology–organisation–environment (TOE) framework is employed to illustrate these relationships, encompassing technological factors, including relative advantage, compatibility, simplicity, and observability; organisational factors, including top management support, infrastructure maturity, and financial readiness; and environmental factors, including competitive pressure, government regulation support, and customer pressure. This study offers significant contributions to the literature by applying the TOE framework to fintech adoption in Saudi banks, with a particular focus on regulatory influences and the maturity of digital infrastructure. Thereby expanding our understanding of the literature on fintech adoption in the banking sector. By integrating insights from Saudi Arabia’s financial sector, this study provides practical recommendations for policymakers and banking executives to enhance fintech adoption in alignment with the digital transformation goals of Vision 2030. Moreover, this study provides valuable insights for policymakers, managers, and stakeholders by highlighting the factors that enhance the adoption of fintech in Saudi banks.