Abstract
The aim of this paper is to review previous research on FinTech, which may be broadly understood as financial innovation that uses information technology to provide financial services. The paper describes a review of 88 refereed academic papers on the subject of FinTech published in journals that have high SJR2017 scores. Papers were categorised according to the type of companies leveraging FinTech (existing financial institutions vs. new entrants) and the type of value derived from FinTech innovation (new value-added vs. improved efficiency). Also considered were types of new value-added, geographical focus of the research and research methodologies. The largest number of studies concerned the use of FinTech innovation by new entrants to offer solutions to social issues or build new financial ecosystems. Over half the studies were on FinTech in Asia or the European Union, and the most common methodology employed was the case study.
Highlights
1.1 Aim of this studyThe aim of this paper is to review and provide an overview of previous research on FinTech
This paper reports the results of a review of 88 refereed academic papers on the subject of FinTech, categorised by the type of value derived from FinTech innovation and the type of company leveraging FinTech
It can be seen that papers of Type C were the most numerous, while papers of Type B were the fewest in number
Summary
Banks in particular tend to be conservative, and lacking in customer service Under these conditions, the emergence of FinTech has revolutionised the financial industry and attracted worldwide attention. The emergence of FinTech has revolutionised the financial industry and attracted worldwide attention For these reasons, research studies on FinTech have increased greatly in recent years. The term ‘financial innovation’, which has almost same meaning as FinTech, appeared earlier than ‘FinTech’, and one or two academic papers were published on financial innovation each year until 2009. Since 2010, academic papers on financial innovation have appeared at an average rate of 13 per year. The rapid increase in papers on financial innovation is indicative of the rise of interest in FinTech in recent years. This paper reports the results of a review of 88 refereed academic papers on the subject of FinTech, categorised by the type of value derived from FinTech innovation (provision of new value-added vs. improved efficiency) and the type of company leveraging FinTech (existing financial institutions vs. new entrants)
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