Details
| Original language | English |
|---|---|
| Article number | 21 |
| Journal | Electronic markets |
| Volume | 33 |
| Issue number | 1 |
| Early online date | 19 May 2023 |
| Publication status | Published - Dec 2023 |
Abstract
Value creation in the financial services sector has been fundamentally transformed by digitally born financial technology (FinTech) companies. FinTech companies synthesize information systems with financial services. Given its disruptive power, the FinTech phenomenon has received great attention in academic research, practice, and media. Still, limited systematic research provides a structure and holistic view of FinTechs’ success. Aiming to enhance understanding of the factors enabling FinTech success, we classify success factors across extant scientific literature on distinct FinTech business model archetypes. Our analysis reveals that the “cost–benefit dynamic of the innovation,” “technology adoption,” “security, privacy, and transparency,” “user trust,” “user-perceived quality,” and “industry rivalry” are crucial factors for FinTech success and can be seen as “grand challenges” for the FinTech ecosystem. In addition, we validate and discuss our findings with real-world examples from the FinTech industry and two interviews with stakeholders from the FinTech ecosystem. Our study contributes to the knowledge of FinTechs by providing a classification system of success factors for practitioners and researchers.
Keywords
- FinTech business models, FinTech success factors, Taxonomy-based analysis
ASJC Scopus subject areas
- Business, Management and Accounting(all)
- Business and International Management
- Economics, Econometrics and Finance(all)
- Economics and Econometrics
- Computer Science(all)
- Computer Science Applications
- Business, Management and Accounting(all)
- Marketing
- Business, Management and Accounting(all)
- Management of Technology and Innovation
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In: Electronic markets, Vol. 33, No. 1, 21, 12.2023.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - What determines FinTech success?—A taxonomy-based analysis of FinTech success factors
AU - Werth, Oliver
AU - Cardona, Davinia Rodríguez
AU - Torno, Albert
AU - Breitner, Michael H.
AU - Muntermann, Jan
N1 - Funding Information: Open Access funding enabled and organized by Projekt DEAL. This research was partly funded by the Lower Saxony Ministry for Science and Culture and Volkswagen Foundation within the PhD program “Design of Mobile Information Systems in the Digital Transformation” under the project number 21-78904-63-9/16.
PY - 2023/12
Y1 - 2023/12
N2 - Value creation in the financial services sector has been fundamentally transformed by digitally born financial technology (FinTech) companies. FinTech companies synthesize information systems with financial services. Given its disruptive power, the FinTech phenomenon has received great attention in academic research, practice, and media. Still, limited systematic research provides a structure and holistic view of FinTechs’ success. Aiming to enhance understanding of the factors enabling FinTech success, we classify success factors across extant scientific literature on distinct FinTech business model archetypes. Our analysis reveals that the “cost–benefit dynamic of the innovation,” “technology adoption,” “security, privacy, and transparency,” “user trust,” “user-perceived quality,” and “industry rivalry” are crucial factors for FinTech success and can be seen as “grand challenges” for the FinTech ecosystem. In addition, we validate and discuss our findings with real-world examples from the FinTech industry and two interviews with stakeholders from the FinTech ecosystem. Our study contributes to the knowledge of FinTechs by providing a classification system of success factors for practitioners and researchers.
AB - Value creation in the financial services sector has been fundamentally transformed by digitally born financial technology (FinTech) companies. FinTech companies synthesize information systems with financial services. Given its disruptive power, the FinTech phenomenon has received great attention in academic research, practice, and media. Still, limited systematic research provides a structure and holistic view of FinTechs’ success. Aiming to enhance understanding of the factors enabling FinTech success, we classify success factors across extant scientific literature on distinct FinTech business model archetypes. Our analysis reveals that the “cost–benefit dynamic of the innovation,” “technology adoption,” “security, privacy, and transparency,” “user trust,” “user-perceived quality,” and “industry rivalry” are crucial factors for FinTech success and can be seen as “grand challenges” for the FinTech ecosystem. In addition, we validate and discuss our findings with real-world examples from the FinTech industry and two interviews with stakeholders from the FinTech ecosystem. Our study contributes to the knowledge of FinTechs by providing a classification system of success factors for practitioners and researchers.
KW - FinTech business models
KW - FinTech success factors
KW - Taxonomy-based analysis
UR - http://www.scopus.com/inward/record.url?scp=85160616849&partnerID=8YFLogxK
U2 - 10.1007/s12525-023-00626-7
DO - 10.1007/s12525-023-00626-7
M3 - Article
AN - SCOPUS:85160616849
VL - 33
JO - Electronic markets
JF - Electronic markets
SN - 1019-6781
IS - 1
M1 - 21
ER -