Adoption of FinTech: A Comprehensive Systematic Literature Review and Future Research Directions

Abstract

The emergence of financial technology (FinTech) has transformed the financial sector, propelled by technological innovations and the implications of the global financial crisis. This study conducts a systematic analysis of recent studies on FinTech adoption, utilizing a Systematic Literature Review (SLR) approach and the Scopus database for the years 2020-2024. The final dataset comprises 14 journal articles published in diverse international contexts, grounded in various theoretical frameworks, and selected based on rigorous inclusion criteria to ensure the study's contribution to the field's novelty. The results of this analytical study reveal various drivers affecting FinTech adoption based on established constructs in FinTech research. The Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) are the most commonly utilized frameworks. Furthermore, dimensions include user trust and perceived benefits. And perceived risks. Derived from the Theory of Perceived Risk (TPR) and the Theory of Reasoned Action (TRA) are also recognised as critical determinants influencing adoption. These findings underscore the necessity of creating novel frameworks in future research on FinTech adoption, as the continuing growth of FinTech requires a deeper understanding of customers' consumer behaviours and preferences.