Fintech Adoption Framework for Developing Countries – A Literature Review based on Stakeholders Perspective

Abstract

Fintech goes beyond financial innovation. It is sometimes called the creative innovation used to better traditional financial tactics and offer powerful solutions for budgetary administrations that are up to date with mechanical trends. Banking software and mobile financial apps demonstrate financial innovation. The massive fintech industry is growing with new firms and large financial institutions trying to improve financial services worldwide. The study is aimed to investigate the awareness of various Fintech products among the developing countries. For the study descriptive research design was adopted. The data was collected from awareness of the Fintech Products coming to India from Sri-Lankan, Bangladesh, Bhutan, Pakistan, Nepal, Malaysia, and Thailand. The data was collected from 421 respondents. Herein the researcher had adopted convenience sampling technique. From the analysis it can be interpreted that the majority of the Fintech users are male belonging to age category above 35 years belonging to Malaysia, Nepal and Thailand. It was found from the analysis that the majority of the country people having significant awareness on Online Banking, Mobile Banking, Mobile Payment, Insurance and Online Trading. Since 2009, fintech startups have been everywhere. Money-related innovation is thought to be a dangerous force that can change budgets, plans, and banks. New financial innovation keeps growing, attracting international investors and paving the road for market and fintech industry growth. Further, it can be interpreted that Mobile Banking, Insurance, Online Banking and Mobile Payment are mostly used Fintech products by the respondents belonging to developing considered developing countries.