A study of Indian Gen X and Millennials consumers' intention to use FinTech payment services during COVID-19 pandemic

PurposeAmid the COVID-19 contamination, people are bound to use contactless FinTech payment services. Because of restrictions on physical movement and avoidance of touching physical money, people willingly choose mobile payment, resulting in enormous growth in FinTech payment service industries. Because of this, this study aims to examine the effect of factors affecting Gen X and Millennials users to use FinTech payment services.Design/methodology/approachThe authors used 328 responses collected through convenience sampling of Indian users aged between 26 and 57 years in the Delhi-NCR region who are users of FinTech payment services.FindingsThe authors' findings verified that in India, perceived COVID-19 risk, perceived severity for COVID, individual mobility, subjective norms, perceived ease of use and perceived usefulness have statistically significant impacts on FinTech payment services during the COVID-19 pandemic. Structural equation modelling was used to study the proposed research model. Overall, the model predicted 76.9 % of the variation in intention to use FinTech payment services by the abovesaid variables by Indian users during a pandemic.Practical implicationsThis study will provide valuable insight to all FinTech service providers and stakeholders in planning and designing the concerned policy. It will be able to draw the attention of users more.Originality/valueThis research added a valuable theory to the existing technology adoption model (TAM) theory. It demonstrated the utility of the above variables in adopting and using FinTech payment services, which will help service providers to develop future strategies because of the COVID-19 pandemic.

Financial Technology: Digital Legal Challenges and Indonesia's Economic Prospects After Covid-19 Outbreak

Online loans are one of the financing business models organized using applications on the internet, the online loan business is currently developing so fast because it offers loans that can reach a sufficiently large amount with easy terms, procedures and transaction processes, all intended to improve people's economic conditions. However, its implementation still sparks many legal problems and presents challenges for digital law in Indonesia. This study aims to study the challenges faced by Indonesian digital law due to the growth of the online loan business and to explore how the prospects of the online loan (fintech) business in improving the economic conditions of the Indonesian people. This research used empirical juridical methods, a case, and a statutory approach. The results showed that the challenges faced by Indonesian law in anticipating the growth of online businesses tainted by various legal cases require a more comprehensive rule of law in the form of legislation, thereby supporting the growth of prospects of the online loan business in an effort to improve the economy of the people of the state. © 2022, University of Muhammadiyah Malang. All rights reserved.

IMPACT of the PANDEMIC on FINTECH ADOPTION by DEVELOPING COUNTRIES

This article initially analyzed how FinTech has developed, how it is divided into stages and how it is being used. Then the impact of the COVID-19 pandemic on digital finance and fintech adoption is examined, and eventually it is found that worldwide mobile financial app downloads have increased during Covid-19 and that many businesses have begun to make extensive use of financial technologies. We will also look at the various advantages and disadvantages of FinTech. © 2022 ACM.

Conceptual framework depicting the drivers for the fintech growth: An outlook for India

Purpose: The goal of this study is to delve into the causes behind the Fintech sector's rise in various areas and its prospects. Fintech is rapidly expanding because of government legislation, multiple schemes, consumer expectations, a cashless economy, digitisation, globalisation, innovation, and other drivers. Need for the Study: Fintech firms are forming alliances with traditional financial organisations to stay afloat and compete. India is becoming a superpower regarding e-startups, especially unicorns. Many startups are undergoing initial public offerings (IPOs). Fintech is an emerging space in India, spreading its wings rapidly in every sector. Methodology: This work is based on a literature review. It utilises secondary data from numerous research publications, magazines, newspapers, published reports, relevant websites, Forbes magazine articles, stories from The Economic Times, the RBI Portal, and information from StartupIndia, Assocham, and Pwc, among others, to develop a conceptual framework showing the growth drivers of Fintech. Findings: The whole world has been affected severely due to COVID-19. Crisis always comes with some opportunity, and it is up to us how to turn the calamities into opportunities that further turn into innovation that has the power to lead the world. Fintech is that fruit that had been born normally but grew abnormally (tremendous growth) during the pandemic. Also, the roots are so deeper that they will flourish more and more. It has been found that the emergence of a cashless economy, ease of internet connectivity, etc., are the major factors that paved the way for growth for Fintech in India. Practical Implications: This study contains the conceptual framework which can guide the stakeholders, policymakers, management teams, field experts, etc., in knowing about their area expertise and looking for improvement, if any. Originality: There are many papers on the relationship between Fintech and financial inclusion, but this is the first study that builds the conceptual framework for the growth drivers of Fintech. © 2023 by Shreya Arora and Pankaj Madan.

Are companies with high absorptive capacity more likely to survive in harsh environments? From the perspective of innovation spillovers

This study examines whether companies with high absorptive capacity are more likely to survive adversity. With the financial component stocks of the S&P 500 taken as the research subjects, the industrial innovation spillover effects of individual stocks were extracted and then put into panel data regression for analysis. The results reveal that, following the outbreak of coronavirus disease (COVID-19), companies with high absorptive capacity rapidly adjusted their organizational strategies to increase their absorption of innovation spillovers, particularly active in absorbing those from the financial technology (Fin-Tech) industry. Policy-wise, the study recommends that the government examine regulatory flexibility during major economic events and encourage industry players to proactively develop endogenous institution innovations.

On the Accessibility of Financial Services and Income Inequality: An International Perspective

Income inequality has long been an important issue in development economics. Ap-plying international data from 119 countries between 2004 and 2018, this study discusses the relationship between the accessibility of financial services and income inequality. Using the den-sity of the bank branch network to represent the accessibility of financial services, we discover that income inequality is negatively related to the accessibility of financial services, especially in less developed countries and regions. In this nexus, the poverty ratio serves as an intermediary variable. The significance of the nexus is weaker in countries where fintech is more popularized, indicating the substitution effect between fintech and traditional banking services. Nevertheless, the substitution effect is limited, and bank branches will keep playing an important role in deliv-ering financial services. For countries with inadequate banking services, bank branches should be increased to encourage residents to participate in the financial system, while it is no longer necessary to add a large number of branches in countries where fintech has been popularized. Faced with the trend of financial digitalization and the economic shock caused by the COVID-19 pandemic, banks should launch more online services and increase intelligent machines in the branches. By doing so, financial services are more resilient to social changes, so as to alleviate the inequality of income distribution in the long term.

Adoption of FinTech services amidst COVID-19 pandemic: empirical evidence from Assam

PurposeThe paper intends to comprehend the pattern of usage of FinTech services among bank customers during the COVID-19 pandemic. The paper also examines the factors influencing the adoption of FinTech services by using the constructs from the technology acceptance model (TAM) together with highlighting the issues faced in using FinTech services in Assam.Design/methodology/approachThe research is empirical in nature. Data have been collected from 1,066 prime earners of the households having a bank account.FindingsThere has been an upsurge in the use of FinTech services in the area of study. Apart from government and private service employees, businessmen, self-employed professionals, many daily-wage earners and agriculturists have also experienced an increase in their frequency of usage of FinTech services thereby making technology-based financial services an indispensable tool in enhancing access, improving inclusivity in the times of crisis and aftermath. Government support, trust, perceived usefulness (PU), attitude and social influence have a positive influence on FinTech adoption;however, perceived risks impact respondents' trust towards FinTech services thereby requiring necessary measures to evaluate organizations' preparedness to deal with cyber threats.Originality/valueThe paper provides insight into the factors impacting the adoption of FinTech services to stimulate superior connectivity infrastructure, robust security measures and maintaining financial stability with adequate supervisory and monitoring regulations to enhance trust towards FinTech services during the crisis and aftermath.

Continuance intention in financial technology: a framework and meta-analysis

PurposeAlthough many studies have sought to address the topic of continuance intention among Fintech customers, the reported findings are fragmented. Therefore, the present study proposes a research model that integrates the main constructs involved in Fintech continuance intention.Design/methodology/approachThe current study uses a meta-analytic-based correlation analysis of effect sizes, meta-regression analysis and meta-analytic structural equation modeling, with 247 effect sizes in 69 studies involving 26,140 respondents.FindingsThe results reveal continuance intention is driven by satisfaction and trust, with ease of use and usefulness being antecedents of satisfaction and trust. The authors also found evidence to show satisfaction partially mediates the relationship between ease of use and continuance intention and that trust fully mediates the relationship between ease of use and continuance intention and partially mediates the relationship between usefulness and continuance intention. In addition, the authors found that in Western countries, with higher Human Development Index levels and greater of use of electronic payment, satisfaction has more impact on continuance intention.Practical implicationsFrom a theoretical standpoint, this meta-analytic study has implications for the literature on Fintech by offering an empirical generalization on the strength of the antecedents of Fintech continuance intentions and by testing possible moderators in a wide range of countries and studies. In other words, this study's goal is to broaden the scope of the research. Regarding managerial implications, it is important to listen to user opinions regarding the positive and negative points of their experience with these technologies and take them into consideration when planning improvements. Additionally, the analysis shows the importance of using data from user interaction with technology, obtained, for example, through big data analytics, whereby companies can see how users behave, how much time they spend accessing certain functions and which technological features they use most, and thus seek to improve whatever is needed.Originality/valueThis meta-analytic study advances the understanding of Fintech continuance intentions. Using the proposed approach, it is possible to generate accurate estimates of the effect size of each analyzed antecedent as the meta-analytic method jointly evaluates the results produced by a wide variety of studies performed in different contexts, allowing more accurate conclusions to be drawn.

AI for Sustainable Finance: Governance Mechanisms for Institutional and Societal Approaches

Artificial intelligence (AI) for sustainable finance has been increasingly employed over the past several years to address the sustainable development goals (SDGs). Two major approaches have emerged: institutional and societal AI for sustainable finance. Broadly described, institutional AI for sustainable finance is used for activities such as environmental, social and governance (ESG) investing, while societal AI for sustainable finance is used to support underbanked and unbanked individuals through financial inclusion initiatives. Despite the growing reliance on such digital tools, particularly during the coronavirus disease 2019 (COVID-19) pandemic, governance mechanisms and regulatory frameworks remain fragmented and underutilized or inhibit progress toward the 17 UN SDGs. While major proposals and reports were released by standard-setting and regulatory bodies leading up to 2020, the COVID-19 pandemic indeed caused major setbacks to adoption and implementation, which in turn have also resulted in inconclusive data and lessons learned. As the global community begins to navigate out of the pandemic, policy makers, through multilateral and cross-sector agreements, are looking to renew governance mechanisms that mitigate new and pre-existing risks while cultivating sustainability and facilitating innovation. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Modeling key enablers influencing FinTechs offering SME credit services: A multi-stakeholder perspective.

The study models inter-relationship among key enablers that influence the growth of FinTechs that offer credit services to small and medium enterprises (SMEs). It focuses on emerging market of India, which is the world's third-largest FinTech centre. It employs Grey DEMATEL method to measure the cause-effect relationship based on the assessment given by FinTech practitioners, experts, policymakers, and investors. The results show that credit demand by SME borrowers, availability of alternate data sources, and Covid-19 are the critical enablers that exercise strong impact on FinTech system. Collaboration between FinTechs and traditional financial institutions, end-to-end financial solutions, and scalability of business operations are recognized as critical dependents that are hugely affected by others. The study recommends policymakers to foster collaborative environment, strengthen digital data landscape, and improve financial literacy to develop FinTech sector. It recommends practitioners to focus on data security and to offer end-to-end financial solutions to its SME borrowers.

Introduction to Islamic Fintech: A Challenge or an Opportunity?

Islamic finance offers an alternative financial system that prohibits the use of interest and other economic exploitations and intends to establish a just and fair economic system. The industry has seen some extraordinary growth, primarily in systemically important Islamic finance countries in the Middle East, North Africa, Southeast Asia, South Asia, and Central Asia. Fintech has evolved fast as a massive change-maker in the financial sector globally, with a focus to deregulate/personalize financial transactions at a lower cost for the customers and stable income for the financial institutions. While COVID-19 has pushed the Fintech agenda quickly forward, the use of Fintech has received momentum since the introduction of mobile payments. Islamic as well as traditional financial institutions are making an increasing amount of investment to offer services that are embedded into mobile applications. While Fintech adoption is a major barrier in countries with larger share of Islamic finance users, there are other challenges, and opportunities, awaiting Islamic financial institutions. This chapter provides a brief introduction to principles of Islamic finance and Fintech, and offers a description of potential benefits and drawbacks that influence Fintech engagement among Islamic financial institutions. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

A Fintech-Based Zakat Model Using Artificial Intelligence

The COVID-19 pandemic and its associated lockdown have created a mammoth economic cost to the economies around the globe. The policy response to the crisis must be fast, secure, and sustainable. It has also created astonishing solidarity among the people with every element of society irrespective of race, caste, creed, or religion working together to save humanity. To overcome the financial and economic disruption caused by the pandemic, it needs immediate attention from the economists and policymakers. Islamic finance has many financial instruments for helping the poor by alleviating poverty, distributing income fairly, and improving social welfare, they comprise, Zakat, Sadaqat, Awqaf, etc. Zakat is the compulsory contribution from the Muslims to the poor and needy every year. Zakat is the compulsory donation from the rich and able Muslims which must be given to the poor and needy within a year. This immediate benefit of Zakat is well suited to tackle an economic crisis such as the one caused by COVID-19. Islamic finance in combination with the Fintech-based technologies like AI, Blockchain, machine learning, and natural language processing can work wonders in achieving Islamic finance objectives. The present study proposes an AI-based Islamic Fintech model to helping the needy and poor affected due to COVID-19. The model uses AI and NLP-based Fintech model for collection and dissemination of Zakat money to needy, poor, COVID-affected, and vulnerable sections of the society. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Fintech and the Art of Disruption

This chapter attempts to provide a comprehensive overview of the ongoing technological disruption in the finance world. There is no denying that technology has already brought disruption of unprecedented scale and type in terms of bringing innovative solutions like never seen before in the financial sector. The disruptive innovation like P2P lending, Crowdfunding, Cryptocurrency, Regtech, Insurtech mobile payment, etc. has changed the way traditional financial institutions used to operate. Against such a backdrop, this chapter attempts to provide an overview of this disruption. The chapter also explores how these innovations have brought changes in the working cultures among financial institutions. The study suggests, based on the analysis of facts and figures that the disruptive technology has brought positive changes in the society in terms of delivering valuable stimulus and financial aid to the vulnerable and affected by the COVID-19 pandemic. The findings of the study further suggest that the Fintech disruption has been a blessing in disguise for the overall growth and development of the finance community. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Examining the predictive relationship between emotional intelligence and turnover intentions in virtual work environments

Emotional intelligence has been found to have a significant impact on team performance and overall employee satisfaction levels, which in turn has been found to have an adverse effect on turnover intentions. The purpose of this quantitative, correlational-predictive study was to determine if and to what extent emotional intelligence (EI) predicts turnover intention (TI) in the employees of virtual Financial Technology (FinTech) organizations in the United States. The emotional intelligence theory by Mayer et al. (1990) and the theory of planned behavior by Ajzen (1985) were utilized as the theoretical foundations of this study. The data were collected on LinkedIn through convenience and snowball sampling from employees working virtually at FinTech organizations. A sample of n =120 was collected using the Wong and Law Emotional Intelligence Scale (WLEIS) by Wong and Law and the Turnover Intention Scale (TIS-6) by Roodt. The findings from multiple linear regression analysis indicated that the overall regression model was statistically significant, F(4,115) = 2.99, p = .022, R2 = .094. Due to the statistical significance, the subsequent hypotheses were tested to answer the overarching research question. The results indicated that the EI subscale items OEA and UOE did not significantly predict TI;however, SEA and ROE did significantly predict TI. These study findings contribute to both the theoretical foundations by expanding the additional predictors of TI in virtual FinTech organizations within the United States. (PsycInfo Database Record (c) 2023 APA, all rights reserved)

COVID-19 Challenges and the Role of Islamic Fintech

COVID-19 has created massive havoc to the global operations and business processes and the uncertain economic conditions have made the world think about the abrupt solutions to tackle the problem efficiently. Islamic fintech has provided the world with innovative solutions to overcome the devastating impact of this pandemic. Against this backdrop, this study aims to investigate the effective solutions provided by Islamic fintech in the post-COVID period. The study mainly opted for the qualitative framework to carry out its research and provide workable solutions to the world offered by Islamic fintech in the post-COVID era. Various technological innovations compatible with Islamic finance have initiated a great deal of competition with its long-lasting and sustainable impact on the growth of the economies. The COVID period, which is still going on, is marked by substantial growth and development followed by the fintech innovations to address the demands of the customers. This study is expected to play a key role in promoting the Islamic fintech solutions to overcome the economic hazards created by the coronavirus pandemic. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

The Future of Finance and Fintech: Visualizing the Opportunities for Fintech in the MENA Region

The study tries to provide visualization of the Fintech ecosystem in the MENA region. The global financial market is undergoing unprecedented change with the COVID-19 pandemic and the evolution of disruptive technology called Fintech. Fintech has completely changed the landscape of the financial sphere across the globe. One of the key outcomes of the MENA region is establishing a friendly, permissible, and governing atmosphere for Fintech startups and matured development proposals through progress-thinking programs. An essential part of this approach is establishing a facilitating environment adept of inviting and encouraging foreign firms contained by their corresponding countries. The study concludes that the information transfer likely to result from this will push the advancement of a lively, regional Fintech ecosystem. Most noticeably, counties like Bahrain and the UAE are initially on in their attempts to build into the Fintech hub in the area. Most of the countries in the MENA region are adopting and considering the outcome of Fintech and putting their efforts to establish a sustainable Fintech ecosystem. The study is expected to help the financial institutions, investors, and regulators in formulating the right strategy in embracing this disruption to get the maximum benefit out of it. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Islamic Fintech, Blockchain and Crowdfunding: Current Landscape and Path Forward

The new age Fintech-driven innovative financial services started with the fourth industrial revolution and COVID-19 has stimulated supreme innovation in the global financial services industry. It is the young and millennial population driving these innovations and startups are responding, as there are more than 15, 000 startups and global Fintech-based transaction crossed $6.308 Billion by the year 2020. Islamic finance industry has experienced an unprecedented growth, partly due to incremental investment in Fintech-based financial intermediation. Two most commonly cited high growth areas for Islamic finance lie within blockchain and crowdfunding. This study provides an advanced overview of the Islamic Fintech, blockchain and crowdfunding;their current landscape;and path forward. We discuss opportunities for Islamic financial institutions and a clear roadmap to capitalize on those opportunities. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Fintech in the Islamic Banking Sector and Its Impact on the Stakeholders in the Wake of COVID-19

The ongoing COVID-19 pandemic has wreaked havoc on the financial system, and it now becomes a new challenge to Islamic banking. This pandemic demands the use of a distinct set of financial services, strategies, and technologies among which is the Islamic Fintech. The main objective of this study is to explore the use of Islamic Fintech in the Islamic banking sector and its impact on the stakeholders in the wake of COVID-19 pandemic. This study shows that Islamic Fintech has performed a critical role in assisting Islamic banks and other Islamic financial institutions to continue operating effectively during this difficult time. Although the impact of the pandemic has been very harsh on the users of Fintech, the financial institutions have benefited due to the wider acceptance rate of the Fintech-based financial services. The study also shows that during the COVID-19 pandemic, everyone has been impacted, including governments, customers, Fintech developers, Fintech startups, and Islamic financial institutions. However, Islamic Fintech has emerged as a critical tool for mitigating the negative impacts of the COVID-19 pandemic on the economy and society during and after this difficult time. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Technology-Intense Service Offerings in the Light of Economic Complexity: Establishing a Holistic Service Ecosystem

Crisis situations, like the COVID-19 pandemic, have historically been identified as times of enhanced innovation and entrepreneurial activities. Innovation actors are required to respond quickly to a new situation bearing in mind the effects of actions across their network of partners and competitors as well as rising economic complexity. Indeed, first indications suggest that this pandemic is no different and has facilitated the use of digital technologies. In order to assess these developments, this paper studies new service offerings based on digital technologies using the example of three major Russian banks. We found that banks have now developed into technology platforms that use their experience to engage in areas like education, advanced robotics, and health care. Technologies developed by partner organizations, such as the integration of blockchain solutions, have spread rapidly. Thereby, banks have obtained a strategic advantage for launching innovations in the financial industry, including technology and knowledge transfers from other industries. © 2023 by the authors.

Adoption factors in digital lending services offered by FinTech lenders

Research background: Traditional financial institutions are facing new competitors - FinTech lenders. The development of these entities and their services depends on many factors, including the level of their acceptance and use by potential and/or current customers. This acceptance determines the ability to create desired financial results and defines the set of FinTech lenders' activities and also their environment aimed at shaping the offer which meets their consumers' expectations. The limited number of studies addressing the identification and assessment of the impact exerted by the adoption factors of lending services offered by FinTech lenders and the lack of such analyzes relating to these decisions made by consumers from Central and Eastern Europe argue for the need to conduct such research. Purpose of the article: Identify factors driving consumers' adoption of digital lending services offered by FinTech lenders in Poland. Methods: Critical analysis of the source literature, descriptive and comparative analysis, diagnostic survey, econometric methods (PCA, SEM used in the TAM). Empirical data come from the surveys carried out in May 2022 using the CAWI method and covering a representative sample of 1,000 Poles. Findings & value added: The study identified factors driving consumers' adoption of digital lending services, including perceived trust, risk, usefulness and financial health. It has been proven that the perceived ease of use and innovation do not represent the statistically significant constructs influencing the accepted adoption attitudes. The adopted research model shows a considerable power to explain the intention of using digital loans. The article is the first scientific study of this type discussing the identification of adoption factors for loan services offered by FinTech lenders operating on the Central and Eastern European market. The presented example of Poland being the leader in this dynamically developing market provides the background for conducting international comparative studies in the future.