Oliver Werth, Davinia Rodríguez Cardona, Albert Torno, Michael H Breitner, Jan Muntermann
{"title":"What determines FinTech success?-A taxonomy-based analysis of FinTech success factors.","authors":"Oliver Werth, Davinia Rodríguez Cardona, Albert Torno, Michael H Breitner, Jan Muntermann","doi":"10.1007/s12525-023-00626-7","DOIUrl":null,"url":null,"abstract":"<p><p>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.</p><p><strong>Supplementary information: </strong>The online version contains supplementary material available at 10.1007/s12525-023-00626-7.</p>","PeriodicalId":47719,"journal":{"name":"Electronic Markets","volume":"33 1","pages":"21"},"PeriodicalIF":7.1000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10197061/pdf/","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Electronic Markets","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s12525-023-00626-7","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2023/5/19 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 3
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.
Supplementary information: The online version contains supplementary material available at 10.1007/s12525-023-00626-7.
期刊介绍：
Electronic Markets (EM) stands as a premier academic journal providing a dynamic platform for research into various forms of networked business. Recognizing the pivotal role of information and communication technology (ICT), EM delves into how ICT transforms the interactions between organizations and customers across diverse domains such as social networks, electronic commerce, supply chain management, and customer relationship management.
Electronic markets, in essence, encompass the realms of networked business where multiple suppliers and customers engage in economic transactions within single or multiple tiers of economic value chains. This broad concept encompasses various forms, including allocation platforms with dynamic price discovery mechanisms, fostering atomistic relationships. Notable examples originate from financial markets (e.g., CBOT, XETRA) and energy markets (e.g., EEX, ICE). Join us in exploring the multifaceted landscape of electronic markets and their transformative impact on business interactions and dynamics.
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