Innovation recipes for high use on four Fintech types: A configurational perspective

Fintech has attracted attention based on its fusion of technology and finance; however, how its elements should be combined and configured has yet to be explored. To fill this research gap, this study investigates specific and multiple configurations of Fintech attributes that lead to high use by adopting a fuzzy-set qualitative comparative analysis. Based on the diffusion-of-innovation theory and the information systems success model, we develop a theoretical framework using three dimensions of Fintech: innovation, financial services, and information technology (IT). This study then explicates the complex nNar relationships among these three dimensions in the form of the conjunction, equifinality, and asymmetry of Fintech attributes to develop a better understanding of its use. This study provides specific configurations of these interactions among seven Fintech attributes based on four Fintech types (mobile payments, mobile remittance, peer-to-peer (P2P) lending, and crowdfunding). The findings indicate that IT plays multifaceted roles, varying from enabling to counterproductive, for all Fintech types. Our results offer guidance on effectively coordinating Fintech development and launching strategies to enhance its use in managerial practice.