A FinTech Clustering Framework: Technology, Model, and Stakeholder Perspectives

TL;DR

This paper develops a comprehensive FinTech clustering framework based on technology, models, and stakeholder perspectives, aiming to unify diverse definitions and facilitate industry development.

Contribution

It introduces a novel, holistic FinTech clustering framework derived from extensive literature review and demonstrates its application through an Indian FinTech case study.

Findings

Framework offers a comprehensive view of FinTech landscape

Application to Indian FinTech illustrates practical utility

Enhances understanding of FinTech diversity and integration

Abstract

Nowadays, the global booming of FinTech can be seen everywhere. FinTech has created innovative disruptions to traditional, long-established financial institutions (e.g., banks and insurance companies) in financial services markets. Despite of its popularity, there are many different definitions of FinTech. This problem occurs because many existing studies only focus on a particular aspect of FinTech without a comprehensive and in-depth analysis. This problem will hinder further development and industrial application of FinTech. In view of this problem, we perform a narrative review involving over 100 relevant studies or reports, with a view to developing a FinTech clustering framework for providing a more comprehensive and holistic view of FinTech. Furthermore, we use an Indian FinTech firm to illustrate how to apply our clustering framework for analysis.