Cluster-based Systematic Literature Review: Understanding FinTech Adoption and Challenges

The FinTech market globally is emerging as an alternative to the traditional cash-driven economy. Although most of the population has adapted to the innovation that has taken place in the financial services sector, a substantial proportion of the population remains unbanked. It has a shallow awareness of the financial products and services available. Banks, financial service providers, investment advisers and business houses are attempting to adopt new technologies in collaboration with FinTech companies. Understanding consumer adoption and their experience of new technologies can help FinTech service providers integrate ideas and deliver seamless offerings. This article employs a systematic literature review of a total of 111 publications from 2016 to 2023 on the consumer adoption/acceptance of FinTech products and services. It identifies seven research clusters from the extant literature to note the trends in adoption and enlist the challenges faced by the usage of FinTech along with emerging trends in attention. The study used VOSviewer to provide the results of keyword analysis, world distribution and linkages of selected publications. The article explored the acceptance and reception of financial innovation in the past eight years as per the identified clusters which was shown by the increase in the number of publication’s chart. It also contributes to the field by mentioning the benefits that have been reaped across industries and sectors with the adoption of FinTech by discussing the participation of authors in various clusters in detail.