Ratings of Barriers and Challenges of Financial Technology in a Developing Economy

Abstract

This study constructed an assessment of the barriers and challenges of financial technology (fintech) and accentuated a critical research area that is relatively new and currently understudied in extant literature. A theoretical framework was developed from a blend of the technology, organization, and environment (TOE) framework and the human, organization, and technology (HOT) fit model. The best-worst method was used to analyze and rank the identified barriers and challenges of fintech according to their weighted averages. The findings of the study point to perceived risk and lack of trust; transaction cost; privacy and security issues; legal and regulatory barriers; and the human element and psychological factors as the highest ranked barriers and challenges of financial technology. This study has significant theoretical and managerial implications for academia, policy makers, and practitioners, as it would stretch their standpoints on the best practices for adoption and implementation of fintech modernisms.