Fintech inclusion: Key innovations for financing and payments in financial services
DOI:
https://doi.org/10.70577/asce.v5i1.748Keywords:
Digitalization, Financing, Innovation, Debt servicing, Information technologiesAbstract
Financial technology (fintech) is part of the evolutionary process of financial innovation. The reason fintech is generating so much enthusiasm and research interest is that it is currently bypassing traditional intermediaries in the provision of financial services. The objective of this research is to analyze the processes of fintech inclusion, specifically regarding innovations aimed at improving financing and payment processes in financial services. A literature review was conducted using a critical, analytical, and descriptive approach. The PRISMA method was employed, and 121 scientific articles were identified. After applying the established filters, only 12 scientific articles remained, which were considered suitable for the literature review. Fintech describes companies that offer financial services using modern, creative technologies that attract customers with products and services that are easier to use, more efficient, transparent, and automated than those currently available. Fintech innovations have impacted other business models, such as the payment model. This article reviews literature focused on fintech, specifically on the financing and payments aspects within financial services. It also analyzes financing through crowdfunding and P2P lending, identifying constant innovation within these services. Future research should identify specific fintech business models both qualitatively and quantitatively.
Downloads
References
Agarwal, S., Qian, W., Ren, Y., Tsai, H.-T., & Yeung, B. (2025). The Real Impact of FinTech: Evidence from Mobile Payment Technology. Management Science, mnsc.2023.03947. https://doi.org/10.1287/mnsc.2023.03947 DOI: https://doi.org/10.1287/mnsc.2023.03947
Agarwal, S., & Zhang, J. (2020). FinTech, Lending and Payment Innovation: A Review. Asia-Pacific Journal of Financial Studies, 49(3), 353-367. https://doi.org/10.1111/ajfs.12294 DOI: https://doi.org/10.1111/ajfs.12294
Ali, M., Raza, S. A., Khamis, B., Puah, C. H., & Amin, H. (2021). How perceived risk, benefit and trust determine user Fintech adoption: A new dimension for Islamic finance. Foresight, 23(4), 403-420. https://doi.org/10.1108/FS-09-2020-0095 DOI: https://doi.org/10.1108/FS-09-2020-0095
Alt, R., Fridgen, G., & Chang, Y. (2024). The future of fintech—Towards ubiquitous financial services. Electronic Markets, 34(1), 3, s12525-023-00687-00688. https://doi.org/10.1007/s12525-023-00687-8 DOI: https://doi.org/10.1007/s12525-023-00687-8
Anifa, M., Ramakrishnan, S., Joghee, S., Kabiraj, S., & Bishnoi, M. M. (2022). Fintech Innovations in the Financial Service Industry. Journal of Risk and Financial Management, 15(7), 287. https://doi.org/10.3390/jrfm15070287 DOI: https://doi.org/10.3390/jrfm15070287
Bhaskar, R., Hunjra, A. I., Bansal, S., & Pandey, D. K. (2022). Central Bank Digital Currencies: Agendas for future research. Research in International Business and Finance, 62, 101737. https://doi.org/10.1016/j.ribaf.2022.101737 DOI: https://doi.org/10.1016/j.ribaf.2022.101737
Breidbach, C. F., Keating, B. W., & Lim, C. (2019). Fintech: Research directions to explore the digital transformation of financial service systems. Journal of Service Theory and Practice, 30(1), 79-102. https://doi.org/10.1108/JSTP-08-2018-0185 DOI: https://doi.org/10.1108/JSTP-08-2018-0185
Ferrari, M. V. (2022). The platformisation of digital payments: The fabrication of consumer interest in the EU FinTech agenda. Computer Law & Security Review, 45, 105687. https://doi.org/10.1016/j.clsr.2022.105687 DOI: https://doi.org/10.1016/j.clsr.2022.105687
Goodell, J. W., Kumar, S., Lim, W. M., & Pattnaik, D. (2021). Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis. Journal of Behavioral and Experimental Finance, 32, 100577. https://doi.org/10.1016/j.jbef.2021.100577 DOI: https://doi.org/10.1016/j.jbef.2021.100577
Hao, J., Peng, M., & He, W. (2023). Digital finance development and bank liquidity creation. International Review of Financial Analysis, 90, 102839. https://doi.org/10.1016/j.irfa.2023.102839 DOI: https://doi.org/10.1016/j.irfa.2023.102839
Hong, C. Y., Lu, X., & Pan, J. (2025). Financial Inclusion via FinTech: From Digital Payments to Platform Investments. Management Science, mnsc.2024.04423. https://doi.org/10.1287/mnsc.2024.04423 DOI: https://doi.org/10.1287/mnsc.2024.04423
Horn, M., Oehler, A., & Wendt, S. (2020). FinTech for Consumers and Retail Investors: Opportunities and Risks of Digital Payment and Investment Services. En T. Walker, D. Gramlich, M. Bitar, & P. Fardnia (Eds.), Ecological, Societal, and Technological Risks and the Financial Sector (pp. 309-327). Springer International Publishing. https://doi.org/10.1007/978-3-030-38858-4_14 DOI: https://doi.org/10.1007/978-3-030-38858-4_14
Huang, S. (2022). Does FinTech improve the investment efficiency of enterprises? Evidence from China’s small and medium-sized enterprises. Economic Analysis and Policy, 74, 571-586. https://doi.org/10.1016/j.eap.2022.03.014 DOI: https://doi.org/10.1016/j.eap.2022.03.014
Jarvis, R., & Han, H. (2021). FinTech Innovation: Review and Future Research Directions. International Journal of Banking, Finance and Insurance Technologies, 1(1), 79-102. https://doi.org/10.61797/ijbfit.v1i1.126 DOI: https://doi.org/10.61797/ijbfit.v1i1.126
Ji, F., & Tia, A. (2022). The effect of blockchain on business intelligence efficiency of banks. Kybernetes, 51(8), 2652-2668. https://doi.org/10.1108/K-10-2020-0668 DOI: https://doi.org/10.1108/K-10-2020-0668
Kallio, A., & Vuola, L. (2020). History of Crowdfunding in the Context of Ever-Changing Modern Financial Markets. En R. Shneor, L. Zhao, & B.-T. Flåten (Eds.), Advances in Crowdfunding (pp. 209-239). Springer International Publishing. https://doi.org/10.1007/978-3-030-46309-0_10 DOI: https://doi.org/10.1007/978-3-030-46309-0_10
Kozarević, E., & Ismayilov, N. (2023). Changing financial system architecture under the influence of the fintech market: A literature review. Management, 28(2), 93-102. https://doi.org/10.30924/mjcmi.28.2.7 DOI: https://doi.org/10.30924/mjcmi.28.2.7
Li, B., & Xu, Z. (2021). Insights into financial technology (FinTech): A bibliometric and visual study. Financial Innovation, 7(1), 69. https://doi.org/10.1186/s40854-021-00285-7 DOI: https://doi.org/10.1186/s40854-021-00285-7
Liu, J., Li, X., & Wang, S. (2020). What have we learnt from 10 years of fintech research? A scientometric analysis. Technological Forecasting and Social Change, 155, 120022. https://doi.org/10.1016/j.techfore.2020.120022 DOI: https://doi.org/10.1016/j.techfore.2020.120022
Moro-Visconti, R., & Cesaretti, A. (2023). FinTech and Digital Payment Systems Valuation. En R. Moro-Visconti & A. Cesaretti, Digital Token Valuation (pp. 411-458). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-42971-2_13 DOI: https://doi.org/10.1007/978-3-031-42971-2_13
Nejad, M. G. (2022). Research on financial innovations: An interdisciplinary review. International Journal of Bank Marketing, 40(3), 578-612. https://doi.org/10.1108/IJBM-07-2021-0305 DOI: https://doi.org/10.1108/IJBM-07-2021-0305
Palmié, M., Wincent, J., Parida, V., & Caglar, U. (2020). The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change, 151, 119779. https://doi.org/10.1016/j.techfore.2019.119779 DOI: https://doi.org/10.1016/j.techfore.2019.119779
Pandey, D. K., Hassan, M. K., Kumari, V., Zaied, Y. B., & Rai, V. K. (2024). Mapping the landscape of FinTech in banking and finance: A bibliometric review. Research in International Business and Finance, 67, 102116. https://doi.org/10.1016/j.ribaf.2023.102116 DOI: https://doi.org/10.1016/j.ribaf.2023.102116
Ramayanti, R., Rachmawati, N. A., Azhar, Z., & Nik Azman, N. H. (2024). Exploring intention and actual use in digital payments: A systematic review and roadmap for future research. Computers in Human Behavior Reports, 13, 100348. https://doi.org/10.1016/j.chbr.2023.100348 DOI: https://doi.org/10.1016/j.chbr.2023.100348
Saiedi, E., Mohammadi, A., Broström, A., & Shafi, K. (2022). Distrust in Banks and Fintech Participation: The Case of Peer-to-Peer Lending. Entrepreneurship Theory and Practice, 46(5), 1170-1197. https://doi.org/10.1177/1042258720958020 DOI: https://doi.org/10.1177/1042258720958020
Sampat, B., Mogaji, E., & Nguyen, N. P. (2024). The dark side of FinTech in financial services: A qualitative enquiry into FinTech developers’ perspective. International Journal of Bank Marketing, 42(1), 38-65. https://doi.org/10.1108/IJBM-07-2022-0328 DOI: https://doi.org/10.1108/IJBM-07-2022-0328
Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review. Information, 11(12), 590. https://doi.org/10.3390/info11120590 DOI: https://doi.org/10.3390/info11120590
Takeda, A., & Ito, Y. (2021). A review of FinTech research. International Journal of Technology Management, 86(1), 67. https://doi.org/10.1504/IJTM.2021.115761 DOI: https://doi.org/10.1504/IJTM.2021.115761
Tepe, G., Geyikci, U. B., & Sancak, F. M. (2021). FinTech Companies: A Bibliometric Analysis. International Journal of Financial Studies, 10(1), 2. https://doi.org/10.3390/ijfs10010002 DOI: https://doi.org/10.3390/ijfs10010002
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41, 100833. https://doi.org/10.1016/j.jfi.2019.100833 DOI: https://doi.org/10.1016/j.jfi.2019.100833
Westermeier, C. (2020). Money is data – the platformization of financial transactions. Information, Communication & Society, 23(14), 2047-2063. https://doi.org/10.1080/1369118X.2020.1770833 DOI: https://doi.org/10.1080/1369118X.2020.1770833
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Rubén Trejo Lozano, Darwin Jeampierre Erazo Loor, María Tomasa Juárez Tepepa, Julio César Laguna López, Kevin Luis Palomino Velazco
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Eres libre de:
- Compartir : copiar y redistribuir el material en cualquier medio o formato
- Adaptar : remezclar, transformar y desarrollar el material
- El licenciante no puede revocar estas libertades siempre y cuando usted cumpla con los términos de la licencia.
En los siguientes términos:
- Atribución : Debe otorgar el crédito correspondiente , proporcionar un enlace a la licencia e indicar si se realizaron cambios . Puede hacerlo de cualquier manera razonable, pero no de ninguna manera que sugiera que el licenciante lo respalda a usted o a su uso.
- No comercial : no puede utilizar el material con fines comerciales .
- CompartirIgual — Si remezcla, transforma o construye sobre el material, debe distribuir sus contribuciones bajo la misma licencia que el original.
- Sin restricciones adicionales : no puede aplicar términos legales ni medidas tecnológicas que restrinjan legalmente a otros hacer algo que la licencia permite.
