Enablers and Barriers in FinTech Adoption: A Systematic Literature Review of Customer Adoption and Its Impact on Bank Performance

Amna Albuainain () and Simon Ashby
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Amna Albuainain: Department of Accounting, Corporate Finance and Taxation, Faculty of Economics and Business Administration, Ghent University, 9000 Ghent, Belgium
Simon Ashby: Department of Accounting, Corporate Finance and Taxation, Faculty of Economics and Business Administration, Ghent University, 9000 Ghent, Belgium

FinTech, 2025, vol. 4, issue 3, 1-35

Abstract: The rise of financial technology (FinTech) has generated substantial research on its adoption by customers and the associated implications for traditional banks. This systematic review addresses two questions: (1) What factors enable or hinder consumer adoption of FinTech? (2) How does consumer adoption of FinTech affect the performance of traditional banks? Following the PRISMA guidelines, we screened and analyzed 109 peer-reviewed articles published between 2016 and 2024 in Scopus and Web of Science. The findings show that adoption is driven by economic incentives, digital infrastructure, personalized services, and institutional support, while barriers include limited literacy, perceived risk, and regulatory uncertainty. At the bank level, adoption enhances operational efficiency, customer loyalty, and revenue growth but also generates compliance costs, cybersecurity risks, and competition. Consumer adoption studies primarily employ the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT), often extended with trust and privacy constructs. In contrast, bank performance research relies on empirical analyses with limited theoretical grounding. This review bridges behavioral and institutional perspectives by linking consumer-level drivers of adoption with organizational outcomes, offering an integrated conceptual framework. The limitations include a restriction of the retrieved literature to English publications in two databases. Future work should apply longitudinal, multi-theory models to deepen the understanding of how consumer behavior shapes bank performance.

Keywords: fintech; adoption; bank performance; enablers; barriers; systematic literature review (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2025
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