A Fuzzy Multicriteria Group Decision Making Approach for Evaluating and Selecting Fintech Projects

Santoso Wibowo, Lakshmi Grandhi, Srimannarayana Grandhi and Marilyn Wells
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Santoso Wibowo: School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia
Lakshmi Grandhi: School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia
Srimannarayana Grandhi: School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia
Marilyn Wells: School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia

Mathematics, 2022, vol. 10, issue 2, 1-14

Abstract: The use of financial technologies (Fintech) has increased recently due to their support to financial institutions in managing their financial operations and achieving competitive advantages. Even though there are several benefits with Fintech development and implementation, selecting the most suitable Fintech project can be complex. This is due to the involvement of numerous decision makers, the conflicting nature of multiple evaluation criteria, and fuzzy data derived from imprecise judgments of qualitative performance ratings. Interval-valued based intuitionistic fuzzy numbers are used to deal with the inherent vagueness and imprecision of the evaluation process. An algorithm based on an interval-valued intuitionistic fuzzy weighted geometric (IIFWG) and the concept of ideal solutions is developed. As a result, the most suitable Fintech project alternative can be selected across all evaluation criteria. To demonstrate the effectiveness of the approach, a Fintech project selection problem is presented.

Keywords: evaluation and selection; Fintech; multicriteria decision making; vagueness and imprecision; TOE model (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
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