Unraveling the Fintech Landscape: A Systematic Mapping Study on the Impact of Financial Technology Innovation on Investment Decision-Making in ASEAN Banking

Abstract

This systematic mapping study identifies and analyses fintech innovations that influence investment decision-making in ASEAN banking. Through a rigorous literature search and screening process, 128 relevant studies were analyzed, identifying four key fintech innovations that impact investment decision-making in ASEAN banking: advisory platforms, blockchain technology, peer-to-peer lending, and mobile banking. The analysis of these innovations reveals their potential to improve investment decision-making in terms of cost efficiency, speed, accessibility, and transparency. However, the study also identified several challenges associated with these innovations, including cybersecurity risks, regulatory issues, and a lack of customer trust. This study provides valuable insights into the current state of fintech innovation in ASEAN banking and its impact on investment decision-making. The findings can help policymakers, regulators, and financial institutions make informed decisions about developing and adopting fintech innovations in the region.

Fintech and the Future of Banking: Collaboration and Innovation for Better Financial Services

“…Furthermore, Alexandri et al (2023) point out that cybersecurity risks, regulatory issues, and lack of customer trust are challenges facing Fintech adoption in the banking sector. A study by Akinwale & Kyari (2020) highlights that users' attitudes towards Fintech services significantly influence adoption.…”

“…In the process of adopting Fintech services, banks face various challenges and constraints that can hinder the smooth integration of these technologies into their operations. One of the significant issues identified in the literature is the impact of cybersecurity risks, regulatory challenges, and the lack of customer trust on Fintech adoption within the banking industry (Alexandri et al, 2023). These factors can create barriers for banks looking to implement Fintech solutions and can affect the overall adoption rate.…”

“…Fintech companies often face regulatory barriers, information asymmetries, and constraints that hinder their operations (Imam et al, 2022). In the banking industry, challenges such as cybersecurity risks, regulatory issues, and lack of customer trust are major obstacles to Fintech adoption (Alexandri et al, 2023). The rise of Fintech-driven business models in banking also presents a challenge for financial regulators (Huibers, 2021).…”

Accelerating SME growth in the African context: Harnessing FinTech, AI, and cybersecurity for economic prosperity

“…The integration of AI and the Internet of Things (IoT) in various industries, including power generation and distribution, presents both opportunities and challenges, particularly in the area of cybersecurity (Mohamed et al, 2023). Moreover, the use of technology in financial services, such as FinTech, raises concerns about cybersecurity risks and vulnerabilities to cyberattacks (Alexandri et al, 2023). Regulatory frameworks and industry standards are crucial in shaping cybersecurity practices within FinTech, highlighting the need for collaboration among policymakers, financial institutions, and technology providers (Mustapha, 2023).…”

Human factors in cybersecurity: Navigating the fintech landscape

“…However, the integration of these emerging technologies in Fintech also brings forth significant cybersecurity implications. Ensuring consumer safety, avoiding information leakage, and addressing cybersecurity risks are becoming paramount tasks for enterprises and banks in the Fintech sector (Awaliyah, 2023;Alexandri et al, 2023). The rapid expansion of Fintech, particularly in the Asia-Pacific region, has raised concerns about cybersecurity, digital identity, and electronic know-your-customer utilities, especially with the rise of "TechFins" such as Alibaba and Tencent (Susantono & Park, 2020).…”