Bhatt et al.

, Cogent Economics & Finance (2022), 10: 2114160

https://doi.org/10.1080/23322039.2022.2114160

FINANCIAL ECONOMICS | REVIEW ARTICLE

Decoding the trinity of Fintech, digitalization and
financial services: An integrated bibliometric
analysis and thematic literature review approach
Received: 01 March 2022 Amola Bhatt1, Mayank Joshipura2 and Nehal Joshipura3*
Accepted: 11 August 2022
Abstract: Technology has reshaped how financial services are designed, delivered, and
*Corresponding author: Nehal
Joshipura, Durgadevi Saraf Institute consumed over the past decade. The increased mobile and internet penetration and
of Management Studies, 203, availability of cheap data combined with the advent of Fintech, digitalization, blockchain
Devashish, Vishnu Bag Society, off SV
Road, near Shopper’s Stop, Andheri technology, machine learning, and artificial intelligence have fast-tracked the digital
(W), 400058 Mumbai, India
E-mail: nehal.joshipura@dsims.org.in transformation of economies worldwide. Covid19-induced lockdowns accelerated the
digitalization of financial services. This study identifies the main areas and current
Reviewing editor:
David McMillan, University of Stirling, dynamics of Fintech, digitalization, and financial services and suggests future research
Stirling, UNITED KINGDOM
directions. Using a bibliometric analysis followed by a thematic literature review, the
Additional information is available at study examines a sample of 583 journal articles from the Scopus database from 1984 to
the end of the article
2021. Based on the bibliometric analysis, we identified four dominant themes. These
themes are further explored through a thematic literature review to gain further insights.
We conclude by suggesting potential directions for future research in the field.

Subjects: Cognitive Artificial Intelligence; Sustainable Development; Banking; Credit &

Credit Institutions; Investment & Securities; Insurance; Pensions; Risk Management;
Management of Technology & Innovation; Entrepreneurial Finance

Keywords: artificial intelligence; blockchain; digital currency; digital transformation;

financial inclusion; mobile money; mobile banking; cryptocurrency; P2P lending;
crowdfunding

JEL Classification: G20; G28; O33

1. Introduction
How financial services are designed, created, and consumed has metamorphosed with the advent of
technology. Fintech conveys the integration of technology with financial services. According to
a comprehensive definition, Fintech is an innovative technology that improves and automates financial

ABOUT THE AUTHORS

Amola Bhatt, Ph.D.Amola Bhatt an Assistant Professor in the faculty of Finance at the Institute of
Management, Nirma University, Ahmedabad, India. Her research interests lie in fintech, financial
services, and financial literacy. She can be reached at amola@nirmauni.ac.in.
Mayank Joshipura, Ph.D.Mayank Joshipura is an Associate Dean, Research and Ph.D. program, and
Professor of Finance at the School of Business Management, NMIMS University, Mumbai, India. His
research interests lie in financial markets, behavioral Finance, and crypto-assets. He has authored
a book titled Cases in Financial Management with SAGE India. His ORCID is 0000-0001-7711-6229. He
can be reached at mayank.joshipura@sbm.nmims.edu.
Nehal Joshipura, Ph.D.Nehal Joshipura is an Associate Professor of Finance, Assistant Dean – New
Initiatives at Durgadevi Saraf Institute of Management Studies, Mumbai, India. Her research interests
lie in financial markets, portfolio management, investment strategies, and quantitative investing. Her
ORCID is 0000-0001-7150-2751. She can be reached at nehal.joshipura@dsims.org.in.

© 2022 The Author(s). This open access article is distributed under a Creative Commons
Attribution (CC-BY) 4.0 license.

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services that enable smooth management of firms, investors, and customers using specialized software
and applications (Zhang-Zhang et al., 2020). The Fintech market initially developed in the US, followed by
the UK (Haddad et al., 2019). However, the diffusion and adoption of Fintech were faster in Asia.
According to a report on Global Fintech Adoption Index in 2019 by Ernst & Young (EY), Asia is the world
leader in Fintech adoption, led by China and India. India enjoys the second-highest Fintech adoption rate
of 87% compared to the global average of 64% (EY, 2021a). Likewise, in 2021, the Americas and the
EMEA1 regions saw 22% and 26% growth in Fintech startups, compared to 31% for the APAC2 region
(Statista, 2021). Fintech in the Asian region is more of a solution to the lack of banking infrastructure,
which is not the case for the USA and European regions (Arner et al., 2020). A study (Rabbani et al., 2020)
reports the quick adoption of Fintech by the Islamic finance industry.

An increase in smartphone penetration and internet users, investments in Fintech startups, and
a mindset to leverage technology to create innovative product solutions remain the critical drivers for
Fintech growth in emerging economies. Further, the Covid19 pandemic accelerated the speed and scale
of Fintech growth and adoption in developing economies (Findexable, 2021). With the advent of new
business organizations such as internet-only banks, regulators have shown willingness to strike a delicate
balance between flexibility and security in financial activities (EY, 2021b). The future of the digital
economy and financial inclusion depends on the advancements in Fintech business models, digital
technology, and changing landscape of how financial services are designed, delivered, and consumed.
Hence, as the new era of virtual financial services unfolds, there is a need to consolidate the knowledge in
these closely interlinked domains. Such research can be a ready reckoner for scholars to understand the
knowledge progression and present status. It offers future research directions in Fintech and the
digitalization of financial services.

Table 1 lists important review papers on Fintech and financial services over the past three years.
These studies contribute to the literature and offer future research directions in the following
areas.

Table 1. Methodology of related research topics to see the gap

Topic Methodology Articles analyzed Article
Fintech BA 848 Li and Xu (2021)
Fintech (Trends & BA 1556 Nasir et al. (2021)
Directions)
Big Data in Finance BA 1059 Awan et al. (2021)
Artificial Intelligence in SLR 14 Ghandour (2021)
banking
Artificial Intelligence and LR – Sadok et al. (2022)
bank credit
Blockchain security SLR 75 Patricio and Ferreira
(2021)
Fintech (Challenges & SLR, Thematic Analysis, 81 Suryono et al. (2020)
Trends) MA
P2P Lending (Problems & SLR 81 Suryono et al. (2020)
Potential Solutions)
Mobile banking SLR 76 Souiden et al., 2021)
Digital banking and LR, MA 46 Alkhowaiter (2020)
payment methods
Mobile Commerce and SLR 11 Msweli and Mawela
Banking Services + Elderly (2020)
people + Developing
countries
Fintech SLR 179 Milian et al. (2019)
Note: BA: Bibliometric analysis; SLR: Systematic Literature Review; MA: Meta analysis; LR: Literature Review

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● Some studies are specific to technological applications like big data, artificial intelligence, and
blockchain.
● Some studies are specific to Fintech products like P2P lending, mobile banking, and digital payments.
● Most studies on Fintech have either employed bibliometric methods or conducted a systematic
literature review.

We apply bibliometric analysis and thematic literature review on Fintech and digitalization in
financial services. A hybrid approach using bibliometric analysis followed by a thematic literature
review enables us to have a holistic view of the topic and generate thematic future research
directions.

This study contributes to the body of literature on Fintech and digital financial services in more
than one way. First, we apply a unique two-stage sequential approach by first identifying major
research themes using bibliometric analysis followed by a thematic literature review. Such an
approach helps cover the breadth and the depth of the field. Second, the study synthesizes
knowledge structure by thoroughly analyzing the field’s conceptual and intellectual structures.
Third, the study identifies and presents a thematic literature review of four major themes and
a descriptive review of the 53 most relevant papers; it serves as a reference for scholars working in
this field. Fourth, the study provides future research directions for Fintech and digital financial
services, especially in the changing landscape and pace of digitalization of financial services.

This paper aims to understand the knowledge progression and its present status, draw
a thematic map, and identify future research directions. We achieve this by looking at the extant
literature through an integrated lens of bibliometric analysis and thematic literature review.
Accordingly, the following research questions are identified for this study.

RQ1. Which are the most influential documents, authors, sources, institutions, and countries in
Fintech (digital) and financial services research?

RQ2. What are the conceptual structure and thematic evolution of the Fintech (digital) and
financial services research?

RQ3. What is the existing intellectual structure of Fintech (digital) and financial services research?

RQ4. Which Fintech (digital) and financial services research areas need further research?

The rest of the paper proceeds as follows. Section 2 explains the research methodology, followed
by section 3 discusses the bibliometric analysis and findings. Section 4 presents a thematic
literature review, and section 5 offers discussion, future research directions, and a conclusion.

2. Research methodology
The study analyses the linkages between Fintech, digitalization, and financial services rather than
a review of a specific field (e.g., blockchain (Cai, 2018); financial literacy (Goyal & Kumar, 2021;
Ingale & Paluri, 2020); open innovation (Schueffel & Vadana, 2015).

The study applies a unique two-stage sequential approach to understanding knowledge pro­
gression and eliciting trends through knowledge structure synthesis. The bibliometric analysis
provides insights into the field’s intellectual structure and thematic evolution. The thematic
literature review provides insights into the progression of knowledge within each theme and
helps identify future research directions. Within the bibliometric analysis, the study includes
performance analysis and science mapping. Performance analysis reveals essential characteristics
of the field of research in terms of sources, authors, and documents; The science mapping, done

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through the synthesis of the knowledge structure, helps understand the thematic evolution and
the current status of research. It also gives insights into future research directions.

The first and the most significant step in any bibliometric study is identifying relevant documents
consistent with the study’s objective. To this end, the study used the 1984 to 2021 period in the
search strategy and document selection process. While the number of documents from the early
years is scanty, and the last decade has seen significant advancement in the field, the logic of
using the more extended period is to avoid missing out on any seminal study.

The study uses (“Fintech” OR “Financial Technology” OR “Financial Technologies” OR “Finance

Technologies” OR “Blockchain” OR “Cryptocurrency” OR “Crowdfunding” OR “P2P lending” OR
“digital” OR “digital transformation”) AND “Financial Services” as keywords for the search in author
keywords, abstract, and title to find the articles related to financial services connected with either
Fintech or digital technology. We restrict the search to only English articles published in journals.
Initially, we found 587 articles with four duplicates. After removing duplicates, the data has 583
documents for bibliometric analysis. Further, we used 53 most cited and influential articles
comprising 38 most cited articles from A-A* category ABDC listed journals and 15 curated articles
based on abstract and full-text analysis.

Figure 1 depicts the search strategy used for document selection and data analysis techniques
used in this study. The study uses the Scopus database. Scopus, along with Web of Science (WoS),
is a widely used abstract and citation database, and these are the two widely used indexing
databases for bibliometric studies (Zhu & Liu, 2020). Scopus has a broader coverage of publications
than Web of Science (Echchakoui, 2020). Zhu and Liu (Zhu & Liu, 2020) advocate using either to
complement each other.

Following (Donthu, Kumar, Pattnaik, et al. (2020, 2020)), we do performance analysis, followed
by network analysis to understand the knowledge structure of the field using the Biblioshiny

Figure 1. Flowchart of search Database - Scopus

strategy, document selection
for Bibliometric analysis.
Keywords applied Authors Keywords search - Refinement measures
for the data search – 587 articles extracted 1. Period - 1984 to 2021
("Fintech" OR 2. Documents type -
"Financial Articles
Technology" OR 3. Language - English
"Financial Final data after data cleaning and 4. Source – Journals
Technologies" OR removal of duplicates - 583 5. Publication Stage -
"Finance Final
Technologies" OR
"Blockchain" OR
"Cryptocurrency" Exporting the final dataset for
OR analysis by applying the
"Crowdfunding" Bibliometrix R package
OR "P2P lending"
OR "digital" OR
"digital
transformation") Data Analysis
AND "Financial Descriptive analysis
Services"
Data visualization -
Conceptual structure and
thematic mapping
Intellectual structure and content
analysis

Thematic Literature Review

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version 3.1.4. Biblioshiny incorporates various techniques as it is the most recently developed
software tool.

We screened data to use articles published in journals only. Due to the review process, they are
more reliable documents and represent “certified knowledge” (Danvila-del-Valle & of B, 2019).
Therefore, the database excluded proceedings papers, news, and other document types. We
searched the database citation records from scholarly journals across our research areas by
searching for keywords in the title, abstract, and topic fields.

3. Bibliometric analysis and findings

3.1. Descriptive analysis

To answer RQ1 (Which are the most influential documents, authors, sources, institutions, and
countries in Fintech (digital) and financial services research?), we present descriptive analysis on
trends in scientific production, most relevant documents, journals, authors, institutions, and
countries, in Fintech and financial services.

3.1.1. Dataset
Table 2 summarizes the final database used for the analysis after cleaning and filtration for
relevance. 583 documents were published between 1984 and 2021 in 385 journals by 1480
authors. However, on average, 2.93 years from publication reveals that most articles were pub­
lished recently. Over 90% of articles are multi-author documents. A collaboration index of 2.94
shows that the research on Fintech and financial services has high author collaboration.

3.1.2. Three field plot

Three field plot (Figure 2) shows the relationship between three fields using Sankey Plots, where
the size of the portion represents the node’s value (Riehmann et al., 2005). Authors (left), keywords
(middle), and sources (right) were the three fields. Wang, Arner and Buckley are important authors.
Fintech, financial services and inclusion, digital financial services, blockchain, and artificial

Table 2. Summary of dataset

Description Results
Timespan 1984:2021
Sources (Journals) 385
Documents (Articles) 583
Average years from publication 2.93
Average citations per document 16.68
Average citations per year per doc 3.838
References 29506
Keywords Plus (ID) 1446
Author’s Keywords (DE) 1774
Authors 1480
Author Appearances 1632
Authors of single-authored documents 115
Authors of multi-authored documents 1365
Single-authored documents 119
Documents per Author 0.394
Authors per Document 2.54
Co-Authors per Documents 2.8
Collaboration Index 2.94

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Figure 2. Three field plot:

Authors (left), Keywords (mid­
dle) and Sources (right).

intelligence emerged as the primary keywords. Electronic commerce, research and applications,
Technology forecasting and social change, Journal of scientific technology and research and
Sustainability (Switzerland) remained the preferred journals were the most prominent Fintech
and financial services authors published their work.

3.1.3. Annual scientific production

Figure 3 shows the growth in annual scientific production in Fintech and financial services. It is
visible that Fintech and digitalization influence how financial services are designed, delivered, and
consumed. Increased mobile penetration, internet access, and availability of cheap data

Figure 3. Annual Scientific

Production and Publication
growth in the field of Fintech
and Financial services

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Figure 4. Word cloud of the

most frequent authors’ key­
words in the field of fintech
(digital) and financial services

accelerated the digitalization of financial services. Covid19 induced restrictions, and lockdowns
further accelerated it. The rapid digitalization of financial services and economies has drawn
a significant surge in research interest, resulting in a continuous increase in annual publications
since 2016. as presented in Figure 3.

3.1.4. Sources
583 articles on Fintech (digital) and financial services appeared in 385 journals. Many journals from
different domains cover the research domain, reflecting the research field’s diverse nature in that
area (Low & Siegel, 2020). International Journal of Web and Grid Services, Electronic Commerce
Research and Applications, and Journal of Management Information Systems are the most rele­
vant journals based on total citations (Table 3). Sustainability (Switzerland) has the maximum
number of publications (18) with 153 total citations, followed by Electronic Commerce Research
and Applications, Technological Forecasting and Social Change, and IEE Access are journals with
eight publications each. Interestingly, the source with the most citations—the International
Journal of Web and Grid Services, has its top position owing to just one article (Zheng et al.,
2018) with 1109 citations. This significant publication lands all five authors in the top five author
positions by citations, and the country China comes out as the top most-cited country.

It clearly shows that the journal with the maximum number of articles published is not neces­
sarily the journal with maximum influence in research. That may be because the articles in these
journals are more recently published and are yet to move up the ladder of total citations. Among
the top-20 most cited sources in Table 3, all except Electronic Commerce Research and
Applications have started publishing on our area of interest from 2015 or later. Two among the
top 20 most-cited journals have a finance focus, and two have economics; the rest all have
a technology or sustainability focus or focus on more than one area.

3.1.5. Authors, affiliations, and countries

1480 authors from 851 affiliations and 92 countries have published articles related to Fintech
(digital) and financial services from 1984 to 2021. The most relevant authors in the research field
were identified based on the total number of publications and citations. While the total number of
articles shows the authors’ productivity, the total citations show the authors’ influence on the

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Table 3. Most relevant sources by total citations

Sources TC
International Journal of Web and Grid Services 1109
Electronic Commerce Research and Applications 742
Journal of Management Information Systems 378
IEEE Transactions on Systems, Man, and Cybernetics: 292
Systems
Business Horizons 272
Applied Economics 268
Journal of Business Economics 246
Technological Forecasting and Social Change 217
Journal of Corporate Accounting and Finance 199
Borsa Istanbul Review 188
International Journal of Electronic Commerce 164
Sustainability (Switzerland) 153
Journal of Strategic Information Systems 143
Journal of Network and Computer Applications 142
Geoforum 131
Journal of Financial Regulation and Compliance 130
Technology in Society 128
Information and Organization 127
Cryptography 120
Sustainable Cities and Society 118

study field. Buckley R, Kaufmann R, Arner D, and Rabbani are the most productive authors (left
panel of Table 4). As discussed earlier, Wang H, Chen X, Zheng Z, Dai H, and Xie S are the top-5
most-cited authors and co-authors of the most-cited article (Zheng et al., 2018) (middle panel of
Table 4). Makerere University Business School—Uganda, Southwestern University of Finance and
Economics—China, and the University of Hong Kong—China are the most relevant affiliations with
the maximum number of publications (right panel of Table 4).

China, USA, United Kingdom (UK), India, and South Korea have the highest published articles. On
the other hand, China, the USA, UK, Germany, and South Korea are the most-cited countries. New
Zealand, China, Sweden, Brazil, and Germany are the most relevant countries in the average
articles cited (Table 5).

3.1.6. Documents citation analysis

Citation analysis is an appropriate way to assess the impact of a document (Ding & Cronin, 2010). It
helps assess the impact and influence of the document in the research domain. Global citations show
the number of times a document is cited by other documents in the network of documents and
beyond and measure the overall impact. In contrast, the number of local citations shows the number
of times the document is cited within the network of documents in the specific field. As shown in
Table 6, Zheng et al. (2018), Gomber et al. (2018), and Wang et al. (2019) are the most relevant
documents with the highest number of global citations, whereas Gomber et al. (2017, 2018) and Ozili
(2018) are the most local cited documents. Zheng et al. (2018) comprehensively survey blockchain’s
technological and application aspects. Gomber et al. (2017) provides future research directions in the
field of Fintech; Gomber et al. (2018) investigates the forces driving the Fintech revolution. Wang et al.
(2019) shed light on architecture, applications, and future trends of blockchain-enabled smart con­
tracts. Ozili (2018) discusses the impact of digital finance on financial inclusion and stability.

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Table 4. Most relevant authors and affiliations

Most relevant Authors by the Most relevant Authors by Most relevant affiliations by
documents published Total Citations (TC) number of publications
Authors Articles Author TC Affiliations Articles
Buckley Rp 5 Wang H 1133 Makerere 7
University
Business School
Kauffman Rj 4 Chen X 1122 Southwestern 7
University of
Finance and
Economics
Arner Dw 4 Zheng Z 1118 University of 6
Hong Kong
Rabbani Mr 4 Dai Hn 1109 Kazan Federal 5
University
Wang L 3 Xie S 1109 Nanyang 5
Technological
University
Huang Y 3 Kauffman Rj 712 Peking 5
University
Zhang X 3 Gomber P 546 Singapore 5
Management
University
Wang H 2 Parker C 302 Soongsil 5
University
Karjaluoto H 3 Weber Bw 302 Sumy State 5
University
Shaikh Aa 3 Han X 292 University of 5
Bahrain
Gleasure R 3 Ni X 292 University of 5
California
Iman N 2 Ouyang L 292 University of 5
Delhi
Loubere N 3 Wang Fy 292 Ajou University 4
Zetzsche Da 3 Wang S 292 Kingdom 4
University
Iheanachor N 3 Yuan Y 292 Kyiv National 4
Economic
University
Li W 2 Au Ya 271 London School 4
of Economics
Rupeika-Apoga 2 Emekter R 265 Masaryk 4
R University
Xing L 2 Jirasakuldech B 265 Pan-Atlantic 4
University
Liu Z 3 Lu M 265 Universitas 4
Airlangga
Li L 2 Tu Y 265 Universitas 4
Indonesia

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Table 5. Most relevant countries by total articles, total citations, and average citations per
article
Country TA Country TC AC
China 135 China 1922 44.70
USA 132 USA 1359 33.98
United Kingdom 100 United Kingdom 707 24.38
India 86 Germany 571 35.69
South Korea 58 South Korea 340 10.97
Indonesia 53 New Zealand 228 114.00
Germany 52 Sweden 220 44.00
Australia 34 Singapore 178 19.78
Spain 28 Finland 142 28.40
Ukraine 27 Pakistan 138 19.71
Malaysia 26 Brazil 108 36.00
Italy 22 Ireland 100 16.67
Netherlands 20 Denmark 92 30.67
South Africa 19 India 81 4.50
Pakistan 18 France 80 13.33
Finland 17 Australia 70 7.00
France 17 Canada 66 22.00
Nigeria 15 Thailand 66 22.00
Singapore 14 South Africa 62 6.89
Jordan 13 Nigeria 54 10.80
Notes: TA—Total articles; TC—Total citations; AC—Average citations per article

3.2. Conceptual structure

To answer RQ2 (What are the conceptual structure and thematic evolution of the research
involving Fintech (digital) and financial services research?), we analyzed the conceptual structure
of the field using the most frequent keywords, keywords co-occurrence, and study of thematic
evaluation about research in Fintech (digital) and financial services.

3.2.1. Most frequent keywords

Keywords analysis offers insights into popular themes in the domain of research. The word cloud of
50 most relevant keywords shows Fintech, financial services, financial inclusion, blockchain, and
financial technology as the most important keywords. In addition, crowdfunding, innovation,
mobile money, and artificial intelligence are the most important words. That is consistent with
the accelerated pace of digitization worldwide, especially since the breakout of Covid19. The role of
AI and ML has been increasing exponentially. The word cloud in Figure 4 also shows other
emerging themes such as regtech, cryptocurrency, machine learning, bitcoin, digital currency,
and digital economy.

3.2.2. Co-occurrence analysis of the authors’ keywords

Co-occurrence analysis offers insights into the dominant themes in Fintech (digital) and financial
services. Some of the most prominent keyword pairs are financial inclusion and Fintech, blockchain
and Fintech, blockchain and financial services, Fintech, financial services and artificial intelligence,
financial services and innovation, Fintech and regtech and Fintech and crowdfunding, blockchain
and cryptocurrency. Analysis of keyword co-occurrence network following major themes emerged
(Figure 5).

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Table 6. Most relevant documents by global citations and local citations

Document GC Document LC
Zheng et al., 2018, INT 1109 Gomber et al., 2017, 25
J WEB GRID SERV J BUS ECON
Gomber et al., 2018, 302 GOMBER P, 2018, 19
J MANAGE INF SYST J MANAGE INF SYST
Wang et al., 2019, IEEE 292 Ozili, 2018, BORSA 14
TRANS SYST MAN CYBERN ISTANB REV
SYST
Au & Kauffman, 2008 271 Gai et al., 2018, 12
ELECT COMMER RES APPL J NETWORK COMPUT
APPL
EMEKTER R, 2014, APPL 265 Au & Kauffman, 2008, 11
ECON ELECT COMMER RES APPL
Gomber et al., 2017 J BUS 244 Anagnostopoulos, 2018, 11
ECON J ECON BUS
Fanning & Centers, 2016, 199 Gozman et al., 2018, 9
J CORP ACCOUNT J MANAGE INF SYST
FINANCE
MORKUNAS VJ, 2019, BUS 191 Scott et al., 2017, RES 8
HORIZ POLICY
Ozili, 2018, BORSA 188 Milian et al., 2019, ELECT 7
ISTANB REV COMMER RES APPL
POLASIK M, 2015, INT 164 Hu et al., 2019, 7
J ELECT COMMER SYMMETRY
CHANIAS S, 2019, 143 Zalan & Toufaily, 2017, 6
J STRATEGIC INFORM CONTEMP ECON
SYST
Gai et al., 2018, 142 Zheng et al., 2018, INT 5
J NETWORK COMPUT J WEB GRID SERV
APPL
Yeoh, 2017, J FINANC 130 Yum et al., 2012, ELECT 4
REGUL COMPLIANCE COMMER RES APPL
Yum et al., 2012, ELECT 126 Liu, Kauffman, Ma, et al., 4
COMMER RES APPL 2015, ELECT COMMER RES
APPL
SIYAL AA, 2019, 120 GIMPEL H, 2018, 4
CRYPTOGR ELECTRON MARK
SINGH S, 2020, 118 Larios-Hernández, 2017, 4
SUSTAINABLE CITIES SOC BUS HORIZ
ARNER DW, 2017, 117 Kauffman & Riggins, 4
NORTHWEST J INTL LAW 2012 ELECT COMMER RES
BUS APPL
ANAGNOSTOPOULOS I, 109 Palmié et al., 2020, 4
2018, J ECON BUS TECHNOL FORECAST SOC
CHANGE
Karjaluoto et al., 2019, 102 Senyo & Osabutey, 2020, 4
INT J INF MANAGE TECHNOVATION
Milian et al., 2019, ELECT 99 Huei et al., 2018, INT 4
COMMER RES APPL J ENG TECHNOL
Notes: GC—Global citations; LC—Local citations

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● Fintech (in the context of disruptive innovation, banking and financial services, digital transforma­
tion, and decentralized finance enabled by blockchain technology)
● Financial Services and Financial Technology (in the context of e-commerce, banking, and the role of
e-commerce)
● Financial Inclusion (enabled by mobile money, mobile payments, and digital finance)
● Application of Big data, AI, and ML (in the context of design, delivery, and consumption of financial
services
● Regulation of Fintech and mobile payment, and role of digital money and digital currency

3.2.3. Thematic map and thematic evolution

The thematic map prescribed by Callon et al. (1991) offers insights into the thematic evolution of
the field. The thematic map places the themes according to Callon centrality (x-axis) and density
(y-axis). Centrality measures the theme’s relevance and the strength of its links with the other
themes; density measures the strengths of links between the nodes within the theme and shows
how well the theme is developed. Based on the relative position of a theme on the development-
centrality map, themes are divided into motor themes, Basic themes, Niche themes, and Emerging
or declining themes. Figure 6 presents the thematic map.

Motor Themes: Motor themes are highly developed themes connected to other themes in the
first quadrant. They are the most significant themes. Fintech and financial services enabled by
blockchain and other technologies have been among the most significant and highly developed
themes. E-commerce in the digital economy and regulation of Fintech and financial services and
digital economy has become a highly developed theme. Given the rapid pace of digitization and
exponential growth in e-commerce, governments and regulators worldwide have been busy put­
ting in place an appropriate regulatory framework to ensure the stability of the banks, financial
systems, and e-commerce platforms. The digital economy needs new regulations, and the debate
about appropriate regulatory regimes and frameworks for digital financial services and Fintech has
gained traction. The theme has become highly developed given its importance and has increas­
ingly become central and well connected to other major themes. The role of blockchain technology
and the evolution of cryptocurrencies in financial services and emerging security concerns has
been evolving into a motor theme from a niche theme.

Basic Themes: Basic themes are the themes located in the fourth quadrant. They have high
relevance for the overall body of research. They are well connected to other themes; however, they
see stagnation and do not develop well. Financial inclusion backed by mobile money and digital
financial services, innovation in Fintech led by innovation such as crowdfunding and the applica­
tion of Artificial intelligence emerged as basic themes central to Fintech (digital) and financial
services. These are important themes and are closely linked and connected to other themes.

Niche Themes: Niche themes are placed in the top left quadrant, and these are highly developed
and specialized themes, not highly relevant and weakly connected to other themes. Covid19
played an important role in accelerating Fintech adaptation and digitalization of financial services;
hence, the role of Covid19 has emerged as a niche theme in Fintech and digital financial services
research.

Emerging or declining themes: Emerging and declining themes are the marginal themes,
neither well developed nor highly relevant and well connected to the other themes. Such
themes are either emerging or declining themes. The ever-increasing role of Fintech in
digitalizing financial services pushed banks and financial institutions to look for digital
transformation, which has emerged as an emerging theme.

Thematic Evolution: The thematic map provides a snapshot of and categorizes themes as it stands.
However, one needs to study relevant themes across different timeframes to see the evolution of

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Figure 5. Keyword co-

occurrence network.

themes over the years. It is relevant, especially in the research field that evolved rapidly over the
years. Fintech and digital financial services are such fields.

As we see in Figure 7, mobile penetration and Fintech, mobile banking, and mobile payment
have helped narrow down the digital divide, and this theme has lost relevance. Mobile money has
transformed itself into a broader digital currency theme. Fintech and digital financial services
business models emerged as a significant theme in 2018-19. Regulation of Fintech and financial
services in the digital era emerged as another important theme in the same period. Come 2020-21,
with the increased pace of digitalization, security of financial transactions has become an emer­
ging theme, and regulatory frameworks that maintain financial stability emerged as a critical
concern. AI and ML have found their applications in most fields, and financial services are no
exceptions. Big data, artificial intelligence, and blockchain technology in Fintech and digital finan­
cial services emerged as important themes in 2020-21 and will evolve further (Sadok et al., 2022).
Last but not least, mobile and internet penetration, cheap data availability, and government push

Figure 6. Thematic map.

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Figure 7. Thematic evolution

map

for digital economy aided by Covid19 induced lockdown led to quick adoption of Fintech and digital
financial services.

3.3. Intellectual structure of Fintech (digital) and financial services research

In order to answer RQ3 (What is the existing intellectual structure of Fintech (digital) and financial
services research?), we presented a co-citation network and content analysis of the most relevant
documents.

3.3.1. Co-citation and content analysis

Co-citation illustrates the number of times two articles are cited together (Small, 1973). This
analysis is beneficial for illustrating the structure, directions, and developments in a research
field (ZLiu et al., 2015).

Figure 8 presents the co-citation network of documents in Fintech (digital) and financial services.
The node size represents the number of citations, and the link’s thickness between two documents
shows the strength of the co-citation. There are seven clusters of co-cited documents that
emerged.

The largest cluster in pink is dominated by documents providing theoretical or methodological

bedrock for Fintech (digital) studies and financial services. Fornell et al. (1991) on Structural
Equation Modelling), Ajzen (2002) on the Theory of planned behavior, Venkatesh et al. (2003) on
user acceptance of information technology, Davis (1989) on perceived usefulness of Information
Technology along with initial studies on mobile money by Donovan (2012) and Chauhan (2015).

The second-largest cluster in red emerges as an important cluster. Gai et al. (2018) study
a survey of Fintech; Gomber et al. (2017) article on the literature review of digital finance and
Fintech; Gomber et al. (2018) on forces of the Fintech revolution and Gabor and Brooks (2016) on
the digital revolution in financial inclusion have been the most influential documents.

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Cluster 3 is dominated by mobile money, mobile banking, and digital money articles. Au and
Kauffman (2008) on stakeholders’ issues in mobile payments, Bruhn and Love (2014) on the real
impact of financial access emerged as the most influential articles.

Analyzing closeness centrality, betweenness centrality, PageRank Analysis of the documents’ co-
citation network reveals the documents’ importance and reputation in the network. Closeness
centrality shows the dominant position of the document in the network and the influence on the
network; Betweenness centrality measures the importance of the documents. Documents with
high betweenness centrality might not be the heart of the network. However, these documents are
vital connections between two network parts that would have remained isolated otherwise.
PageRank analysis measures the article’s prestige. It goes beyond the number of citations and co-
citations of the document and measures the quality of the documents citing the article. More
citations by quality documents show the high prestige of the article. Hence, page rank analysis
helps assess the article’s reputation in a given network. To this end, we use co-citation and content
analysis to understand the intellectual structure of product characteristics research.

Table 7 reports the cluster-wise distribution of the most relevant article in the co-citation
network with closeness and betweenness centrality and PageRank analysis scores. Gai et al.
(2018), Gomber et al. (2017), Gabor and Brooks (2016) from cluster 2, Au and Kauffman (2008),
and Bruhn and Love (2014) from cluster 3 emerged as the most influential articles.

4. Thematic literature review

Based on word cloud, co-occurrence (of keywords), thematic map, thematic evolution, and co-
citation network analysis, and a full-text review of curated most influential journal articles, we
identify the following four streams:

(1) Regulation of FinTech and Digital Financial Services

(2) Role of Technology in Digital Transformation of Financial Services
(3) Digital Financial Inclusion (enabled by mobile money, mobile banking, and digital finance)
(4) Technology adoption in digital financial services (niche theme)

Figure 8. Co-citation network of

documents.

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Table 7. Co-citation network of documents and clusters

Documents Cluster Betweenness Closeness PageRank
Gabor & Brooks, 1 0 0.002057613 0.029239766
2016
Gai et al., 2018 1 0 0.002057613 0.029239766
lee 2018-1 1 2 0.002066116 0.054093567
Leong et al., 2017 1 2 0.002066116 0.054093567
nakamoto 2008 2 5 0.002173913 0.08138558
swan 2015 2 0 0.002164502 0.043088521
underwood 2016 2 0 0.002164502 0.038805001
Zheng et al., 2018 2 0 0.002159827 0.022527116
christidis 2016 2 0 0.002159827 0.022527116
suri 2016 3 1 0.001976285 0.060810811
jack 2014 3 0 0.001972387 0.037263514
jack 2011 3 0 0.001972387 0.026925676
Davis, 1989-1 4 0.533333333 0.002538071 0.045441585
Venkatesh et al., 4 8.944444444 0.00255102 0.078733508
2003
Fornell et al., 1981 4 2.522222222 0.002544529 0.064261997
Ajzen, 2002 4 6 0.002538071 0.05298734
fishbein 1977 4 0 0.0025 0.019761772
Davis, 1989-2 4 0 0.002525253 0.033973063
henseler. 2015 4 0 0.002518892 0.02328878
venkatesh 2000 4 0 0.002512563 0.014885288
mollick 2014 5 0 0.001890359 0.041666667
Tan et al., 2021 5 0 0.001890359 0.041666667
duarte. 2012 6 0 0.001890359 0.041666667
lin 2012 6 0 0.001890359 0.041666667

Milian et al. (2019), in a review of 179 papers on Fintech, note that 115 papers focused on Fintech
in the context of financial services. The prominent areas are the financial institutions’ businesses,
operations, and financial services regulations, financial inclusion, and innovations in products,
services, and business models.

The thematic review presented below provides insights into major themes.

4.1. Regulation of Fintech and digital financial services

Systemic characteristics of financial institutions change due to implementing fintech innovations
and resultant changes in coalitions and market size (Wonglimpiyarat, 2017). Gai et al. (2018)
support this argument and claim that integrating technology in financial services brings revolu­
tionary changes rather than incremental ones. Given the impact of technology on financial
services, it becomes imperative to study the regulatory aspects of financial services dominated
by digital and Fintech. Chaudhry et al. (2022) analyze the tail risk and systemic risk of the
technology firms vis-a-vis finance firms and conclude that while technology firms face a higher
tail risk, finance firms face a higher systemic risk. However, Gozman and Willcocks (2019) note that
the fintech revolution requires more robust regulatory frameworks for technology firms similar to
financial institutions to ensure financial stability. Fenwick et al. (2019) emphasize the need for
platform governance similar to corporate governance in an era wherein most businesses, owing to
digitalization, are working as platforms. Yuan (2022) calls for the up-gradation of financial

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supervision methods by developing a big data supervision platform, improving the technical
knowledge of supervisors, and strengthening network security. It is in line with the Arner et al.
(2020) call for using regtech for regulatory monitoring, reporting, and compliance. Moreover, as the
regulatory frameworks become dynamic, even financial services firms are mandated to modify
their technology to comply with the regulations (Currie et al., 2018).

Various studies study the risks present in specific fintech products such as digital currency
(Latimer & Duffy, 2019), cryptocurrency (Dupuis & Gleason, 2021; Ukwueze, 2021), Initial Coin
Offering (ICO) (Gurrea-Martínez, 2019; Momtaz, 2020), P2P lending (Basha et al., 2021; Syamil et al.,
2020), crowdfunding (Bajakić et al., 2021; Soni & Bagchi, 2014; Wolfson & Lease, 2011) among
others. The new regulatory framework needs to strike a delicate balance between protecting the
interest of customers and investors and avoiding stifling the innovativeness of Fintech and big-tech
firms in revolutionizing the way financial products and services are designed, developed, delivered,
and consumed. Tsai and Peng (2017) and Liu et al. (2015) pitch for a light-touch regulatory
attitude toward Fintech. Yeoh (2017) finds that the hands-off regulatory approach used in the
EU and USA works favorably for innovative technology contributions to financial services.
Anagnostopoulos (2018) extends this argument and recommends that the regulator steps into
action only when the overall risk posed by the technology surpasses systemic proportions or when
red signals are flashed by a change in the systemic status of an individual company. Fenwick et al.
(2019) argue that regulators must become participants in the system to build an appropriate
regulatory framework. It is fair to conclude that many studies have discussed the need for a new
regulatory regime in the era of digital financial services and Fintech. However, there is no con­
sensus on the new regulatory regime’s nature, scope, scale, and shape. Table 8 presents descrip­
tive review of this theme.

Fintech-enabled digital financial services have blurred the difference between technology and
finance firms. Regulating large technology firms in the fintech and financial services space is
essential to ensure financial stability. However, excess regulations often stifle innovations.
Therefore, regulators worldwide need to follow soft-touch regulation that strikes the delicate
balance between promoting innovation in financial services and ensuring financial stability.

4.2. Role of technology in digital transformation of financial services

This theme covers studies from two sub-streams a) applications of Big Data, AI & ML, Benefits &
Limitations, and b) Digital Transformation.

Disruptive innovation has played a vital role in building the fintech ecosystem and has revolu­
tionized the entire range of financial services (Gozman et al., 2018; Palmié et al., 2020). AI and
data science are revolutionizing financial services with the help of smart fintech applications,
intelligent and autonomous financial systems, and customized financial services (Cao et al.,
2021). Pau (1991) documents how AI can deliver financial services, including front-office, general
support, and service-specific functions. AI has reshaped banking, insurance, and investment
businesses (Qi & Xiao, 2018). Similarly, big data applications facilitate frequent and meaningful
monitoring of real-life phenomena cost-effectively and improve financial services (Awan et al.,
2021; R. M. R. M. Chang et al., 2014). The application of blockchain technology in financial services
has been an area of interest for scholars and practitioners. Studies depict blockchain applications
in record-keeping, innovative product offerings, and the resultant positive impact on operational
efficiency, decision-making processes in terms of saving in time and cost, improved accuracy
levels, and resultant benefits for all key stakeholders of the financial industry. Blockchain allows
innovation and decentralization of financial services (Chen & Bellavitis, 2020). Wang et al. (2019)
emphasize the effective usage of blockchain in making smart contracts, while V. Chang et al.
(2020) call for blockchain application in structured knowledge sharing in the financial services
industry.

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 Table 8. Descriptive Review of Theme 1—Regulation of FinTech and Digital Financial Services
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Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
1 (Gomber et al., Journal of 1 Conceptual NA Technology 28 A*
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

2018) Management integration in

Information financial services
Systems is a revolution
than a set of
influential
changes.
Fintech improves
the efficiency,
customer
centricity &
informed-ness of
financial service
providers.
2 (Gozman & Journal of 1 Conceptual/ Multi-country The paper focuses 8 A
Willcocks, 2019) Business Research Discussion on understanding
specific risks in
relation to Cloud
adoption, and the
regulations and
penalties for non-
compliance should
be in place.

(Continued)

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Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
3 (Fenwick et al., European Business 1 Conceptual NA Emphasized the 6 Important
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

2019) Organization Law need to move

Review from corporate
governance to
platform
governance.
Offered strategies
to make platforms
more open and
accessible and
make changes in
regulations
accordingly.
4 (Currie et al., Journal of 1 Longitudinal/ UK Challenges arise in 19 A*
2018) Information Mixed-method the financial
Technology service sector due
to regulatory
technology.
Ever-changing
regulatory
landscape forces
financial firms to
change their
financial
technologies.
5 (Latimer & Duffy, Federal Law 1 Conceptual / Australia Regulatory 2 A*
2019) Review Discussion reforms are
required to include
digital financial
products including
digital currencies.

(Continued)

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Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
6 (J. Liu, Kauffman, Electronic 1 Conceptual NA Organization-level 55 Important
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

Ma, et al., 2015) Commerce factors such as

Research and firm heterogeneity
Applications and competitive
strategy and
industry-level
factors including
government
regulations and
technology
standards jointly
contribute to
shaping and
evolution
of m-payments
technology.
Industry-specific
patterns are
affected by
competition,
cooperation, and
regulation.
7 (Yeoh, 2017) Journal of 1 Qualitative EU & USA The regulatory 130 C
Financial approach used by
Regulation and EU & USA enables
Compliance innovative
technologies like
the blockchain to
integrate
smoothly into
financial services
and offer better
access.

(Continued)

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Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
8 (Anagnostopoulos, Journal of 1 Qualitative Multi-country Financial service 109 B
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

2018) Economics and regulators need to

Business respond in
a timely manner
and RegTech can
be used for the
same. The views
of all stakeholders
should be taken
into consideration
while designing
the financial
infrastructure and
regulation needs
to be
proportionate to
their systemic size
and obligations.
9 (Fenwick et al., Singapore Journal 1 Conceptual/ NA In order to 1 A
2019) of Legal Studies discussion establish an
effective
ecosystem,
regulators need to
become active
participants in
these new
ecosystems.

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Despite the varied applications and benefits of new technologies in the digital transformation of
the financial services landscape, some studies caution against the potential demerits of technol­
ogy-driven financial services. AI can be a potential source of systemic risk for organizations (Ashta
& Herrmann, 2021; Kabza, 2020). Lu et al. (2020) document a series of positive and negative
effects of utilizing chatbots on customer experiences and employees regarding productivity,
autonomy, work burden, and more. Fanning and Centers (2016) caution financial institutions
about the costs and risks attached to blockchain. Osmani et al. (2021) document increased
operational costs like transaction costs, energy costs, and storage costs related to blockchain
technology.

Hence, given the costs and risks scholars indicate a need for financial institutions to formulate
a clear digital strategy and analyze the costs and benefits before integrating technology into their
business models (Au & Kauffman, 2008; Chanias et al., 2019; Kumar et al., 2020). Niemand et al.
(2021) further observe that a bank’s clear vision of digitalization is more important in predicting
the performance of the bank. Mogaji et al. (2021) support this by claiming that successful AI
implementation requires understanding ethical implications, data, and modeling challenges. The
timing of entry, design, and order of entry and expansion plays a vital role in the success of digital
financial services providers (Staykova & Damsgaard, 2015).

Despite the risks, decentralized digital finance has potential to create robust and transparent
financial structures and make a positive difference to the performance of financial services firms
(Schär, 2021). Digital innovation adaptation and technology-empowered relationship marketing
orientation (RMO) positively impact the long-term performance of banks (Scott et al., 2017;
Wongsansukcharoen et al., 2015). Further, technology in finance provides opportunities to second-
tier financial institutions (Hendrikse et al., 2020). Manser Payne et al. (2021) emphasize identifying
proper linkages between customers, financial institutions, and Fintech to co-create value propositions
while offering AI-enabled banking services. Hence, banks and other financial institutions must
collaborate with Fintech and create a new ecosystem (Hornuf et al., 2021; Zalan & Toufaily, 2017).
Table 9 reports the descriptive review of the articles pertaining to this theme.

Hence, while it is evident that blockchain big data, AI & ML, and related digital technologies will
find myriad applications in financial services, they come with pros and cons. The financial service
providers are advised to conduct a cost-benefit analysis before offering technology-based solu­
tions. Further, the financial institutions must be strategically prepared to integrate technology into
their operations and measures to mitigate the risks stemming from the same.

4.3. Digital financial inclusion

Financial inclusion is a starting point for the financial well-being of society. However, the debate about
what exactly means by financial inclusion is yet to settle. According to Sarma (2012), financial
inclusion means the accessibility, availability, and use of the formal financial systems by all agents
of the economy. Siddik and Kabiraj (2018) argue that mere access is insufficient for financial inclusion.
Wojcik (2021) argues that Fintech improves credit accessibility and positively influences financial
inclusion. Financial inclusion is an important goal in most economies as it is a mediator between
financial technology and income inequality, and Fintech helps reduce income inequality (Chinoda &
Mashamba, 2021; Demirgüç-Kunt et al., 2020). The evidence suggests that Fintech and the digitaliza­
tion of financial services have imported financial inclusion worldwide (Fernandes et al., 2021).

Financial system and innovation, financial stability, financial literacy, and regulatory frame­
works are important factors that influence financial inclusion (Ozili, 2018). Fintech is the
panacea for financial inclusion and, thereby, the reduction of income inequality (Demirgüç-
Kunt et al., 2020; Lagna & Ravishankar, 2021). Larios-Hernández (2017) examines the role of
non-monetary factors and informal financial practices in the habit formation of financially
excluded. He concludes that blockchain would be very effective with its disintermediation
feature. Kauffman and Riggins (2012) argue that microfinance institutions have the dual goal

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 Table 9. Descriptive Review of Theme 2—Role of Technology in Digital Transformation of Financial Services
Journal
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

Sub-Theme A: Applications of Big Data, AI & ML, Benefits & Limitations

1 (Gozman et al., 2018) Journal of 2 Mixed method Multi-country The study offers 43 A*
Management new insights into
Information the diversity and
Systems range of
emergent
innovations and
technologies that
are transforming
the financial
services industry
worldwide.
2 (Palmié et al., 2020) Technological 2 Qualitative Multi-country Taking the 14 A
Forecasting and approach example of the
Social Change fintech
ecosystem, the
study shows that
disruptive
innovation
ecosystems are
not only in need
of but also
deserve further
attention.
3 (Qi & Xiao, 2018) Communications 2 Conceptual/ China AI has reshaped 5 A
of the ACM discussion the insurance,
investment, and
banking
businesses

(Continued)

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 Table 9. (Continued)
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

4 (R. M. R. M. Chang et al., Decision Support 2 Qualitative NA Big data sets and 142 A*
2014) Systems data mining
techniques allow
frequent,
controlled, and
meaningful
observations of
real-world
phenomena.
5 (Awan et al., 2021) Computers, 2 Empirical Multi-country Big Data can be 24 Important
Materials & applied in
Continua predicting stock
market prices
with a high
accuracy.
6 (Chen & Bellavitis, 2020) Journal of 2 Conceptual NA Blockchain offers 28 A
Business several benefits
Venturing to decentralize
Insights financial services,
innovate and
interoperate.

(Continued)

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 Table 9. (Continued)
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

7 (Zheng et al., 2018) International 2 Mixed method Multi-country Blockchain as 1109 Important
Journal of Web a technology has
and Grid Services varied real life
applications in
industry and
academia.
While blockchain
offers numerous
benefits like
decentralization,
anonymity,
personalization,
there are certain
challenges
associated with
the same.
8 (Wang et al., 2019) IEEE Transactions 2 Conceptual Multi-country Smart Contracts 292 Important
on Systems, Man, based on
and Cybernetics: blockchain
Systems technology are
finding many real
time applications,
especially in the
field of Finance
like Securities,
Trade Finance
and Insurance.

(Continued)

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 Table 9. (Continued)
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

9 (V. V. Chang et al., 2020) Technological 2 Qualitative Multi-country Knowledge hiding 18 A

Forecasting and in Blockchain is
Social Change common,
financial service
providers should
manage
knowledge
sharing in a more
structured way.
10 (Ashta & Herrmann, Briefings in 2 Conceptual Multi-country Financial service 9 Important
2021) Entrepreneurial providers must
Finance check the
feasibility of using
Artificial
Intelligence
before resorting
to merge with AI
based fintech
firms. While AI
offers benefits of
cost reduction
and increased
differentiation,
the inherent risks
of using AI must
be taken into
consideration.

(Continued)

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 Table 9. (Continued)
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

11 (Fanning & Centers, 2016) The Journal of 2 Conceptual Multi-country Blockchain 199 B
Corporate technology in
Accounting & financial services
Finance can reduce the
transaction costs
significantly.
However, the
risks posed by
blockchain
applications must
be considered
before
integrating the
same.
Sub-Theme B: Digital Transformation
1 (Chanias et al., 2019) Journal of 2 Qualitative-case Europe Digital 1 A*
Strategic study transformation
Information strategy (DTS) is
Systems different from
conventional
strategic
information
systems
planning; it
requires ongoing
learning and
doing.

(Continued)

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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

2 (Kumar et al., 2020) Decision Sciences 2 Conceptual-case NA Blockchain is 43 A*

study a high-cost
technology and
businesses need
to do a cost-
benefit analysis
before adopting
it.
3 (Zalan & Toufaily, 2017) Electronic 2 Conceptual Multi-country Mobile payments 271 C
Commerce are expected to
Research and reduce the use of
Applications currency notes as
well as debit and
credit cards. This
will lead to
a change in
economic policies
and a different
set of cost-
benefit variables
to be considered
before adopting
the new
technology.

(Continued)

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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

4 (Niemand et al., 2021) European 5 Quantitative/ Germany, A bank’s clear 24 B

Management Empirical Switzerland, vision on
Journal Liechtenstein digitalization and
innovation is
more important
than the actual
level of
digitalization
when it comes to
bank
performance and
profitability.
5 (Mogaji et al., 2021) Australasian 2 Qualitative NA Successful AI 43 A
Marketing Journal approach deployment
requires an
understanding of
ethical
implications,
data, and
modeling
challenges.
6 (Staykova & Damsgaard, Electronic 2 Qualitative Denmark Timing, order, 10 Important
2015) Commerce approach and design of
Research and entry and
Applications expansion drive
the success of
digital financial
service providers.

(Continued)

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Category
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Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

7 (Schär, 2021) Federal Reserve 2 Conceptual Multi-country Despite certain 19 Important

Bank of St. Louis risks,
Review decentralized
finance has the
potential to
create a more
dynamic and
transparent
financial
infrastructure
8 (Scott et al., 2017) Research Policy 2 Empirical Multi-country Digital innovation 28 A*
adoption has
a large and
positive long-
term effect on
bank
performance.

(Continued)

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 Table 9. (Continued)
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

9 (Wongsansukcharoen Journal of 2 Empirical Bangkok Significant 8 A

et al., 2015) Business and relationships
Industrial existed between
Marketing social customer
relationship
management
(CRM),
relationship-
marketing
orientation
(RMO), business
strategies, and
banking
performance
effectiveness.
Social CRM and
RMO have direct
and indirect
influences on
banking
performance
effectiveness
through the
mediation of
focus strategy or
differentiation
strategy.

(Continued)

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 Table 9. (Continued)
Journal
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

10 (Hendrikse et al., 2020) EPA 2 Qualitative-case Belgium Finance and 70 A*

study technology offer
new
opportunities
for second-tier
financial
institutions.
11 (Manser Payne et al., Journal of 3 Conceptual Multi-country Value co-creation 22 A
2021) Research in can be done in
Interactive AI-assisted
Marketing banking activities
by identifying
proper linkages
between
consumers,
financial
institutions, and
fintech offering
AI services.

(Continued)

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 Table 9. (Continued)
Journal
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

12 (Zalan & Toufaily, 2017) Contemporary 5 Qualitative MENA Region Various 38 C

Economics regulatory,
structural and
cultural factors
deter the
adoption of
fintech by the
financial service
providers.
However, to
counter digital
disruption, banks
will have to
partner with
fintech firms and
create a new
ecosystem.
13 (Hornuf et al., 2021) Small Business 5 Empirical Canada, France, Banks which 22 A
Economics Germany, UK want to follow
a digital strategy
are more likely to
invest in small
fintech firms,
while building
product-related
collaborations
with the bigger
fintech.

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of outreach and sustainability, and ICT is both the cause and the solution. The spread of the
internet and mobile and digital financial services have significantly contributed to poverty
alleviation and bridging the gender gap in financial inclusion (Adegbite & Machethe, 2020;
Demirgüç-Kunt et al., 2020; Senou et al., 2019). The favorable impact of digitization in financial
services on financial inclusion is a repetitive message emerging from several studies (Leong
et al., 2017; Sadok, 2021; Senyo & Osabutey, 2020. In the Indian context, Ranade (2017) states
how the Jan Dhan-Aadhar-Mobile phone trinity shall help Fintech serve the remotest regions.
Kandpal and Mehrotra (2019) add that technology companies shall permeate rural areas with
government support and mobile-led solutions. Digital financial inclusion has become possible
due to the various benefits of convenience, affordability, and time-effectiveness of innovative
fintech solutions (Ravikumar, 2019). Galvez-Sanchez et al. (2021) claim that Fintech as a means
of promoting financial inclusion will likely attract much research interest.

However, Ozili, 2018) argues that lack of proper infrastructure, education bias, and high cost may
deter even the digital financial service providers from entering specific markets. While Information
and communication technology (ICT) can alleviate poverty by providing greater access to financial
services, it can also result in a digital divide (Cecchini & Scott, 2003; Yartey, 2008). Hughes (2021)
sheds light on the fact that the implications of Fintech on financial inclusion are two-fold: On one
hand, it makes financial services accessible and affordable and hence, accelerates the pace of
financial inclusion; on the other hand, it might be a potential source of systemic risk to the financial
stability of the system. Finally, Joia and Cordeiro (2021) identify the four pillars of fintech growth,
which facilitate financial inclusion: Expansion and modernization of the mobile and internet infra­
structure, the spread of digital and financial education, creation of an environment of trust while
using Fintech, and development and implementation of laws and regulatory framework for Fintech.
(See Table 10 for descriptive review)

There is overwhelming evidence that the digitalization of financial services and the advent of
Fintech have contributed to improved financial inclusion. However, there are concerns surrounding
the possibility of a digital divide and increased systemic risk due to overreliance on technology.

4.4. Technology adoption in digital financial services

The final theme focuses on the state of technology adoption in digital financial services in the
fintech era. Financial inclusion would be possible if customers adopt the changes while consuming
financial services, given the new technological developments. Studies in this theme focus on usage
intention or adoption levels of varied fintech services, especially digital payments like mobile
banking, internet banking, digital wallets, and more. Most of these studies focus on Asia and the
Middle East, followed by African countries (Shaikh & Karjaluoto, 2015; Souiden et al., 2021).
Souiden et al. (2021), in a systematic literature review of the adoption of mobile banking, noted
that the Technology Adoption Model (TAM) followed by Unified Theory of Acceptance and Usage of
Technology (UTAUT/UTAUT2) are the most prominent theories used by various studies. They
identify perceived usefulness, ease of use and individual attitude, social influence, and trust as
antecedents for intention to use and adopt a specific technology. Kitchen and Panopoulos (2010)
document that age, trialability, and work experience are important factors for adopting the
internet for public relations in financial services. Alkhowaiter (2020) documents that trust, per­
ceived security, and perceived usefulness are the best predictors of mobile banking. Perry and
Ferreira (2018) look into the behavior of digital currency users that supports mobile device pay­
ments and their understanding of the underlying system and its impact on usage. Performance
and perceived efforts drive the intention to use mobile money services (Senyo & Osabutey, 2020).
It is in line with empirical findings by Lutfi et al. (2021), Hu et al. (2019), Huei et al. (2018), Mortimer
et al. (2015), Zhou (2011). Similarly, studies by Abu Daqar et al. (2021) and Jünger and Mietzner
(2020) find trust, reliability, transparency, and ease of use as significant factors in the adoption of
fintech services as a whole.

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 Table 10. Descriptive Review of Theme 3—Digital Financial Inclusion (enabled by mobile money, mobile banking, and digital finance)
Journal
https://doi.org/10.1080/23322039.2022.2114160

Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
1 (Demirgüç-Kunt World Bank 4 Empirical Multi-country Financial services 9 A
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

et al., 2020) Economic Review help people

escape poverty by
facilitating
investments in
their health,
education, and
businesses; digital
financial services
hold potential for
poverty
alleviation.
2 (Demirgüç-Kunt European Journal 4 Empirical Multi-country Financial inclusion 3 A
et al., 2020) of Finance is a key channel
through which
fintech reduces
income inequality.
3 (Fernandes et al., Applied Economics 4 Empirical Mozambique Digital financial 5 A
2021) services play
a crucial role in
financial inclusion.
4 (Larios-Hernández, Business Horizons 4 Empirical Multi-country Blockchain 81 B
2017) intermediation
can be
instrumental in
creating financial
inclusion provided
the blockchain
entrepreneurs
understand the
practices of the
unbanked.

(Continued)

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 Table 10. (Continued)
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Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
5 (Kauffman & Electronic 4 Qualitative NA As microfinance 43 Important
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

Riggins, 2012) Commerce approach institutions face

Research and dual goals of
Applications outreach and
sustainability, ICT
can be the cause
as well as the
solution of the
same.
6 (Adegbite & World 4 Mixed method Nigeria Gender gap in 8 A
Machethe, 2020) Development financial inclusion
can be reduced by
digital financial
inclusion.
7 (Senou et al., Cogent Economics 4 Quantitative/ West Africa Beyond the 4 Important
2019) and Finance Empirical specific effects of
mobile phone
penetration and
Internet usage,
the joint use of
these two
technologies is
very key to
financial inclusion
in the WAEMU
countries.

(Continued)

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 Table 10. (Continued)
Journal
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Category (ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
8 (Ozili, 2018) Borsa Istanbul 4 Qualitative Multi-country While digital 188 Important
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

Review finance is
positively
associated with
financial inclusion
and offers several
other benefits to
individuals and the
economy; it may
also lead to
greater income
disparities. Also,
systemic risk and
data security
breaches can
lower consumer
trust and can also
lead to voluntary
financial exclusion.
9 (Yartey, 2008) Information 4 Empirical Multi-country Financial 34 A
Economics and development is an
Policy important
determinant of ICT
diffusion.

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Further, Karjaluoto et al. (2019) suggest that banks’ investment in mobile financial services apps
improves customer relationships and drives business growth. Li and Xu (2021) observe that customer
satisfaction in internet banking services is driven by cloud services, security, e-learning, and service
quality. However, lack of connectivity, social awareness, and financial literacy continues to prove as
barriers to the actual use of accessible financial services in countries like Bangladesh (Aziz & Naima,
2021). However, customer relationship management strategies need realignment for better custo­
mer experience due to technological disruptions in the financial sector (Kotarba, 2016). Similarly, in
the context of P2P lending and crowdfunding platforms, it is evident that more borrowers can be
attracted by offering convenience and process transparency as these borrowers are not dissatisfied
with the services offered by conventional banks but are also looking for flexible alternatives (Maier,
2016). On the supply side, while the same collaterals as offline lending are not available in the above
mechanisms, investors can rely on collective wisdom initially and then shift to personal judgment as
more information is available (Estrin et al., 2021; Yum et al., 2012). (See Table 11 for descriptive
review).

Hence, as the supply side of Fintech increases with a growing number of traditional financial institu­
tions indulging in enhanced technology, there is no doubt that the demand is also on the rise. Customers
and investors embrace the new fintech services, albeit with some caution. Thus, we find much research
on influencing users’ intentions or adoption levels and customer satisfaction. It has implications for the
financial service providers on gaining traction by using digitalized modes of providing services.

5. Discussion, future research directions, and conclusion

The study shows that despite ever increasing research activity in Fintech and the digitalization of
financial services, some research gaps remain. To answer RQ4 (Which Fintech (digital) and financial
services research areas need further research?), we analyzed the areas of research that need
further investigation and are presented in Table 12.

5.1. Regulatory frameworks

While many papers have discussed the need to design a regulatory framework to address tech­
nology integration in financial services, there is still a need to review the existing rules and
regulations and how risks are managed. It could be country-specific as different countries have
different rules. At a broader level, one needs to study the efficacy of The Basel framework in
dealing with digital and internet-only banking challenges. Future studies can focus on unique
systemic risks from digital financial services and identify approaches to mitigate the same. Such
studies could have policy implications for the financial regulators of the countries.

Secondly, the Thematic map shows that while the regtech theme is gaining currency, it lacks
a strong connection with other themes to draw more relevance. Hence, one might need to explore
the impact of regulations on the innovativeness of digital financial service providers or their
business models. Further, the scholars must study the impact of regulations on digital financial
inclusion and technology adoption going forward.

5.2. Adoption of digital financial services

While the theme of digital financial services adoption has almost stagnated, it is interesting to
note that most studies focused on banking and payment services. There is a need to study the
same in the context of insurance, wealth management, and other financial services also seeing
a digital transformation, especially in developing countries, which can be studied for usage inten­
tion and actual adoption.

5.3. Addressing aspects of “security” and “trust”

Studies claim “security” and “trust” are the main factors affecting financial services’ usage. The
same factors may act as proponents or deterrents in the case of digital financial services. Hence,
future studies may utilize trust-based models and explore customers’ adoption intention, espe­
cially in the under-researched areas of insurance, wealth management, and more. At the same

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 Table 11. Descriptive Review of Theme 4—Technology adoption in digital financial services (niche theme)
Journal
https://doi.org/10.1080/23322039.2022.2114160

Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

1 (Kitchen & Public Relations 5 Empirical Greece Age, trialability, and working 69 A
Panopoulos, Review experience are related to the
2010) adoption of the internet for public
relations (PR) purposes in the
financial service sector.
2 (Perry & Ferreira, ACM 5 Mixed method England The study examines the patterns of 12 A*
2018) Transactions on behavior of users of a mixed media
Computer- (digital and analog) currency that
Human supports mobile device payments
Interaction and explores the impacts of its
users’ understanding of the systems
that underlie these transactions, the
technical constraints on their
potential for action, their practices of
use, and the social interactions
around that.
3 (Senyo & Technovation 5 Empirical Ghana Performance and effort expectancy 37 A
Osabutey, 2020) has a significant relationship with
the intention to use mobile money
services.
4 (Lutfi et al., Sustainability 5 Quantitative/ Jordan Perceived usefulness and perceived 9 Important
2021) Empirical financial cost are important
determinants of behavioral intention
to use mobile-payment system
5 (Hu et al., 2019) Symmetry 5 Quantitative/ China User’s trust is a significant driver of 63 Important
Empirical user’s attitude for adoption of
fintech services.

(Continued)

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 Table 11. (Continued)
Journal
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

6 (Huei et al., International 5 Quantitative/ Malaysia Factors like usefulness, ease of use, 24 Important
2018) Journal of Empirical competitive advantage, perceived
Engineering & risk and perceived cost influence
Technology customers’ attitude towards usage
and adoption of fintech products
and services.
7 (Jünger & Finance 5 Quantitative/ Germany Adoption of fintech services by 35 A
Mietzner, 2020) Research Letters Empirical households is significantly driven by
trust, transparency and financial
expertise.
8 (Karjaluoto International 5 Empirical Finland High-perceived value of mobile 129 A*
et al., 2019) Journal of financial services apps increases
Information consumer satisfaction and
Management commitment to the bank.
Self-congruence and new product
novelty are the main drivers of
perceived value.
9 (F. Li et al., Technology in 5 Quantitative/ NA Customer satisfaction in e-banking 32 C
2021) Society Empirical services is significantly affected by
cloud services, security, e-learning
and service quality.

(Continued)

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 Table 11. (Continued)
Journal
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Category
(ABDC
Sr. Document Journal Name Theme Method Geography Insights Citations classification)
Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160

10 (Maier, 2016) Journal of 5 Empirical Europe Enterprise borrowers switch to 123 A

Retailing and crowdfunding platforms for greater
Consumer convenience and process
Services transparency whereas consumers
invest based on economic
performance.
Mismatches exist between the
demand and supply of funds on P2P
platforms; more borrowers can be
attracted by offering convenience
and process transparency.
11 (Yum et al., Electronic 5 Empirical South Korea P2P lenders rely on the wisdom of 89 Important
2012a) Commerce the crowd for initial judgment but
Research and switch to their own judgment as
Applications transaction history is created.

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Table 12. Future research directions emerging out of each theme and article
Theme Future Research Directions Article
Regulatory Framework With an increased connectedness (Anagnostopoulos, 2018)
between banks and fintech
platforms, one could further study:
● the degree of combined risk
(incorporating the degree of
correlation amongst these
entities)
● types of risk
● scope of existing regulations
● probable regulatory changes

The regulatory frameworks can be (Wójcik, 2021)

looked at from the perspective of
different geographies:
● differences between devel­
oped and developing coun­
tries and the need to
customize regulations*

The following regulatory

aspects need further
examination:
● impact of regulations on
innovation
● impact of regulations on digi­
tal financial inclusion
● impact of regulations on the
adoption of digital financial
services (incorporating “trust”
and “security” based models)

Internal risk assessment of

regtech*

Impact of Technology on Financial Usage of GIS and AI in financial (Wójcik, 2021)

Services decision-making*
Use of AI and ML in predicting high (Li & Xu, 2021)
accuracy, stability, and robustness
of financial models, financial
markets, and financial institutions*
Comparison of costs, benefits, (Osmani et al., 2021)
opportunities, and risks of
integrating Big Data/ AI/ ML/
Blockchain for different industries
under the BFSI sector
Process, success, risk, and failures
of digital transformation*
A longitudinal study evaluating the (Chanias et al., 2019)
digital transformation strategy of
a pre-digital organization*

(Continued)

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Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160
https://doi.org/10.1080/23322039.2022.2114160

Theme Future Research Directions Article

Digital Financial Inclusion Role of fintech in increasing the (Anagnostopoulos, 2018)
access to credit and further
whether this excess borrowing
leads to delinquencies
Possible risks of financial inclusion (Ozili, 2018)
and the role of fintech (fintech
here may inhibit risk by creating
accurate predictive models or
increase risk by making financial
data more vulnerable, higher
transaction costs, etc.)
Adoption of Digital Financial Use of qualitative approaches or (Souiden et al., 2021)
Services phenomenological perspective
Inclusion of affective components,
biological age, prior experience
while studying adoption levels
Cross-country comparison of
factors affecting the adoption
levels (may incorporate factors like
religion, culture, language) *
Longitudinal data to observe (Suryono et al., 2020)
changes in adoption and use
behavior over time (this is essential
as COVID19 pandemic may have
spurred the adoption levels, but
that needs to be sustainable)
Post-adoption sustainability of (Alkhowaiter, 2020)
usage/ satisfaction level
Interdisciplinary Research Role of fintech in geopolitical (Wójcik, 2021)
events/ issues
*Can also be clustered in interdisciplinary research

time, the security aspect can be looked at in conjunction with the design of the regulatory frame­
work for such digital financial services.

5.4. Inter-disciplinary research

Since Fintech as a topic itself is inter-disciplinary, there is potential for researchers from Finance
and technology domains to join hands in future studies. They can contribute to the theme of
technology (AI, ML, Blockchain, etc.) applications and their impact on a financial product or service
design, model of financial service providers, customers, and regulatory agencies.

5.5. Longitudinal studies

There is a dearth of longitudinal studies on all the themes discussed in Section 4. A sudden spurt in
the use of digital financial services triggered by the Covid19 pandemic has warranted such studies.
However, customers may revert to traditional practices as the restrictions are lifted. Hence,
a longitudinal study would help discover whether Fintech leads to financial inclusion or digital
financial inclusion in its true sense.

5.6. Use of the different combinations of keywords

The study identified the intellectual structure and the conceptual structure of Fintech or Digital
financial services with the help of bibliometric analysis. Moreover, the thematic map drawn using
bibliometric analysis gets further elaborated by a thematic literature review. Such an approach
offers an extensive idea about focal points of various studies on the respective themes and their
contribution to the body of literature in the field. It also paved the way for understanding the
research gaps for future studies.

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Bhatt et al., Cogent Economics & Finance (2022), 10: 2114160
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Hence, our study provides a clear picture of research on Fintech using bibliometric analysis and
a thematic literature review. However, it has certain limitations. The literature from 1984 to 2021 is
considered. While there is a minimal possibility of ignoring prominent papers in the field due to the
time duration, this filter applies to the present study. The keywords used were specific to the topic
under investigation. One might also look at a combination of other keywords to gain further
insights.

Author details Ashta, A., & Herrmann, H. (2021). Artificial intelligence

Amola Bhatt1 and fintech: An overview of opportunities and risks
ORCID ID: http://orcid.org/0000-0003-0077-4543 for banking, investments, and microfinance. Strategic
Mayank Joshipura2 Change, 30(3), 211–222. https://doi.org/10.1002/JSC.
ORCID ID: http://orcid.org/0000-0001-7711-6229 2404
Nehal Joshipura3 Au, Y. A., & Kauffman, R. J. (2008). The economics of
E-mail: nehal.joshipura@dsims.org.in mobile payments: Understanding stakeholder issues
ORCID ID: http://orcid.org/0000-0001-7150-2751 for an emerging financial technology application.
1
Institute of Management, Nirma University, Ahmedabad, Electronic Commerce Research and Applications, 7(2),
India. 141–164. https://doi.org/10.1016/J.ELERAP.2006.12.
2
School of Business Management, NMIMS University, 004
Mumbai, India. Awan, M. J., Rahim, M. S. M., Nobanee, H., Munawar, A.,
3
Department of Finance, Durgadevi Saraf Institute of Yasin, A., & Zain, A. M. (2021). Social media and stock
Management Studies, Mumbai, India. market prediction: A big data approach. Computers,
Materials and Continua, 67(2), 2569–2583. https://doi.
Disclosure statement org/10.32604/cmc.2021.014253
No potential conflict of interest was reported by the Aziz, A., & Naima, U. (2021). Rethinking digital financial
author(s). inclusion: Evidence from Bangladesh. Technology in
Society, 64. https://doi.org/10.1016/j.techsoc.2020.
Citation information 101509
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lization and financial services: An integrated bibliometric Regulating crowdfunding in the eu – Same rules,
analysis and thematic literature review approach, Amola same results? Case study of Croatia. Balkan Social
Bhatt, Mayank Joshipura & Nehal Joshipura, Cogent Science Review, 17, 7–25. https://doi.org/10.46763/
Economics & Finance (2022), 10: 2114160. BSSR2117007B
Bruhn, M., & Love, I. (2014). The real impact of improved
Notes access to finance: Evidence from Mexico. The Journal
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regions. 1111/JOFI.12091
2. APAC is an acronym for Asia Pacific region. Cai, C. W. (2018). Disruption of financial intermediation by
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