Modelling the FinTech adoption barriers in the context of emerging economies-An integrated Fuzzy hybrid approach

FinTech have significant prospects to provide several reasonable, innovative, and secure FinTech services to the underprivileged in the emerging economies. For example, FinTech can improve retail banking, crypto-currencies, and encourages unbanked people to be able to access FinTech via online platforms. However, the adoption of FinTech often faces tough barriers in the context of India. Therefore, this study's objective is to identify such key barriers and analyze their interrelationships and cause/effect classification. The identified FinTech adoption barriers have been determined through a systematic literature review, and the key barriers were finalized based on the expert's inputs. After that, the integrated Fuzzy hybrid methodology was used to understand the in-depth relationships among these barriers. This study's findings confirmed that the lack of government regulation in combination with safety and reliability issues are the major challenging barriers. This study should help practitioners, and policymakers involved in the financial infrastructure development field to tackle barriers in an optimized manner for accelerated FinTech adoption. Our primary contribution to the present theory on FinTech is an early effort to interpret a hierarchical structural model of FinTech adoption barriers in India, which should provide a better understanding of how different barriers can interact with one another.