Paper: arXiv 2412.05285

Authors: Pak-Lok Poon, Santoso Wibowo, Sau-Fun Tang

Abstract

Nowadays, the global booming of FinTech can be seen everywhere. FinTech has created innovative disruptions to traditional, long-established financial institutions (e.g., banks and insurance companies) in financial services markets. Despite of its popularity, there are many different definitions of FinTech. This problem occurs because many existing studies only focus on a particular aspect of FinTech without a comprehensive and in-depth analysis. This problem will hinder further development and industrial application of FinTech. In view of this problem, we perform a narrative review involving over 100 relevant studies or reports, with a view to developing a FinTech clustering framework for providing a more comprehensive and holistic view of FinTech. Furthermore, we use an Indian FinTech firm to illustrate how to apply our clustering framework for analysis.

Complexity vs Empirical Score

  • Math Complexity: 1.0/10
  • Empirical Rigor: 2.0/10
  • Quadrant: Philosophers — conceptual discussion, limited math and data

Why this score: This paper presents a qualitative, descriptive narrative review that synthesizes various definitions of FinTech into a three-part conceptual clustering framework (Technology, Model, Stakeholder). It contains no mathematical derivations, empirical backtesting, or statistical validation beyond descriptive literature categorization and a qualitative case illustration.

Research Flowchart

  flowchart TD
    A[Research Goal: Define Comprehensive FinTech Framework] --> B[Data Input: Narrative Review of 100+ Studies/Reports]
    B --> C[Methodology: Qualitative Analysis & Synthesis]
    C --> D[Computational Process: Multi-Perspective Clustering Technology, Model, Stakeholder]
    D --> E[Outcome: 3D FinTech Clustering Framework]
    E --> F[Validation: Practical Case Study Application Indian FinTech Firm]