Exploring FinTech adoption: A systematic literature review on user acceptance

FinTech, an acronym for financial technology, refers to the innovative use of technology to deliver financial services and solutions. It encompasses a wide range of applications—from digital payments to blockchain and robo-advisors—shifting how individuals and businesses access and interact with financial systems. However, FinTech users confront multiple obstacles, like risks to privacy and security, user distrust, restricted internet access, financial loss risk, low digital literacy, etc. Using the SLR methodology and PRISMA framework, the paper examines current research works on FinTech innovation acceptance. After 494 research publications published from 2014 to 2023 were filtered out of the Scopus database on Sept 15, 2024, using many inclusion criteria, 92 empirically based articles were included. The VOSviewer software was applied to evaluate the dynamic connections among selected publications. The results showed key determinants influencing individual users' FinTech acceptance primarily stem from 46 well-known theoretical frameworks, like TAM, UTAUT, TRA, TPB, UTAUT2, etc. The factors include PEOU, PU, performance expectancy, users’ attitude and trust, perceived risk, habit, perceived value, etc. The novelty of this SLR lies in its broad coverage of diverse FinTech services using a substantially larger set of empirical studies. The study's practical implications enable FinTech companies to identify the critical factors that are essential for service acceptance and improve those aspects to attract potential consumers. Policymakers and society can benefit by learning how to boost digital and financial literacy and encourage financial inclusion.