The Determinants of Fintech Adoption; A Systematic Review

Abstract

Financial technology (FinTech) has transformed the delivery of financial services by improving accessibility, convenience, transaction speed, and cost efficiency. However, the adoption of FinTech services varies considerably across users, organizations, and national contexts. This systematic review aims to identify, classify, and synthesize the main determinants of FinTech adoption reported in recent academic literature. Peer-reviewed studies published between 2020 and 2024 were identified through two complementary search strings. After removing duplicates and applying predefined inclusion and exclusion criteria, 23 studies were included in the final review. Their characteristics, theoretical foundations, research methods, contexts, and findings were examined using narrative and thematic synthesis. The findings identified six major categories of determinants: technological factors, trust and security, perceived risk, individual characteristics, social factors, and institutional or organizational conditions. Perceived usefulness and perceived ease of use were the most prominent technological determinants, confirming the continued relevance of technology acceptance theories. Trust also emerged as a central predictor, particularly when services involved sensitive personal and financial information. Perceived financial, privacy, security, and technological risks generally discouraged adoption, although their effects varied across contexts. Financial literacy, digital competence, personal innovativeness, and awareness strengthened users’ readiness to adopt FinTech. Social influence, facilitating conditions, government support, and regulatory protection also contributed to adoption by creating a supportive and credible environment. The review concludes that successful FinTech adoption requires more than technological development. Providers and policymakers must combine accessible and useful platforms with consumer protection, financial education, transparent practices, reliable infrastructure, and effective regulation. These findings provide an integrated foundation for future research and practical initiatives designed to promote secure, inclusive, and sustained FinTech adoption.