A multi-level perspective on financial technology transitions

• Published in: Technological forecasting & social change Vol. 181; p. 121766
• Main Author: Sánchez, Marisa A.
• Format: Journal Article
• Language: English
• Published: Elsevier Inc 01.08.2022
• Subjects: Business models, digital platforms; Financial technology; Fintech; Multi-level perspective; Socio-technical transitions; Financial technology; Socio-technical transitions; Business models, digital platforms; Multi-level perspective; Fintech
• ISSN: 0040-1625; 1873-5509
• DOI: 10.1016/j.techfore.2022.121766

This paper addresses the question of how financial technology transitions unfold. Innovations in financial business models driven by technology do not only involve changes in financial services delivering, but also changes in market, regulation, industrial networks, dominant players, and culture. The work adopts a multi-level perspective on financial technology transitions. Based on a literature review, the socio-technical landscape, regime, and niche levels are elaborated. The paper contributes with a new framework on financial technology transitions that may be used as an analytical tool to elaborate on future transformations in the sector and to customize for national-level studies. •Understanding the evolution of fintech transitions is challenging.•The Multi-level perspective offers a holistic framework to examine fintechs.•This paper examines various transition pathways of Fintech innovations.•Fintechs shift from a product to a customer-centric platform-based business model.•The fintech framework provides a basis to study a particular country or region.•The financial regime has not developed a sufficient response to cryptocurrency.